Good morning, and welcome to this presentation of the third quarter earnings 2026 for the NCC Group. I am Tomas Carlsson, CEO, and with me here, I have Katarina Wilson, new CFO. Welcome. Thank you. I will continue and talk about the summary of the quarter, and Katarina will come back and talk about the details a little bit later. But before I start, I will actually try to give you a reader's manual to the report, because there are two things impacting the way that at least I look at the earnings, and I think it is important for you to understand how it has impacted the numbers for NCC. First of all, we have signed an agreement to divest Industry, and hence becoming a more focused contracting company. You have seen this before. Enterprise value SEK 8.2 billion, approximately SEK 7 billion in cash proceeds when the closing happens. One transaction, two buyers. Closing expected in the second half of next year, subject to regulatory approvals. For all practical purposes, this has had no impact on Industry or the NCC Group. Meanwhile, it is business as usual, but it has a very real and profound impact on the NCC reporting, because IFRS 5 kicks in, and as of this quarter, we have to report Industry as discontinued operations in our official reporting. So, that means that we are not reporting any net operational earnings, no EBIT, but fundamentally only net income. However, NCC continues to benefit from Industry's earnings and cash flow up until the point of closing, so nothing has really changed. So, as a consequence, we will present the IFRS-compliant reporting, but we will also report the total for the group to make it easier for everybody to understand where we are. Now, it might seem easy to just separate Industry and you have two parts, and the sum of that would be the old numbers. That is, however, not the case. Bear with me, and I will give you some kind of feeling for what it means. What we are reporting for net sales is NCC excluding Industry. If you remember the headline number for net sales from before, it's way lower because it's excluding the Industry earnings, a little bit more than SEK 10 billion this quarter. We are also reporting EBIT before items affecting comparability, excluding Industry, SEK 290 million. What has to be understood is this. We have group common cost, and previously, we have thought of them as Industry has a part of it, and the contracting and PD has another part of it, and it's distributed according to how they use the resources. According to IFRS 5, the continued operations, i.e. contracting and PD, carries the full group cost according to IFRS, and Industry carries nothing in the calculation of net income for Industry. Also in this quarter, we have one item affecting comparability, and I will talk about that in a little while, and that is onerous lease for this office where we're broadcasting from now. It's related to moving of the headquarters, and I will give you some more details on that in just a little while. That's a negative item. Then we are reporting Industry as a standalone unit, net profit, not EBIT, net profit. It doesn't carry the cost of its part of group cost, and it doesn't carry any cost for financing. The continuing operations carries all financing cost, which is probably not the case for how this would work. Then we are reporting net profit, including Industry and continuing operation and items affecting comparability, and then you have a net profit of 444. That was the impact of IFRS 5 on the group, triggered by the contract to sale business area Industry. Then we have one more item, and that's the relocation of NCC's head office. The most important part of this is that we already have the cost. We're paying for the rent in the current office, and we own Hangar 5, so we already have most of the costs for that office as it is. We will move to Hangar 5 and have an annual saving of SEK 50 million with full effect from 2028, but already from the second half of 2027, we will see the benefit of that. It's purely based on the case that we have a smaller office. It's market-based rent, so it's a commercially sound contract to save cost. At the same time, the letting ratio for Hangar 5, or the remaining part after we sold the retail part, increases from 70% to 90%, which makes this a way better Property Development project. As a consequence of this, we will report the SEK 198 million onerous lease from the second half of next year and to the remainder of this lease contract. It has no immediate cash flow impact, but of course, we continue to pay the rent until the end of the lease period. The way I see it's an investment where we save SEK 50 million annually. We have a cost charge now of SEK 198 million. It has no immediate cash flow impact. Therefore, the way I choose to look at this is looking at how is the business actually performing? The business, how is it performing? All the slides that you will see going forward include both continuing and discontinuing operations, i.e., including Industry, and it excludes items affecting comparability, and it is only one item. It is the onerous lease of this office, SEK 198 million. This is the way I think about it. Improved EBIT, SEK 831 million, driven to a large extent of Industry, but also with increasing margins from contracting. We are holding the levels of earnings for the contracting business. We have for the fourth consecutive quarter a high level of orders received, and we have a very strong cash flow from operating activities, as well as a positive cash flow from the sales of a part of Hangar 5 in Solna. A little bit more flavor on that. Book-to-bill in this quarter or on the rolling 12 basis is 1.1, which is the first indication of increasing orders received. If you look at it in another way, we have rolling 12 orders received, and you can see that we were on one level roughly SEK 54 billion on the rolling 12 basis. We went down in the third quarter in 2025, and then since then, we have gradually increased the full year orders received. Just as a reminder, the orders received in the third quarter 2024 was to a large extent variations orders and additions to the West Link projects in Gothenburg with zero margin. In addition to this, we have a better quality of the orders received over this period. Net sales is trailing orders received, so when we went down with orders received a little bit, net sales is trailing that. We have a slightly lower net sales in the contracting business, but we are compensating for that by having higher margins in the business. With the orders received we have had over the last couple of quarters, we will have the same effect of net sales trailing the orders received going forward. Some examples of orders won in the quarter, bridges in the western part of Norway, a rather large office building in the outskirts of Copenhagen, a high power line in the western parts of Sweden, and then expansion of a port in Kjøllefjord in northern Norway. Look it up. It is very much in northern Norway. We also have an increase of the early involvement projects in the quarter. Couple of examples, we have an early involvement project for an ice arena in Finland, a facility for mental health in Norway, and then we have a defense project in Sweden, a new regiment based in Kristinehamn in Sweden. Order backlog stabilizing on a higher level as a consequence of the orders received, and then we have the EBIT in the quarter on a really high level, to a large extent driven by Industry, but also by PD, and contracting is holding the level or increasing a little bit by having higher margins. Financial targets. We are right now on a rolling 12 basis on EPS 13.9, and net debt 1.17, well below the threshold for target for indebtedness. As you know, dividend policy states that we should distribute roughly 60%. The decision was nine plus two. Nine was roughly 60%. The second payment of the dividend, SEK 4.5, will be done on November 10, so check your accounts at that point. Health and safety on a relatively stable level. I have no deeper insights in this at this moment. As a final slide, continued positive market outlook. We've had this for some time now. General good market demand, but of course uncertainty in the market for commercial properties and also a very slow residential market. We see a particularly strong and increasing demand for defense and security classified buildings. With that, I hand over to Katarina. Thank you, Tomas. Starting with highlights from our contracting business areas. Strong orders received in Infrastructure and in Building Nordics, very much driven by good development in Norway and in Finland. Stable profit and high margin in all contracting business areas. This is very much a reflection of our selective approach to choosing the right projects and thus improving the quality in our backlog. The next picture is showing in dark blue order backlog and in lighter blue net sales rolling 12 months. As you can see, we now have a higher backlog in all of our business areas, including Infrastructure. If we then move on to looking at the development of net sales and margin, and starting with Infrastructure. Net sales in the quarter is lower than last year. Earnings in line with last year, and margin increased to 4%. This is very much explained, as Tomas said, by the closure of the non-profitable West Link projects that were included in the numbers last year. Building Nordics, net sales on par with last year. We have a slight negative effect from currency in the quarter. Earnings somewhat higher than last year, and margin increased to 3.6%. Building Sweden, lower sales due to disciplined order intake where improved quality is now reflected in continuous higher margins. All in all, if we summarize our contracting, we have in the quarter a margin of 3.5%, and this is in line with our target. If we move on to Property Development, as Tomas said, we still have an uncertainty in the market, especially now given the high long-term interest rates. Our portfolio is to a large extent still unchanged. We still have six completed projects and three sold ongoing projects in the portfolio. Even though we did sell one part of Hangar 5 in the quarter, which gave us a positive impact on net sales and cash flow, but with no profit recognition. EBIT improved, but from a low level. If you recall, we had a negative effect last year from a divestment in Norway. Letting increased in the quarter, was 89% letting ratio. We signed four new contracts in the quarter for a total of 12,600 sq m, and this includes our own move to new head offices, and that added about four percentage points to the total letting ratio. The completion ratio was 73% in the quarter. If we move on to Industry, and I would like to reiterate what Tomas was saying. We now report Industry as a discontinued operation according to IFRS 5. This means that we have restated last year, 2025, and the main effect of that restatement is that we no longer report internal sales within Industry. For the full year 2025, that was SEK 477 million, and you can find that exact number in our annual report in note 3. We had a record quarter for Industry, very much driven by asphalt and high state investments in road maintenance right now. If we look at sold volumes, both for asphalt and for stone materials, you see that asphalt is on a high level, on par with last year. We have a somewhat decline in stone materials in the quarter. As I mentioned, a record quarter, SEK 541 million earnings, and the rolling 12 months margin is now at 7.6%. This is a combination of high productivity as well as a favorable product and price mix. Our segment, other and eliminations, and you can see that the cost increased quite substantially, mainly related to continued dispute-related costs, SEK 61 million in the quarter, as well as items affecting comparability, as Tomas Carlsson mentioned, SEK 198 million, which is on this slide reported in on the last row, other adjustments. Our group common cost was somewhat lower in this quarter, but I would like to say that that is within normal variations between quarters. I would like to highlight that quarter 3 is always a seasonally lower quarter for group common cost. I can also say that one explanation for the somewhat lower cost is that we have a positive pension right now. That can obviously go up and down, but right now, that gives us a positive effect. Our P&L, according to IFRS 5, earnings from continued operation before items affecting comparability was SEK 290 million, which is in line with last year. Our financial net was somewhat lower, and that is primarily due to higher capitalization of interest in the property projects. Our tax rate, 26%, is still somewhat high. That gives us net profit from continuing operation of SEK 444 million, and an earnings per share of rolling 12 months, 13.9, which is in line with last year. Very strong cash flow in the quarter. Higher earnings. We have the sale of one part of Hangar 5 that contributed, as well as a more favorable working capital in the quarter. Corporate net debt, SEK 1.4 billion, is in line with last year. That gives us a net debt EBITDA of 1.17, which is well below our target of no more than 2.5. With that, I hand back to you, Tomas. Thank you. I will only very shortly say that this quarter was a good quarter, and it is a strong foundation going forward with good orders received. I like to highlight the good profitability and the really good cash flow. High levels of orders received and also additional early involvement orders and a high quality of the order backlog. Then improved margins in the contracting business and an overall positive market outlook, particularly driven by Infrastructure of all kinds, administration buildings, security-related buildings, defense-related buildings, and Industry. With that, operator, I open up for questions. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star then 2. Questioners on the phone are requested to disable the loudspeaker while asking a question. Anyone who has a question may press star and 1 at this time. The first question from Julia Sundvall, ABG Sundal Collier. Please go ahead. Yes. Hi, and good morning. A few questions from my side, and I would like to start with the other and eliminations part. You mentioned the other elimination part, and you tried to explain it, but could you please explain a little bit more? When I calculate it is about minus SEK 54 million, excluding the headquarters relocation change. Could you please break down the positive effect? Is it only the pension, or is it something else? Yes. I would say it is to a large extent pension, but as I also mentioned, that can vary between quarters. But it is pensions. What should we expect going forward? How many quarters could the pension stay positive, or could it turn negative the next quarter, or how should we think about that? I think the people participating in this call is better fitted to answer that, because it's mainly relating to the development of the general stock market. Okay, thank you. On the new office then, could you please repeat how it will affect the P&L and the cash flow, except the 50 million SEK in savings? Yes. The rent that we will pay in our new office is lower than the rent we have here in Solna. That's the main effect. We will have a half-year effect next year and a full-year effect from 2028. I think another way to think about this, we will pay the rent for this office until we move, which we expect to do beginning of the second half year next year. We will pay the rent. And the provision that we made now is covering the rent and actually some write-downs of assets we have here for the remaining part of the lease period. We will not be paying double rent. That is fundamentally the idea. Yeah. Okay. Perfect. And under order intake, it is up 24% year-over-year if you exclude the Industry, but sales were broadly flat. Could you say anything about the timing of the backlog, when it will kick into sales? It depends a little bit on what type of project it is, so you cannot predict it exactly, but using a rule of thumb that we have, it is trading four to six quarters roughly. Okay, perfect. Thank you. I will jump back in the queue. Thank you. Thank you very much, Julia. The next question from Stefan Andersson, Danske Bank. Please go ahead. Hi. Thank you. Sorry, I was going to go back to the rent question, but it became a little bit unclear there, Tomas, so I have to follow up. As I understand it, you said we will not pay double rent. I mean, what you do is you will pay double rent, but you will not book it in the P&L. Absolutely. Right. Because the 198. Exactly. Yes. Okay. Thank you. Absolutely. From a cash flow perspective, absolutely. Perfect. Thank you. Okay, then I go back to my questions. First on the order side, just a clarification there. Larger orders, you announce, and I do not know if Industry normally has any larger orders. I do not know. Is it 300 that you have as a rule? Or no, it is 100. Sorry. But anyhow, will you, if you have any bigger orders in Industry, announce them in a press release? Just because that is how we calculate orders when we guess into the next quarter. To be completely transparent, Stefan, we have not discussed that, but I imagine if we get any bigger orders from Industry, we would like to announce that. But you are also 100% correct to say that Industry normally does not have these large orders that you can see in the contracting business. But it is business as usual with Industry, even though we report it according to IFRS 5, so I do not see any reason why we would not like to inform the market about larger orders. Yeah. Good. Then on your comment, the great orders from the defense side or security sensitive stuff there. Is that orders that will be announced, or is there reasons that you cannot announce them, so they will be in the underlying flow going forward? Some of them, yes. I mean, if you look at the We had the regiment. We could announce that, A9 in artillery regiment. Then again, we had a large frame agreement classified. We can't say anything more about that, and it depends a little bit how it develops. Then again, we have orders that we are not allowed to communicate at all due to security considerations. Yep. Since you mentioned them, are they very close to being included in your order backlog, or is it like a 2, 3-year work process to finalize those discussions? Again, it varies. It depends. It's pretty much like any other collaboration order. What's clear is that anything security-related has a priority, and they have ambitions to move quickly. But it's very hard for public sector to increase investment this much without some kind of delay in it. Good. Then just looking at your construction units, the three construction units, if I try to combine them, you have had good ordering intake for a while. I mean, I was maybe a little bit disappointed on the top line there if I combine them all. To me, you face easy comps as we go into next year. You should really have growth at one point or another. I mean, my question is really, do you think you can see growth in fourth quarter, or do we have to wait until Q1 2027 to see the growth? My expectation is that we will see some growth, but it's notoriously hard to predict exactly when it's happened. Yep. Good. I think I'm happy there. Thank you. Thank you, Stefan. Next question from Keivan Shirvanpour, SEB. Please go ahead. Good morning. I just have two questions. The first is on the depreciation for machinery and equipment. It is quite significant decrease versus Q2. Would you say that that is solely based on Industry reported as discontinued operation, or what drives that changes versus Q2? I think that is one explanation, but I cannot really I do not have the full details of that right now. I have actually not observed it, Keivan, but my assumption would be that it is related to that we are having more and more of the plant and equipment as leased equipment and not depreciating them. Okay, thank you. My second question is sort of a follow-up question on the net sales development and mainly for Infrastructure. Net sales down 15% in the quarter, but the backlog is up quite a bit Q on Q. What type of improvement in net sales should we expect? How gradual should this improvement be for Infrastructure? A little bit the same answer as I gave Stefan. We expect that there will be a gradual improvement, but it is notoriously hard to predict exactly when it happens. But good orders received would be a good basis for growth. Okay, thank you. That is the amount of questions. As a reminder, for questions, please press star and 1 on your telephone. No more question at the moment. I would like to turn the conference back over to Tomas Carlsson. Thank you very much. Do we have any online questions? We have one question here online. It is about our financial targets. We have a target of SEK 16 per share currently, and what would be the effects of a divested Industry? The effect will be that we obviously will have to have new financial targets. We are currently working on that and having discussions both in the board and in the organization, and I expect that we will announce new financial targets well ahead before closing. No more questions? Thank you very much for listening in, and feel free to reach out to us if you have any further questions. With that, have a good day. Thank you.