For the first part of the conference call, the participants will be in listen-only mode. During the Q&A session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to thPlae speakers: CEO Johanna Hult Rentsch and interim CFO Ulrika Danielsson. Please go ahead. Welcome to Platzer Q2 Report. My name is Johanna Hult Rentsch, and with me I've got my acting CFO, Ulrika Danielsson. Let us start. At the beginning of this year, the market was characterized by a certain optimism, as the economic turnaround did not materialize. Expectation has been adjusted downwards. Despite this, we have delivered another quarter with strong management results, with an increase of 16% compared to Q2 2024 and for the entire period. We see how well our two business segments complement each other in this quarter. In a highly knowledge-based and industrial city like Gothenburg, this makes sense. The office market continues to be affected by the prolonged recession and tougher competition around tenants, especially in our office segments, while this requires us to be very attentive to our customers. The industrial and logistics segment, however, is developing positively, with high activity and several new lease agreements, as well as strategic transactions with both acquisition and de-investment. We also contribute significantly to positive net letting in the industrial and logistics segment. Going back to the office segment alone, we have a negative net leasing this quarter, which is mainly explained by bankruptcy and a corporate acquisition. Adjusted for these two, the net letting would actually have been close to zero. Overall, the net letting is positive, plus SEK 15 million. As a result of our robust earnings and the successful completion of recent transactions, our financial position is stronger than it has been in some time, affording us increased capacity of pursuing new opportunities going forward. Here we can see a summary of the quarter in numbers. These nice and good numbers are thanks to my hardworking colleagues, and that's why we have achieved these good results. We have maintained a strong momentum throughout the spring, and by leveraging our three core drivers—earnings from management, projects, and transactions—we are now successfully transforming the portfolio and generating sustainable growth for the future. By the announced letting to Speed Group, we started a new project in Sörred Logistic Park. We have also sold a completed project in the same Sörred Logistic Park. This is a joint venture with Catena, and we have also sold a parking garage in Södra Änggården. We have also acquired an industrial and logistics property in Tuve. I will come back to this later, but it makes a very strong contribution to our earnings and offers future development opportunities. Also to mention is that we have recruited Anders Woodall as our new Business Area Manager for our office segment, and he's starting in December. I'm looking forward to, together with Anders and the rest of the team, to take the next step for Platzer. The market. The global market and the Swedish economies are, as you all know, affected by the geopolitical unrest and uncertainty, and that dampens investments and consumption on the whole. IMF and the National Institute of Economic Research of Sweden have revised growth forecasts downwards. The Swedish economy is expected to grow by 0.9% in 2025. We monitor the automotive industry very closely. Volvo Cars announced a saving package in May, and they have also issued layoff notices to about 2,000 employees, including consultants. If the layoffs are implemented, staff levels will return close to those ones in 2021. Our direct exposure in terms of lease agreements to Volvo Cars and Polestar amounts to 4% of our annual contract value. There are also some bright spots. Recently, Volvo and Daimler launched a new software development company to be established in Gothenburg. They're called Coretura. Major investments of several hundred million Swedish kronor are made now in the truck industry, which is very positive. Gothenburg is Sweden's leading center of research and development, and the companies are currently investing close to SEK 60 billion and amount to 35% of the country's total R&D resources. That is a clear shift from Stockholm to Gothenburg. There is considerable growth momentum in our region in terms of defense, such as Saab. Also to mention is the Port of Gothenburg, the largest port in Scandinavia, which facilitates the transshipment of approximately 14 million tons of cargo annually. The harbor continues to demonstrate robust growth also in this quarter. Ongoing harbor dredging is aimed to accommodate larger and more energy-efficient vessels, therefore enhancing the city's strategic position as a premier logistic hub. Gothenburg industry and logistics have maintained good activity. Due to limited access of zoned land and the absence of speculative construction, the city's logistic position, with its port, railway, and airport access, makes Gothenburg Sweden's foremost logistic hub. Our portfolio is located at the epicenter of this logistic hub, which enjoys stable rentals and a low vacancy. This segment is prioritized for our continued growth. To mention some of our letting and project activity: letting to Speed Group of 30,000 sq m we have already announced, and we held the groundbreaking ceremony for this project very recently. This is a joint venture with Catena, as mentioned before. We have also let out to Smart High Tech. That's a growing company rooted from Chalmers University of Technology, which has made impressive progress in a very short time. They develop and produce graphene-based thermal conductors, world-leading technology for heat transfer. They can now be produced at a larger scale in our premises. We have also let to Marine Supply in Arendal. Platzer and Catena have sold this property to Savills IM, and we sold this for SEK 385 million. The handover actually took place this Tuesday, the 1st of July, and the dividends of SEK 80 million have during this week been paid out to us as a JV partner. That's a very great deal. We have also acquired industrial property at Hisingen. I'm pleased to announce that this opportunity is a very strategic position for us, and it's a very interesting location. It's a stable, high-yielding property with a solid cash flow, and it also offers existing development possibilities of about 15,000 sq m of lettable area during the current zoning plan. In the longer term, there are further development opportunities here. This acquisition shows our will to be long-term and grow within this segment. Going over to the office segment and how the Gothenburg market works. Prime rents remain stable with the strongest demand for new and centrally located spaces. Companies are investing in bringing their teams back to the office, and demand for modern premises in good location close to public transportation is good. The office vacancy has increased by 2% on an annual basis, according to JLL, and it's now about 13%. This increase is mainly due to new spaces being added in terms of new office construction rather than decreased demand. Annually, the take-up slightly exceeds the five-year average at approximately 145,000 sq m. It indicates a solid market activity, although the net observation cannot really match up exactly to the new production, and that is why the vacancy rate is increased by 2%. The competition amongst tenants is quite hard. If we look at these pictures here, it is CityMark's graphs. They show whatever some low vacancies, but the trend is the same. What stands out in Gothenburg is that the increase in vacancy is mainly driven by the new office production. Over the next two years, significantly fewer new development projects will be completed. It will be 0.4% in this year, 0.8% in 2026, and 1.7% in 2027. After that, we actually do not really know what will be completed as very few new office projects have been started. My analysis is therefore that we will have some continued period of fierce competition for tenants before the turnaround in terms of vacancies. What also differs in Gothenburg compared to some other cities is where the vacancy is high, and actually here in CBD, the highest. This is due to many years of large infrastructure investments causing traffic chaos and leading to avoid these areas. Here we can see Lillabommen and the central station area. There has been a bridge built, tunnels, and some other large infrastructure piping. The market activity and letting is also concentrated to the central parts of the city. According to JLL's last review, they looked through the last year's letting, and about 80% of what is let are actually activity in newly built premises or in central Gothenburg. When these infrastructure works are completed and the access for the public will improve dramatically at the end of 2026, I believe that the tenant interest in Lilla Bommen will increase as well. This picture shows the prime rent development over time within office segments, and it is based on JLL's analysis. It compares Stockholm, Gothenburg, and Malmö. The rent levels in Stockholm are more than twice as high as in Gothenburg. The trend then to reduce space is, of course, less prominent in Malmö and Gothenburg, partly because the leases are generally much larger in Stockholm. A typical large lease is about 20,000 sq m, while a large lease in Gothenburg is 5,000 sq m. It simply does not have so much impact to save 20% of space on the average lease of 500 sq m, for instance, with the lower rental level. Stockholm is a big city with large companies, but it's also a volatile market, as we can see here. Gothenburg is the more stable market with the more modest rent development over time, but steady and reliable long-term in terms of growth. Here I can consider and think a little bit about what the rental potential actually is for Gothenburg. Stockholm has shown a high growth in terms of the last one to three years, and Gothenburg has demonstrated better long-term stability over five to seven years, as you can see in the chart on the upper right corner. Our major lettings in the quarter in the office segment, we've maintained a rate of 87% in terms of tenants that actually stayed and could leave us, which is quite good. The renegotiation's total value is SEK 54 million. I think this demonstrates our ability to meet our customers' changing needs. However, we are not always successful. Earlier this spring, Nordea, the bank, announced its intention to, at the beginning of 2027, vacate its 7,400 sq m premises in Lillabommen. We have yet not received any termination notice, so it does not affect this quarter's net letting, and most likely we will receive such in the beginning of next year. The annual rent is about SEK 30 million. Nordea's lease termination also means that we can approach our spaces in tenant, which is in the future being joined by Skanska's new project. As part of these efforts, we have already contracted a new restaurant in the house, and they will open here this autumn. We are also continuing our district development in Gamlestaden and have signed several new contracts of about 2,300 sq m in this quarter. Now on to the sustainability, which remains a passion at Platzer. Nasdaq Green Equity designation has been renewed for the fourth year in terms of consecutive years. We have improved 6% energy performance, and we have a good chance to achieve the efficiency goal for 2025 of 70 kWh per sq m Atemp. That is a really good prospect for achieving this. We have also opened Scandinavia's first fully electrical charging station at Gårdatorget. Having said this, I would like to hand over to Ulrika. This will be our last call, Ulrika, and as you will soon be leaving your interim CFO role, next time our new CFO, Jakob Nilsson, will join me here, and you will take a seat in Platzer's board. I want to thank you for the very well-done job so far. I hand over to you. Thank you, Johanna. Platzer delivers a growth in profit from property management of 16% in the second quarter as well as in the first. There are a lot of similarities between the two quarters, but there are also some small differences, and I will come back to that. The growth in NOI is good and is driven by stable development in like-for-like, as well as contributions from completed developments and acquisitions made. Revenue growth is slower compared to the first quarter, but this is more than offset by good cost control, which is why the growth rate in the like-for-like is improving further. Central administration has been shot with roughly SEK 2 million in non-recurring costs linked to bonuses and the new LTIP program adopted by the AGM in March this year. Net financial items in the second quarter are lower than in the corresponding quarter 2024. Despite the fact that the capitalized interest rate is SEK 6 million lower, the debt volume is higher, and the interest rate duration is longer. This is explained by an average interest rate that is 50 basis points lower, driven by falling market interest rates in the wake of the Riksbank's cuts, lower credit margins, and interest rate derivatives entered into. All in all, this results in a profit from property management of SEK 204 million, equal to a growth of 16% compared with the corresponding quarter 2024. If we then move from cash flow to valuation, property values are stable and moving slightly upwards net, but the value drivers, cash flow and yield, pull in different directions. Cash flow resulted in a net negative change in value of roughly SEK 74 million, driven by, among other things, Nordea's upcoming termination, while yield reductions on some of our logistic properties resulted in an appreciation of SEK 130 million. That means that we have a net positive unrealized change in value of SEK 39 million the second quarter. The recession is taking hold in a number of ways, including our investment volume, where no major office projects have been started, and tenant adoptions are at a low pace. As you already know, the company has been working with the capital structure after the intake of MIMO at the end of last year. The pace has been high, as Johanna mentioned before. The quarter sales resulted in a reported realized change in value of minus SEK 72 million. Then it should be taken into account that in that figure, we report the deduction of deferred tax that has taken place in the transaction. That tax is met by a deferred tax income further down in the P&L of SEK 67 million. The total net impact from the selling of selling assets is therefore SEK 5 million minus. Market interest rates have continued to fall, especially in the second half of June, which has resulted in a negative change in the value of derivatives in the second quarter. After deducting tax, the result on the last line is SEK 6 million minus. Strong underlying earnings in combination with stable property values and completed divestments results in strengthened credit-related KPIs. Our net debt to EBITDA continues to decline and amounts to 10.8 based on earnings for the half-year. The ICR is strengthened to 2.4, and the LTV decreases to 48%. In summary, another good quarter and a high pace of businesses. Before I go any further, I would like to quickly draw your attention to the fact that we have changed historical figures on our share values in associate companies and joint ventures. A review was carried out during the second quarter to ensure the same accounting and valuation principles for all holdings. The review has resulted in the share value being revised upwards by SEK 216 million, of which SEK 24 million relate to 2024 and the remaining SEK 192 million to previous periods, which is why the opening balance is corrected. None of these changes has impacted income from property management. It is a pure question regarding valuation and accounting principles. I mentioned at the beginning that there are some nuances compared to our delivery in the first quarter, and it shows in this picture. Certainly, we have a better NOI growth in the like portfolio, but the increase in revenue is lower and is explained by the fact that the negative net lettings we have had in the existing portfolio are starting to take hold, where vacancies are increasing and supplements are decreasing. However, it is offset by lower property costs driven mainly by a mild quarter, implemented energy investments, but also lower maintenance, where we avoided many water leaks that we had last year. Overall, NOI increased by 2.4% in the like-for-like compared with 1.7% in the first quarter. The projects, but above all, transactions, and more specifically MIMO, have contributed with new NOI and account for a larger part of the growth, which totals 7% in the second quarter. In addition to a high pace in the business, we have also had a high pace on the funding side. We're experiencing strong support from our banks that want to grow with us, as well as the capital market. In the second quarter, we have been at full speed and renegotiated and extended credits for a total of SEK 3 billion. We raised new loans of SEK 1.4 billion, and at the same time, we canceled or had maturities of the corresponding volume. We tapped a minor issue on our longest MTN that falls due in March 2029. We issued that at 145 basis points, which is almost at the same level as our issue in February. This is strong because the market has split up, given a messy world with war and customs chaos. The above results in a lower average credit margin, greater flexibility, and extended tied-up capital from two years up to 2.3. We have not done much on the interest rate side more than we did when the curve dipped in early April, and that means that the ratio has ticked down slightly from 3.1 to 3. Overall, our average interest rate is now 11 basis points lower compared to the end of March this year, which is explained by lower cyber, but also lower credit margins. After hard work on many levels, we can conclude that Platzer is in significantly better financial condition than it has been for a very long time. With that, I want to say thank you for me. Thanks, Johanna, and the whole gang at Platzer. Over to you, Johanna, now. The future is yours. Thank you, Ulrika. Going forward, our focus going forward is mainly focused on these different points. We are focusing on letting our vacancies. As you can see in our earnings, there is significant potential here. Today, approximately SEK 210 million is the potential in our vacancies. If we succeed in letting in this area, we will see a very positive effect. I would say that that's our greatest potential in terms of earnings going forward. We will continue to make transactions and to develop our industrial and logistics projects, which quickly generate net operating income and provide leverage for our portfolio. Together with refurbishment projects, we also reduce vacancies, of course, and energy efficiency projects. We are moving ahead. If we are looking forward in time, when the market has been a little bit more positive, I think we can also look at larger projects again. This is Arendal. It is right by the harbor. Here we have 55,000 sq m of projects ready to be launched and started. We also have Gamlestaden, one of our ongoing refurbishment projects. Here is a brief glimpse of what it actually looks like in reality. Gamlestaden's fabric provides a space for food, drink, and culture, and tomorrow, essential business. For example, we have a growing hub into sustainable food innovation. In the coming years, about a density of 60,000 sq m of offices and 300 homes, restaurants, and services will be added here. We have a strong development portfolio long term that we can start in the right market conditions, totaling 330,000 sq m divided in both segments. To summarize, in a turbulent world, we continue to focus on what we can influence. Our single greatest success has been and will continue to be our ability to rally around the work with our vacancies and with our tenants, both new and existing. We will fill our available spaces in our properties, and we will manage our costs. Securing earnings gives us the strength to keep development projects and our beautiful Gothenburg. We remain active in the transaction markets to optimize the portfolio in different ways. The organization has demonstrated that we can deliver even in a tough economic climate, and our knowledge and closeness to the market and our clients, that's our strength. Economic cycles, they turn. This one will do so as well. We will meet a more vibrant rental market. It might take some time, but in the meantime, we will continue to work on what we can influence. Our determination will remain central, and that's precisely where our strength lies. I would like to thank you for this, and we are now opening up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any written questions. We would like to thank you for listening and looking forward to a very nice summer, and I hope you will have one too. Goodbye.