Good morning, and welcome to this presentation of the second quarter earnings for the NCC Group. My name is Tomas Carlsson, and I'm the CEO. With me, I also have Susanne Lithander, the CFO of NCC. Let's start with the summary of the quarter. We're continuing on the improvement trajectory that we've been on for some time. We're on the right track. This is a good quarter, but we still have more work to do. All contracting units better than last year, margin and earnings. We have strong letting in property development. The industry still has potential to improve, and we are experiencing a strong continued demand for our products and services, and you will see that in the orders received in the presentation. Moving on to next slide. Comparing quarter two this year to last year, this is the bridge. I will walk you through the three business logics that we have: contracting, Industry, and property development. Starting with contracting. Improved earnings, improved margins, orders received significantly higher than last year, they are higher in all business areas. That translates into good margins for the contracting business on a rolling 12 basis. Building Sweden and Building Nordics are both at 3.2% margin, while Infrastructure is improving to 2.2% margin, continuing the work that we've been doing for some time now. The good orders received also translates into a strong order backlog. With all business areas within contracting, we're having higher order backlog than net sales, also building order backlog in the quarter. That was contracting. Now over to Industry. Industry have earnings and volumes on par with last year. We see a positive impact from the efficiency program that we launched last year. We have concluded all activities, we have negative impact from loss-making Asphalt Finland. For the full year estimate, it's on the same level as 2020, we have recognized the losses earlier this year in connection with exploring possibilities to exit the business in Asphalt Finland. Finally, let's talk about Property Development. Isolated Property Development is very much lower than last year, -SEK 93 million. This is due to the simple fact that we have not recognized any projects in profit this quarter, while we did that in the last year. Last year, we had SEK 68 million in positive earnings, while we had -SEK 25 million in the quarter this year. This is totally expected. If you look at property development earnings over a longer period, it's pretty clear that you have high variance due to when we sell and when we recognize the profit for individual projects. 2019 was very back-loaded with low and actually negative earnings in the beginning of the year, but with several projects recognized in profit in the fourth quarter. The following year, 2020, was front-loaded with the large sale in the first quarter, most importantly, K11, our main office in Solna, while the following quarters had fewer projects recognized and also negative earnings in Q3. In this year, 2021, we have so far only recognized one and a relatively smaller project in Q1, and in Q2, we have not recognized any project at all while we're investing for the future. How can you look at the future? We have communicated the dates for several projects that we have sold and when they will be part of the profit recognition for this year. We can clearly see that 2021, it was Valby in the beginning of the year, no project this year, in quarter three and quarter four, we have three projects each for those quarters that will contribute to the earnings in 2021. Once again, this year is heavily back-loaded with earnings for property development and a pretty normal development for that type of business. What's maybe more important for property development, that's the future value creation concerning letting. Letting can go up and down between individual quarters, but since we are coming out of the pandemic period, we saw that we, after all, had pretty normal letting over 2020, but on the lower side. We finished with a strong quarter four. Quarter one was again on the normal level, while quarter two is on a high level of letting. What's encouraging is that normally when we have had lots of letting in a single quarter, that the driver will be one single contract for a headquarter office, letting all or most of the one building. That was, for example, the case in Q4. In Q2, this is driven by several medium-sized lettings in several locations in our markets. To me, that is at least an indication of a very high demand on the market, and we are experiencing high activity from companies interested in letting new office space. Moving on, the summary for the quarter, the bridge. Contracting up, improved earnings, 30% up compared to last year. Industry on par with last year, but some challenges with Asphalt Finland. We still see room for improvement for industry. Property development, no project recognized a profit this quarter, completely according to what we have communicated earlier. Other eliminations back on a normal level for the quarter, leaving us with EBITDA of SEK 487 million. Since net sales is down a little bit on the back of lower order intake and no sales in PD, we are increasing the overall margin for the group to 3.8%. I think it's interesting to look at the first half year, because we have some phasing effects in the quarter. If you look at that, we can see that contracting is up, industry is up, PD completely according to plan is down, while impact of the other element doesn't have the impact of the sale in [IFRS 16] from K11 that we experienced in the first quarter last year. We have a positive effect on other element for the first quarter. Overall, good development in the underlying business for the group. Orders received at SEK 16,568 million. That's a increase of slightly north of SEK 3.8 billion. That's a 30% increase. Also worth noting that book-to-bill is 1.3% for the group. It's more for infrastructure, but all business areas have more than one in book-to-bill building order backlog for future. We normally comment on residential orders received. The good orders received totally is not driven by residential orders. We are on a not unusual level this quarter, but below average. As I've pointed out over several quarters, this is not necessarily driven by the market. You can have good orders received in a bad market, and you can have good orders received in a bad market. The only conclusion is that it's not driven by residential orders. What we do have is a more focused approach to segmentation on products and customers. I like to highlight the large number of water and sewage projects that we've won recently. These are four. We have won in partnership development of Margretelund Sewage Treatment Plant north of Stockholm. We've also won phase I of the development of the water and sewage treatment plant on Käppala, a huge one for Stockholm. We're working with phase I, we hope that we can translate that to phase II and phase III i n coming quarters. We've also won an order of SEK 240 million for a water treatment plant outside Oslo in Gardermoen. Likewise, we've also won in Kungsängsverket outside Uppsala in Sweden. Water treatment is an area where we have unique expertise in helping our customers developing the water infrastructure for all of the Nordic countries. I see lots of potential within this segment. Moving over to order backlog. We are now having the second consecutive quarter where we are building order backlog, and we are now again back above SEK 58 billion in order backlog. Net sales, however, slightly lower than previous Q2. It's roughly 1/3, driven by property development, not recognizing any project. The remaining 2/3 from Building Nordics and Infrastructure on the back of lower back orders received previous years. Finally, market. Generally, good demand in all markets and all business areas. High activity demonstrated by orders received, but by also strong letting. The one dark cloud that we can see on the horizon now is something that happened after the end of the quarter, and that is the risk that the large cement factory in Gotland in Sweden would have to close. We are not directly a large customer to Cementa, but we are a large customer for concrete. The impact of a complete stop from Slite would have enormous effect on NCC, but more importantly, it would have enormous effect on the entire construction industry. It would have enormous effect on the mining industry, and it would have a really material negative impact on the society at large in Sweden. Industry investments would come to a grinding stop, we could see manufacturing units, you could see windmill parks, you could see all sorts of industry investments. You could see hospitals, schools, residential projects coming to a stop. You could see the mining industry coming to a stop. Our assumption is that this will be sold because of the devastating impact on society. We're working together with suppliers and industry associations, and preparing for the case that it wouldn't happen, and also trying to help Cementa sort out these problems. This is the big risk that we see right now. Otherwise, very positive market, very positive demand for our products and services. With that, I hand over to Susanne Lithander. Okay. Thank you. We start, as usual, with our largest business area, infrastructure. They continue with a consistent performance improvement. Order intake in the quarter was strong, SEK 6.8 billion, and the increase is primarily driven by Civil Norway. The book-to-bill ratio was 1.6, both in the quarter and year- to- date. The backlog has increased, as Tomas already showed, from the beginning of the year. Net sales decreased in the quarter as an effect of a bit lower order intake in Sweden and Norway last year. On the pie chart to the right, you can see that Sweden has increased its share of net sales from 72%-7 9%. Operating profit, SEK 10 million higher than last year in spite of the lower sales volumes. Of course, a reflection of higher margins in the project portfolio. The margin in the quarter increased to 2.8%. Building Sweden also continues to improve steadily. The order intake in the quarter was good, SEK 4.2 billion, and higher than last year. The increase primarily driven by a couple of large projects in Göteborg. The backlog's strong, it has increased up to SEK 18.7 billion. The net sales increased in the quarter to SEK 3.7 billion. Earnings has increased to SEK 129 million in the quarter, and that's driven by volume, but mostly by improved project margins. The margin in the quarter was 3.5%. Looking at the residential orders for Building Sweden, they have been below average, as you can see here on this slide, where the blue line marks the average. The rental share of residential orders have declined from having been almost two-thirds for quite a while to around 40% this quarter and previous quarter. Business area Nordic had a good order intake, or a more normal order intake of SEK 2.9 billion. It's an increase compared to Q2 last year. It was driven by a couple of large orders in Denmark. They continued to have a really strong backlog at SEK 14.9 billion. Net sales decreased in the quarter. It's primarily due to decline in the Finnish operations in the quarter. To the right, you can see that the Danish and Finnish operations are on the same level in relation to share of net sales in the quarter. EBITDA in the quarter increased to SEK 88 million in spite of the lower volumes. The decrease is driven by improved margins in the projects. The margin for the business area was 3.3%. Moving on to business area industry. When it comes to tons of materials sold, we can see on the slide that the volumes are on par with previous years, both for stone materials and for asphalt. Continuing with industry. A remark to this slide is that we have removed the order backlog in our report and on the slide here, as we also have removed or moved Hercules from industry. Industry is a short business, and we think that the more important indicator is orders received and the backlog is not as relevant for industry with such a short business cycle. Net sales is also on par with previous year, with a change of the split between the countries only, where Norway has increased, and Finland has decreased its share. Earnings are on the same level as well, as Tomas has already shown. We have positive earnings from impact from improved earnings from stone division and also from the restructuring of the asphalt division. That was offset by the poor performance in the Finnish unit. Property development, we have talked quite a bit about already. Net sales in the quarter come primarily from rental income. In the second quarter, we actually had one really small financially insignificant project recognized to profits, with 0 effect on earnings, Viborg Retail. Last year, we recognized profits of two projects in Finland, Fredriksberg B and C. This is our project portfolio. During the quarter, we have started one project, an office project in MIMO in Gothenburg. As I mentioned before, one minor residual project was sold with no earnings effect, which makes us continue to have 15 ongoing projects in our portfolio. Totally, in the portfolio, we have 250,000 sq m lettable space, 60% of which is in Sweden. As you can see on the slide, we have no ongoing business in Norway at this point in time, or no ongoing project, I should say. Letting. Tomas has already mentioned that we had a strong letting in the quarter. 24 contracts signed to be compared with eight last year. That's the dark blue area on this chart. That corresponds to almost 20% of the available unlet area. To be noted is also 14 of the 24 contracts were let in already sold and profit-recognized projects. This graph shows the summarized status on letting and completion ratios, and we continue to have a healthy relation in our portfolio between letting and completion ratio, with a higher letting ratio, 59%, than the completion ratio of 55%. That brings us to our last segment, other and elimination, that we break out like this. First item, NCC HQ and subsidiaries, includes smaller subsidiaries and associated companies that don't belong in a business area, and that is slightly lower than last year, the negative impact. Internal gains are eliminations of the profits during the construction phase in property development, which is reversed when we recognize profits in our property development projects. As we haven't made any profit recognitions this quarter, we have only built up eliminations of internal gains and no reversals has been done. That has increased to -SEK 33 million. In other group adjustments, we book accounting adjustments, and we have to make usually concerning pensions and other IFRS adjustments. In the quarter, they're in line with last year. For the six-month period, the decrease comes from the IFRS 16 provision we had to make for the sales leaseback of our headquarter here in Solna. For now, we also include the financials for the remaining parts of Road Services that we haven't sold. In this quarter, it includes the capital gain from the divestment of Road Services in Denmark. That gives us the operating profit of SEK 487. To be noted on this slide also is our financial net is lower, and that is due to lower financing needs and lower interests. Our tax rate is approximately 18%. Cash flow in the second quarter is typically a challenged quarter when we start our industrial operations. We do have a negative cash flow before financing, SEK 772, a bit more negative than last year. Contribution from profits are good, as we've seen. We have higher investments in property projects than last year, as we haven't offloaded any projects in the quarter. Last year, we had exceptionally good cash flow from our property projects in the first half of the year with three sold projects or profit-recognized projects. Our working capital has increased, driven by the startup of industry during the quarter. Our investments in machinery and equipment have increased also due to industry business. Our net debt has decreased from SEK 5.2 billion to SEK 4.9 billion. Decrease is primarily driven by the reduced pension liabilities according to IAS 19. The leasing liabilities have also decreased somewhat. Corporate net debt had moved from net cash of SEK 73 to a net debt of SEK 755 due to continued investments in property projects and the dividend payout. Our net debt to EBITDA target ratio is to be below 2.5x, and after the second quarter, we are at 0.38x. On that note, I will hand it back to you, Tomas. Thank you very much, Susanne. Let's talk about targets for a few minutes now, starting with financial targets. Just to remind everybody that we have earnings per share target for 2023 of SEK 16. This quarter, you can't really read much into that number because the back-loaded nature of the PD business this year, but we're moving in the right direction. Net debt lower than 2.5x EBITDA, and we're well below that, as Susanne pointed out, and then a dividend policy of at least 40% of the tax. We also have ESG targets for the most important topics for our industry. First one, climate and energy, where we have two targets, climate and energy Scope one and two. We have not updated these numbers. We do that twice a year. Reported first time in quarter one for the full year and then in quarter three for the first half year, we will get back to that in quarter three. We're also working with the method how to measure Scope three for the most important types of materials for NCC, and that is concrete, steel, asphalt, and transports. In our industry, we also think that health and safety, this is a dangerous business. We are working a lot with health and safety. We are measuring a lot of things with health and safety, our main target here is the LTIF, the Lost Time Injury Frequency for which is the European standard, measuring accidents where you lose 4 working days or more, or four days or more. We have a target of three at the end of 2022. We're moving in the right direction. We're currently at 3.2. Finally, summing up this presentation, we are on the right track. This was a good quarter. Still more work to be done to further improve the business. We have strong orders received throughout the business. All contracting units performed better than last year. Industry has the potential to improve. Property Development moving as planned. In the quarter, really strong letting. Overall demand continues to be strong. With that, operator, I open up for questions. Thank you. If you wish to ask a question, please dial 01 on your telephone keypads now to enter the queue. Once your name has been announced, you can ask your question. If you find your question is answered before it's your turn to speak, you can dial 02 cancel. So once again, that's 01 t o ask a question or 02 to cancel. There will be a brief pause now whilst we register your questions. And our first question comes from the line of Simon Waterson of BM Markets. Please go ahead. Your line is open. Yeah. Hi, guys, and congratulations with a solid report. My question is on the Finnish operations in Industry. You highlighted in the report there was some problems in Finland. Is this a recurring item? Is this something you expect to be solved? In any way, what kind of timeframe are you expecting to see any improvements in that kind of operations in the actual segment? Thank you very much. Thank you very much for that question, and I think it's an important one. Bear with me for a while now, because I'm going to go back to 2018. We did not write down the value or write off the asphalt business in Finland, because at that time we had a long track record of more than disappointing and negative earnings in Asphalt Finland for many years before that. The organization in Finland came up with what I assessed to be a credible turnaround plan for Asphalt Finland for 2019, and they operated with that plan 2019. In the quarter two 2019, they were still pretty upbeat, even though the numbers really didn't support it, that they were really upbeat and said, "We are going to be able to improve on last year. We are going to be able to get to a 0 margin in 2019." Disappointingly, that didn't happen. We had a pretty significant loss in 2019, and the organization came up with yet another turnaround plan in 2020. Same story again, positive about the probability to actually execute on the turnaround plan 2020. In second quarter 2020, they said, "We're moving in the right direction. We're going to get to a 0 result." We didn't recognize the loss that year. That didn't happen. We had a significant loss also in 2020. That's the reason why we, last year, communicated that we are exploring opportunities to exit the business of Asphalt Finland. That has been ongoing since the end of last year. This year, we are also operating to be as efficient as possible, but we don't think that we will be able to reach zero earnings in Asphalt Finland this year. The difference is that this year we have recognized the cold fact that it will be yet another year of disappointing earnings for Asphalt Finland. The full year estimate is that it's going to be in the same range as we see in 2020 and 2019. It's a question of recognizing the hard facts of life earlier in the year. This is an asset that we're trying to either sell or exit, as we communicated before. We are working hard with that. I don't want to give a timeframe because we want to make sure that we do this in the most responsible way for the shareholders. Thank you for a very good answer. Just to follow up on that, do you think the base case for recovery will be that you turn it around or you actually are able to sell it to somebody else? My absolute intention is to sell it. Thank you. In terms of just capital employed and sales in property development, there has been a few sales announced, there is a lot being built, markets are heated. Could you please tell us a bit about just how much you expect to ramp things up here, and how important it will be to have more property under development to reach your EPS of 16 in 2023? The short version of that is that it's really important for us to have a healthy property development business. We're expanding it. The cycles of property development is so long. By now we really have a good understanding of all the projects for 2023, but we're building for the future after that as well. This is really important for us. Thank you. Those were my questions for now. Thank you. Just as a reminder to participants, if you do wish to ask a question, please dial 01 on your telephone keypads now. Currently the last question on the phone lines is from the line of Fredric Cyon of Carnegie. Please go ahead. Your line is open. Good morning, Tomas and Susanne. I'd like to start off with industry again. Were there any one-off costs relating to the Finnish operations in the second quarter? Second of all, we've heard from some peers that there was a late start to the season. Did that in any way influence the profitability in the second quarter? Susanne, maybe you want to answer that question on one-off? No, as Tomas has already explained, we are more cautious in our profit recognition when it comes to Asphalt Finland. That's it. No other extraordinary one-offs. Oh. As related to season start, we can't really say that. We think it was a pretty normal start of the year. Some parts of the business started somewhat a little bit later, but some parts started a little bit earlier. Overall, a pretty normal start after the winter. Okay. Moving over to building and infrastructure, a clear margin improvement there, and we have witnessed it for two quarters now. Was there any kind of large project completions in the second quarter that contributed materially to profitability? No. Very clear. My final question relating to Cementa, the situation there. How do you foresee that this situation will be resolved? Is it likely that we'll see a temporary extension of the current agreement? What would you say is the most likely outcome? I don't want to speculate in the most likely outcome. Anyone that spends some time trying to understand the impact of the construction industry, the mining industry, and society in general understands that it has to be solved before the end of October. That's my assumption that the political system will find a solution. How that solution will in the end look, I don't want to speculate on that. Perhaps one final question relating to PD. You have been quite active in divestments, which will impact the results positively in the third and fourth quarter. You've guided for an 18% tax rate long term. Anything in particular you want us to highlight in terms of the tax rate for the second half considering these fairly large divestments? Well, the divestments in PD are typically tax-free. Okay. Yeah, I am aware of that. Do you think anything you want to say regarding tax rates then for the second half? Well, no, not really. I had to try anyway some. Okay. Thank you. I know. Thank you. Our next question comes from the line of Stefan Andersson of SEB. Please go ahead. Your line is open. Thank you. A couple of questions from me only. Going to the construction side of the business, those three divisions in general, I'm a little bit curious on the margin development here in the quarter is rather good. It's a step up. How should we view that? In the comments you say it's the gradual work you've done that start to shine through. Just wondering how excited we should be. Is it more relevant to look at the 12 months rolling basis or the first half? Is that a good indication on the journey, so to speak? I think you should be equally excited as you should have been over some time now with the long-term development that we're working with, and I think that's important. We're really working hard making sure that we select better projects, that we are more on top of delivery, that we make sure that we have a prudent profit recognition in the projects, and doing that everywhere, and that's an ongoing gradual work. Rolling 12, rolling 24 is the most relevant metric, I think. Coming back then to the material prices. I know you've been very focused on getting partnering deals and avoiding risks and so on. Coming back to that, are you at all concerned that you would get any hits from higher material prices if they keep on these levels, or are you totally free of that? Let's start with this. Part of my job is being concerned about all sorts of things, so of course I'm a bit concerned. On the list of things that I'm concerned, it's not on the top of my mind. What we saw was an increase in the beginning of the year, we have so far managed to handle that through our contracts with suppliers, with the contracts with our customers, and then our approach to tendering. What we've seen over the last couple of months is more of a flat development, but still on a high level. So far, we've been able to handle that. On a more macroeconomic point of view, if we have even further increases or if we maintain prices on this level, that will translate into higher construction costs. That's the natural dynamics. Okay. The final question is on the order backlog, which as you indicated, it's been growing now for two quarters. If you look at the orders you have there, is there some big ones that takes time to start up and get full production? Just to understand how many quarters of lag there would be until we see effects on your sales, if you could share anything on that. We have some big ones that will take some time to start, but we are in more of a steady state now than we were [two] quarters ago. We still have phase I projects that we expect will be translated into more orders received, but that is invisible to you there. What I would like to highlight is that we still have some old projects in the order backlog, primarily for infrastructure that dilutes the margin for infrastructure for at least a couple of years going forward, still. Yeah. Okay. Thank you. Thank you a lot. Thank you. Thank you. Currently there are no further questions on the phones at this time. Let's wait a little bit. Just to remind participants, if you do wish to ask a question, please dial 01 on your telephone keypads now. All right. If there are no further questions, I'd like to remind everybody that we're on the right track. This was a good quarter, but we have more to do. With that, I wish everybody a nice and pleasant summer. Talk to you later. Bye-bye.