Good morning, ladies and gentlemen, and welcome to Gränges' second quarter results presentation. My name is Jörgen Rosengren. I have the great honor and also pleasure to be President and CEO at Gränges. Today I'm joined in this conference by Oskar Hellström, our CFO and Deputy CEO, and Anna Hedenberg, our Investor Relations Director. I will start today's call by giving a short summary of the second quarter, after which Oskar will present our result in more detail. Then I will round off with some comments on the outlook. As always, we will do our best to get through the presentation rather quickly, leaving ample opportunity to ask questions after the presentation is finished. Now, to summarize the second quarter, I'd like to first point out the continued strong volume growth. We grew our sales volume by 5%, despite hesitant demand in many of our markets. The main driver behind this growth was continued market share gains, as we've seen for several quarters now. Of course, also strong operational performance, enabling us to deliver this volume, but also to respond quickly when we see commercial opportunities. In fact, the second quarter of 2026 was our 10th consecutive quarter of year-on-year sales volume growth, and in itself was the best sales volume we've ever had in a single quarter. A strong volume then. This volume, together with pricing and recycling and also productivity improvements, more than offset the cost increases we had to take during the quarter and also currency headwinds. Taken together, all this led to a record adjusted operating profit. It in fact increased 33% over last year to SEK 580 million, making this the strongest quarterly result in the history of Gränges. We also delivered record sustainability results. We had our lowest-ever carbon emissions intensity, and we had our highest-ever recycling performance. These achievements, of course, strengthen our competitiveness, our customer relations, our long-term growth, but of course, they also help the planet. Now, as I've already mentioned, market share gains continued to be the main driver behind our growth, also in the second quarter, as the underlying demand in most of our markets and segments remained hesitant. Looking at the different end markets, our sales to automotive grew by 7%, packaging by 11%, and climate control by 4%. In all cases, this is stronger growth than that of the end consumer markets that underlie these numbers. As you can see, the growth this quarter was mainly driven by Europe and by Americas. In Americas, market share gains drove strong growth in both packaging and climate control, resulting in a total volume increase of 8%, despite relatively soft underlying demand. In Europe, we grew even faster, by 13%, delivering our best year-to-date sales volume ever. Growth was particularly strong in automotive in Europe, thanks to large market share gains there. Overall, our sales volume increased by 5% compared with the second quarter last year, thanks to market share gains, resulting, as I've already said, in our best volume in a single quarter ever. Now, before I hand over to Oskar, I'd like to briefly revisit some of the things we presented at our Capital Markets Day in June. First, I'd like to point out that our long-term direction remains unchanged from what it has been for the last five years. Personally, I think this latest quarter is another really good example of us executing according to that plan, which we call Navigate. As many of you know, our Navigate strategy has three phases, and last year we finalized a long investment phase, which significantly expanded our production capacity worldwide and strengthened our capabilities also. It was a phase that required significant CapEx. We've shifted our focus to utilizing and optimizing the assets we've built, increasing capacity utilization, continuing to gain market share, improving productivity, both capital productivity, cost productivity, asset productivity, of course, maintaining a disciplined capital allocation. All of this is built on the same strong foundation we have talked about for several years now: safety, people, sustainability, as well as disciplined risk management and capital allocation. Taken together, all these initiatives support our ambition to build an industry leader in aluminum recycling and flat rolling while delivering strong cash generation and attractive shareholder returns over time, then to reach carbon neutrality by 2040. Here are the key messages that were delivered on the Capital Markets Day. As you can see, we made many bold statements. Our investment phase is finalized, we expect lower CapEx from now on. We have a much higher sustainability ambition. We promise to try to get our utilization above 90% by 2027, which in itself is a very strong statement implying something like 100,000 tons of extra volume. We've launched a four-year optimize program to focus on price mix, but also asset cost and capital productivity. This is not something that only one of our regions know. All of our regions raised the ambition according to these strategic initiatives. Looking at the results side, we do expect much stronger cash conversion ahead. In fact, our ambition is to have a 70% cash conversion from EBITDA to operating cash flow. We will be disciplined in how we allocate that cash, and in particular, we are looking into share buyback as an alternative which we will activate as soon as our leverage is sustainably below or at 1.5 x net debt over EBITDA. We reconfirmed our financial targets and also that we believe that they're within reach, maybe not least importantly, our 15% return on capital employed targets. We also recommitted to building an industry leader in flat rolling and recycling of aluminum. These messages are available, of course, in the Capital Markets Day material, which in turn is available on our investor relations page. Please take a look at that. With that, which was quite a mouthful, I am turning over to Oskar, who will take us through the result in a little bit more depth and detail. Yes. Thank you, Jörgen. I will try to do so. The second quarter of 2026 was in fact by quite a good margin, the best individual quarter we've had so far. We continued to experience solid sales growth, as you heard from Jörgen, despite the continued softness across many of our markets. As you can see on the left-hand side here, the sales volume grew by 5% year-over-year to 167,000 tons, or 333,000 tons on a rolling 12-month basis. On the earnings side, we saw an even stronger positive development. The adjusted operating profit increased by 33%, or SEK 144 million to SEK 580 million. For the margin, the adjusted operating profit per ton improved by more than SEK 700 from SEK 2,700 in Q2 last year to SEK 3,500 in Q2 2026. If we look at the drivers behind this, we continue to see increasing inflationary pressure for several cost items, not the least in Americas. This, together with price pressure in Asia and negative but sequentially improving currency effects that totals SEK 32 million year-over-year, these are the key negatives in the quarter. The external pressures that we see are, however, more than well offset by very positive developments in several other areas. We note a continued improvement on the market scrap spreads. This is an important contributor when we compare with last year. Here we, however, need to remember that we had the reverse effect from the scrap spreads in Q2 last year, that we are now back at or slightly above the levels we saw back in 2024. In total, the improved market scrap spreads added some SEK 60 million to operating profit from a year-over-year perspective. Provided that the current spreads remain, we expect to see positive year-over-year effects from this also over the next two quarters. Looking at the things we can control ourselves, we continue to see positive effects from the volume growth, improved pricing, and continued productivity improvements. Let's now continue with some more details on the group financials before we look into the operating segments. On this slide, I think it's worth to highlight that we've had items affecting comparability in the quarter. That's negative SEK 15 million. These are related to a fire that occurred in our production facility in Shandong. This means that the reported operating profit for the quarter is SEK 565 million compared with the adjusted operating profit of SEK 580 million. The profit for the period increased by more than 38% to SEK 405 million for the quarter. This is of course, primarily driven by the higher operating profit. The financial net is fairly stable compared to last year, as lower market interest rates compensated for the increased net debt level. Earnings per share attributable to Gränges parent company shareholders increased to SEK 3.73 for the second quarter. The return on capital employed reached 11.8% in the quarter. This represents an improvement by 0.6 percentage points compared to the year before. Before we look more in detail on the cash flow and leverage, I would like to spend a little bit time on the development on the market price for aluminum. As most of you probably know well, Gränges makes the money on the value that we add on top of the aluminum raw material, and that the aluminum price therefore is to be considered as a pass-through to our customers. This means that the impact from the aluminum price on the operating profit in absolute terms is limited. The aluminum price does, however, impact the value of our working capital. When the market price for aluminum increases, this has a negative impact on the change in working capital and consequently on our operating cash flow. Understandably, the reverse is true when the market price declines. On the back of the U.S. introduction of tariffs on primary aluminum from Canada, the Midwest transaction price for aluminum has doubled since the beginning of 2025. Driven by this, but also by increases in other regions, the average aluminum price for Gränges has increased with more than $1,600 per ton in the same period. We continued to see a further increase of the aluminum price in Q2. Short term, the aluminum price is sensitive to many things. For instance, the development of the conflict in the Middle East. It's very difficult to forecast how this will develop. As you can see on this chart, the market price started to decline towards the end of the quarter, and this is of course positive for Gränges and for our cash generation. In the second quarter, the increasing aluminum price had a negative impact still on our working capital and cash flow with some SEK 600 million. Provided that the aluminum price remains on the current level, we expect this to impact the operating cash flow positively with about SEK 300 million in the third quarter. With this in mind, let's now look at the cash flow for the second quarter in more detail. Starting then with the operating cash flow, this amounted to SEK -1 55 million in Q2. As you can see on this chart here, the strong EBITDA of SEK 792 million couldn't fully compensate for the buildup of net working capital that totaled SEK 838 million. As I mentioned earlier, about SEK 600 million of this is related to the increased aluminum price, and the remainder then is the volume-driven seasonal increase from the first to the second quarter. Here we should note that we continue to improve the working capital efficiency in the quarter, and this has an offsetting effect on the seasonal buildup. Capital expenditure, that amounted to SEK 109 million in the quarter. During Q2, we also distributed SEK 179 million to our shareholders. The second dividend payment with the same amount will be paid in November. Including taxes and interest paid, as well as changes in currency rates, this led to that the financial net debt increased by SEK 64 million to SEK 5.1 billion during the second quarter. Thanks to the strong earnings development and improved EBITDA, the net debt to EBITDA ratio increased only slightly to 1.9x. Still within our target range of between one and two times. Let's continue with the operating segments and starting then with Gränges Americas. That made a record quarter and reached new all-time highs for both sales volume and operating profit. As you heard from Jörgen earlier, we had a strong sales volume development in Americas. Sales volume increased by 8% year-on-year and reached 65,000 tons in the quarter. The growth is primarily market share driven, but we also saw the demand gradually picking up in the climate control market, which is positive. In terms of the earnings, we continued to experience increased inflationary pressure for many cost items, and we also continued to have negative year-on-year currency translation effects from the strengthening of the Swedish krona against the US dollar. We see a sequential improvement here, and in the second quarter, the net change in foreign exchange rates was only SEK 7 million compared with the same period last year. Turning to the positives, we had a very good operational performance in all our U.S. facilities in the quarter, and this enabled both the volume growth as well as productivity improvements. We also note the continued improvement of the market scrap spreads, which together with improved pricing are important earnings drivers than if we compare with last year. In total, the adjusted operating profit increased by 55% to SEK 449 million. In terms of the margin, this represents an operating profit per ton increase from SEK 4,800 to SEK 6,900. This, I think, is good evidence of the strong execution we are seeing from our Americas team. Leaving Gränges Americas, continuing with Gränges Asia. Here, the slowdown of the market that we saw in Q1 continued in the second quarter. We continued to gain market share within primarily automotive customers, and this compensated for some of the lower demand. We also had some negative effects on the sales volume from the fire in the Shandong facility, where we were not able to ship about 3,000 tons to primarily industrial customers. This, we should mention, is fairly low margin products. Due to the negative volume effect from the fire, the sales volume decreased by close to 5% to slightly below 53,000 tons. Excluding this, the sales volume would have been fairly stable compared with last year. When it comes to earnings, the effect from the lower sales volume and the market price pressure were only partly offset by product mix improvement and by productivity increases. As a consequence, the operating profit decreased to SEK 81 million and the operating profit per ton came in at SEK 1,500. Changes in currency rates were SEK + 2 million compared to second quarter last year. The financial effects from the fire in Shandong were relatively limited in the second quarter. The contribution loss from the 3,000 tons of industrial products that we couldn't deliver was about SEK 3 million. Earlier I mentioned the SEK 15 million of write-down and extraordinary costs there, booked as items affecting comparability. For those of you who would like to have more details on this, also how we currently view the impact of this fire going forward, there is a good section on this on page 12 in our half-year report. Please have a look at that and you will get more detailed information. Moving on to Gränges Europe, where we continued to experience hesitant underlying end user demand across most market segments. We did, however, successfully compensate for this with share gains, especially within the automotive and industrial markets. In total, the sales volume in Europe increased by 6,300 tonnes or 13% to 53,000 tonnes in Q2. Given how challenging the European market has been, I think this is a very good outcome. Despite negative effects from foreign exchange rates of SEK 27 million compared to last year, the operating profit increased by 17% to SEK 87 million, and the operating profit per tonne reached SEK 1,600 The key drivers behind the improved earnings are the sales growth, improved pricing, and increased productivity together with the tailwind from the improved market scrap spreads. Finally, from my end, some words on our sustainability performance that also reached new record levels in the second quarter. We continued to reduce our carbon emissions intensity, which is down 13%, and increase our volume of sourced recycled aluminum, which is up 14% compared to second quarter last year. The share of sourced recycled aluminum is now at an all-time high of 49%, which is close to 4 percentage points higher than in Q2 a year ago. The carbon emissions is at an all-time low of 5.6 thousand tonnes CO2 per tonne aluminum, and that also happens to be 50% down from our SBTi baseline from 2021. More importantly, when it comes to the carbon emissions, we have raised our 2030 ambitions further and lowered our total intensity target with 25% from 4 to 3 tonnes of CO2 per tonne aluminum. This, I think, reflects the confidence in our strategic direction and our sustainability ambitions, and it puts us in the forefront of our industry. With that, I hand over back to Jörgen, who will provide you with an outlook for the third quarter. Thank you, Oskar. We're getting closer now to the end of our prepared remarks, and we'll soon turn over to Q&A. Let me give you a flavor then of what we're expecting for the third quarter. First, we need to acknowledge that the market remains really difficult to predict, and maybe not super strong in all respects. Having said that, we do continue to see opportunities to grow through market share gains. In Americas and Europe, we expect sales volume growth in the mid to high single digits compared with the third quarter of last year, driven mainly then by continued market share gains. To get the full benefit of that growth, our ambition remains the same as before, which is to offset cost increases through pricing and recycling, and productivity also. In Asia, we're facing a different situation. There we expect continued price pressure, we also have a high ambition in the productivity area. When it comes to volume, we expect the fire in Shandong to result in a year-on-year sales volume decrease of approximately 10,000 tons. This decrease is then thankfully primarily related to lower margin industrial products. In China and the situation we're in, our priority and focus remains on protecting strategic business and customer deliveries by securing supply through alternative solutions. Finally, unlike what I've said in the recent quarters, foreign exchange rates are currently expected to be broadly neutral compared with the third quarter of last year. As Oskar already mentioned, we are optimistic about our ability to have a better cash flow going forward and a better cash conversion, thanks to the development of the aluminum price. To summarize today's presentation, we delivered our 10th consecutive quarter of year-on-year volume growth, this was driven by continued systematic market share gains despite hesitant end-user demand. Also in the quarter, we delivered record sales volume and record earnings. Our good commercial and operational performance, apart from delivering the volume that we reported, also enabled us to offset cost increases, continued price pressure in Asia, negative currency effects through pricing and recycling and productivity. Americas delivered another record earnings quarter, Europe delivered its best ever year-to-date volume and significantly improved its profitability. We also delivered our strongest sustainability performance, so far at least, with the lowest carbon emissions intensity and the highest recycling level in our history. We entered the third quarter with good momentum and optimism also, feel that we have many opportunities still to grow through market share gains. All in all, this was the strongest quarter in the history of Gränges, we remain focused going forward on continuing to deliver profitable growth. That concludes our prepared remarks for today. Operator, we are now ready to take questions from the audience. Thank you. To ask a question, please press star one and one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, for questions, please press star one and one on your telephone keypad. We will now proceed to take our first question. The first question comes from the line of Gustaf Schwerin from Handelsbanken. Please go ahead. Your line is open. Good morning. I have one question, and it is on how to think about the earnings spreads going forward. If I look at Q2, and I take away the FX effect and the positive metal price effect you had, the contribution margin this quarter is far exceeding, call it the normal levels we have been talking about for a long time. If we go into Q3, if you have lower end of your volume guide, you will have largely unchanged volumes year-over-year. On an organic level, should we expect a similar level of contribution margins also for Q3? I guess, in other words, should we expect a significant improvement in organic EBIT, even if you have largely unchanged volumes on a group level? Thank you. Good morning, Gustaf. Oskar here. That was a very good question. I think maybe it is difficult to answer or maybe not. I will try. There are some things now, of course, if you look sequentially from Q2 going into Q3, there are a couple of things we could mention. We do expect to see some growth in Europe and Americas and potentially some decline in Asia. If you look at the regional differences in margin, this means, of course, that even with a similar or slightly increasing even volume on group level, we should have a positive geographical mix effect here. That is one thing. The other thing I think worth to mention is, of course, that we do get some benefits from the price cost net. We managed to increase prices more year-over-year than the costs are increasing. Now, prices are to a large extent contracted for the rest of the year, cost levels to some extent, of course, also. That means that we expect to see a similar effect year-over-year in Q3 as we had in Q2. Last but not least, the third thing I think we could mention and highlight here is that we do get positive effects from the normalization of the scrap spreads. Our recycling profitability in that sense is improving. We expect that to be fairly similar in Q3 as in Q2, and therefore also that means a continued year-over-year improvement or a normalization to 2024 levels or however you want to phrase that. I don't know if that answer your question, but these, I think are the three key things to keep in mind when you are looking at the Q3 performance. Sure. Maybe if I can follow up. If I take the FX effect you mentioned and what I believe is the positive metal price effect and the bridge, in order to get to the SEK 580 you did indeed this quarter, the contribution margin is something like SEK 13,000-SEK 14,000 rather than the SEK 7,000-SEK 8,000 we have been, again, talking about for a long time. Is there a big element of very strong productivity in Americas, for example, just so we don't get too crazy on the earnings here in the coming quarters? That's a good point. It was a very good quarter in Gränges Americas in many aspects. I think we had three production plants. All three production plants had operationally very good performance in the quarter. Basically, everything went well, which is, of course, what you expect or what you hope for, but that's not necessarily how it is all the time. That was the case in Q2, so it was a very strong quarter. That, of course, contributes to the good margin development. Secondly, also, we see now in the U.S. a very positive effect from the price cost net there that we managed to increase prices more than the costs are increasing. Perfect. Okay. Thank you. Thank you, Gustaf. We will now proceed to take the next question. The next question comes from the line of Kaleb Solomon of SEB. Please go ahead. Your line is open. Hi, guys. Thank you for taking my questions. Just a few from me. Americas EBIT per ton was very sort of impressive. It reached record height for the second quarter in a row. Could you maybe just help us reason through the mix impact as HVAC volume sort of return? Is it fair to say that the HVAC volumes that was sort of temporarily replaced by sales into other segments generally were replaced by business with shorter contract durations and therefore maybe faster repricing? Correct me if I'm wrong, but a significant portion of the HVAC deliveries over the next few quarters will still be done on sort of old terms. How should we think about the just sort of timing of any potential profitability improvements from there? Maybe can you tell us roughly what portion during the second half of HVAC deliveries will still be done on old terms. Morning, Kaleb, it's Oskar here. That, I think, is a good question, this is sometimes a little bit counterintuitive, right? You're absolutely right in the sense that the HVAC market is a relatively high margin market for us in the U.S., but also a market then where we have longer term contracts and in contrast for some other market segments, industrial, for instance, where contracts are typically shorter. That also means then that market price effect flows through quicker, typically quicker in industrial than in HVAC. The fact that we've seen weak HVAC demand now for some quarters has actually had a positive effect in the sense that we can get access to the positive market price effects for the industrial segments when we had capacity available for that, so to say. You're absolutely right now that shifting back now into more HVAC volumes, we need to remember that HVAC volumes are typically higher margin relative to average. To your point then, some of this is still going to be under older contracts, if you wish, that not necessarily fully maybe reflects the current price level of the market. You will have those two effects there going in opposite directions. How should we think about that timing-wise? Because I guess during the year or beginning of next year, you sort of renegotiate some of the HVAC contracts. How should we think about any potential positive mix improvements? We try to make it so that we have these contracts renegotiated evenly, basically, or we don't want everything to expire at the same time. About a third or up to 50% of the contracts are typically renegotiated every year. Typically, the time to do this is towards year-end, and 1st of January is the most common starting point for new contracts. You will have a breaking point there going into 2027. That also, of course, means then that the price levels that we will have on these contracts will largely reflect the market situation when these contracts are renegotiated. The Q4 market is going to be important, I think, for determining the price levels of the contracts that are up for renegotiation for 2027. That's very clear. Thank you. Last year you mentioned the sort of negative impact of SEK 60 million from premiums last year and scrap spreads, which sort of fully reversed this quarter. Can you maybe just help us quantify how big that negative impact was for Q3 and Q4 last year? You said SEK 60 million for Q2, but just to sort of give us an idea of the financial impact during the second half of the year. Yeah, sure. SEK 60 million was actually the improvement to Q2 last year. If you see the Q2 2025 versus 2024 effect, that was negative some SEK 50 million or so. If I remember correctly, we had the corresponding effects, in Q3 and Q4 2025 versus 2024, or some SEK 40 million and SEK 30 million or so respectively. That also means then that we have reversed that and a little bit more than reversed it, right? I think I indicated that also in my prepared remarks. If scrap spreads remain on the current level, we expect the year-over-year effect in Q3 versus Q3 2025, then to be approximately SEK 70 million. Hopefully we will get some tailwind there. Okay, that's very clear. Thank you. Just lastly, a lot of sort of the big HVAC players in the U.S. seem to sort of suggest when they report the last quarter, that they expect inventories to fully normalize during Q2 and be back to completely normal levels in Q3. I know shipping data isn't perfect, but it seems to sort of suggest the same thing. Have you seen the same sort of thing, and has there been any sort of visible changes, even if small at the beginning of Q3? Yeah. I think based on what we see, we agree with that picture. I think many of our customers were a little bit reluctant going into the year and going into the second quarter as well. If you look at the shipment data that we can see from the HVAC industry, that indicates 5%, 6% growth or so in the second quarter so far, and that they are actually working down their inventories also of our type of material. That means that we expect to see HVAC deliveries for us also to pick up even more in Q3 year-over-year than what we saw in Q2. We need to, of course, remember that Q3 last year was not a particularly strong HVAC quarter, rather the opposite, right? There is some positive momentum here in the industry, and our view also is that inventories are coming down. That's very clear. That's all from me. Thank you for taking my questions. Thank you, Kaleb. Thank you. The next question comes from the line of Adrian Gilani from ABG Sundal Collier. Please go ahead. Yes, hello. I had a couple questions in the similar line of the contribution margin questions before. First of all, just trying to get an understanding of the earnings impact in Asia with the fire. In part, you have the SEK 40 million higher costs. That is pretty straightforward. Then you have the 10,000 lost tons. As you mentioned, these are lower margin tons. Can you give us an indication of what perhaps a reasonable contribution margin on these lost tons could be? Sure. On average, this type of business, the industrial business there in Asia, it has an average contribution of around SEK 3 per kilo. That also means then that the 3,000 tons that we couldn't deliver in Q2 has a contribution value of around SEK 9 million, which I think I mentioned that earlier as well. That assumption, the SEK 3 per kilo, that is a fair assumption also, forward-looking here for this business. Yeah. Understood. Previously, you also said that the fire will impact the second half of 2026, which presumably means that the volume impact will be similar in Q4. Is that reasonable? Then gone by 2027. Our target is to complete the repairs and the commissioning and so forth of the damaged assets in Shandong before year-end, so that we should be fully up to normal operations in beginning of 2027. There might be some upsides to this, maybe we are done quicker. It depends on many things, right? I think it's a fair assumption to say that probably Q3 and most of Q4 will be impacted in this way. Understand. On the flip side of that, we have the contribution margin in the U.S. You're doing around 7,000 EBIT per ton, and you've previously given a group average rule of thumb of 7,000 to 8,000 contribution profit per ton. If you're doing 7,000 EBIT and then you have your fixed cost base, that number has to be significantly higher in the U.S. What roughly is that number in the U.S.? We will only provide you with this fantastic round number for the group, Adrian. I think you're onto the fact that, of course, the contribution is different now. Volume growth, it's basically fair to say this, right? For Q3, the volume growth that we will see in Europe, and particularly in the U.S., will have a higher value than the volume that we are potentially not being able to produce and ship in Asia. You can expect a quite significant geographical mix effect from that respect. Maybe we can highlight also in this context that, yes, there are certain products now, primarily for industrial customers, that we short-term will not be in a position to profitably deliver to customers. We have good alternative supply solutions and outsourcing of hot rolling in place, so that we can deliver our more strategic parts of our product portfolio. Of course, our ambition is to continue to find growth there where we can. We have a short-term challenging market, maybe we can still compensate a little bit with other volumes also in Asia, potentially there. At least that's what we're aiming for. Understand. A final one on the U.S., more broader question to understand what really is driving the very strong performance. I was thinking about the whole tariff regime and you being able to raise prices given your local footprint. Would you say that that's the big reason why profits have lifted as much as they have in the past year or so in the U.S., or is the main part of the profit lift not tariff related, but rather your internal actions? Well, I think, Adrian, this is Jörgen speaking. If you zoom out a bit, you will see that we have improved our volume and our profit for many years now in the U.S., especially the profit, in a very systematic way. That is due to the good operational and good commercial performance of our business there and our team there. This is also true of this quarter and this first half year, where the development has continued to be extremely good. But it's also so, of course, that strategically we are happy that we have production in the U.S., which matches up very well with the demand that we have in North America, as we do also in Europe and Asia. Tariff walls are, of course, intended to be beneficial to the people who have local production as we do. Naturally it's a help, but the improvement is due to good operational and commercial performance. Understood. That's helpful. In that case, that's all for me. Thank you. Thank you, Adrian. Thank you. We will proceed with the next question. The next question comes from the line of Oskar Lindström from Danske Bank. Please go ahead. Your line is open. Good morning, Jörgen and Oskar. This is Oskar Lindström from Danske Bank. Two questions from me. The first one is on data centers. In your Capital Market Day presentation, you said that it was, I believe about 4% of America's volumes last year, that it would roughly double this year, and that it had also sort of helped to compensate for the weakness in the residential HVAC market in Q1. What kind of development are you seeing in the data center segment? How are you seeing that it's impacting your business now, and do you sort of get orders early and then sort of know that you will have a certain amount of volumes next quarter, next year? How is that business impacting you, with that segment impacting you? Good morning, Oskar. I think you're summarizing it well yourself when it comes to the previous volume impact that it's had in 2025 and also in the beginning of this year. When it comes to going forward, we're not sure exactly how this will develop, but we're optimistic about it, because these are products that fit very well into our production footprint and our technical skills, and these are customers that we've developed and can now continue to grow with, right? Here, we're hoping, of course, that the underlying trend of big data center build-out will benefit us also, hopefully for many years to come in the Americas and maybe also in other regions over time. So far you have summarized it well yourself, and going forward, we are optimistic about this. Data centers is one of 20 odd segments that we focus on, right? We're in fact optimistic about many of those segments also. Right. Okay, good. My second question is on Europe, where the growth of the electronic vehicle segment is providing you with some tailwind in terms of volumes. I'm wondering, are these tailwinds related to sort of a few contracts which you have signed, which you're now starting to deliver on, or is it more of a broader market development so that it's being driven by sort of a wide set of customers that we should expect to continue well into next year as well? Yes. The growth in Europe in general, and also, as you say, in the EV segment, is related to us making a very large effort, three or sometimes even four years back, to develop the products and the customer relations that are necessary to benefit from the EV growth, right? Under that initiative, we have taken many contracts for many articles, and also have been relatively successful to pick the right articles and the right platforms, so that when those platforms are now being produced, we are benefiting from that. Those contracts generally are multi-year contracts. The platforms, of course, are multi-year platforms also. We expect to enjoy that benefit for some time to come. All right. Excellent. Thank you. Those were my questions. Thank you, Oskar. Thank you. Thank you. We will proceed with the next question. The next question comes from the line of Mats Liss from Kepler Cheuvreux. Please go ahead. Your line is open. Yeah. Hi, thank you. Two questions, I guess. First, coming back to the U.S. there, you have a very strong performance currently, I guess your capacity utilization seems to be a bit stretched. Could that sort of open up for, well, bottlenecks, CapEx maybe to increase that going forward, or is there still room to improve? Yeah, that's the first one. Hello, Mats. Jörgen speaking here. Well, it's like this, I think that we have now, as you know, expanded our capacity quite a bit in the Americas and Europe and in Asia over the last couple of years. We have to remember that that is what we call a nameplate capacity or the theoretical capacity. Whereas in reality, when you want to produce at that capacity, there are many things that you need to resolve, and some of them can be these bottlenecks that you referred to. This is exactly the import or the idea behind our four-year optimized program is to optimize this in detail now with mix, with productivity improvements, with debottlenecking and so on, so that we can achieve the sales that should be possible in our nameplate capacity. This goes also for the Americas, where we have good sales improvement but are not yet at all at our nameplate capacity. So we should theoretically be able to grow in the U.S. also without a lot of capacity expansion CapEx. The work to do so, though, is the details are many and detailed, of course, being details. We are going to take many small steps in that direction over the next couple of quarters and years, at least until 2027, when we've said that we are going to have a 90% utilization of Gränges as a whole, which also, of course, implies a high utilization in the Americas, otherwise we cannot reach that target. The 90% figure is not intended to come with any large CapEx tab. Great. Just about Asia there and China, I guess you have this insurance coverage in place, should we expect your sort of, well, losses to be fully covered by that? Could you also sort of give some indication of the timeline there, when compensation could be expected to be paid? Hi, Mats, it's Oskar here. Same as for all our production facilities, they are fully insured for property damage and business interruption. In the case now in China, it's a relatively small property damage case. We expect that to be a fairly straightforward discussion with the insurer. That discussion is, of course, already ongoing. When it comes to the business interruption, that's a slightly different matter, right? Before you actually know exactly how much compensation you will get and so forth, you also have to know exactly how large the damage is, and that we will only know once the facility is back up and running. So, property damage part probably sold fairly soon, I would expect. Business interruption, probably something to expect for 2027. Okay, great. Thanks a lot. Thank you. Thank you, Mats. Thank you. We have no further questions at this time. I'll now hand back to the speakers. Please continue. Thank you, operator, and thank you everybody who has listened in on this first half of 2026 earnings call, and thank you for all the good questions. I hope that you have a good day going forward. Take care. Goodbye.