Welcome, everyone. Welcome to London and welcome to Pandox. It's really great to see so many of you in this room. Many familiar faces, but also a couple of new ones, and that is really great to see. A warm welcome also to all the people who are following the webcast online. We really appreciate that, too. Just some short outlines of the day and it's basically divided into two parts. An update where Pandox stands both strategically and financially, followed by a tour of five of the hotel properties we have in London. You will meet the full management team. That is basically a new feature. We have never done an exercise like this with the full management team. That's one of the big things with this event. We have a lot to cover, and we'll keep the tempo high. As a special bonus, we also have our chairman, Mr. Christian Ringnes, in main over, also in the audience. Yeah. He will also have a part in the presentation later. Behind me, on screen, you can see today's agenda. Basically, yeah, it's pretty sort of safe, self-explanatory. On the QR code you have on the back of your badge, if you just scan those, you can see the agenda also in detailed times. There you can also find the Wi-Fi information if you need that. Basically, four blocks of presentations, followed by a Q&A session. Then we have a break at 9:55 to 10:15, that is basically the break we have during the presentation session. Then everything ends at 12:00, where we have lunch. Then we move over to London Wall, just on the other side here, where the hotel tour starts at 12:50. The green hotels are the ones that we will see in the city center today. Clayton Hotel London Wall, which is just 1 minute away, as I said. City of London, Shoreditch, also a Residence Inn by Marriott, Hotel, Marriott Kensington. Then for those who are traveling back to the respective destinations from Heathrow, we also have an opportunity to go to Hilton T4 for a dinner and also a short tour of the hotel. Here you have the hotels. Some practical information. We will take questions from the webcast, written. In the room, you all have microphones, so you just push the button so it turns green, and then you can ask your questions. There you have the QR code. Yes, we won't have any sort of possibility to count you in, as you did when you were a little sort of school boy or school girl. You really have to sort of be vigilant, to really catch the buses. We hope you will all make it. Hungry? Yeah, there will be snack stations at every stop. Right. With that, play music. Pandox is active in one of the world's largest industries, with travel and tourism in our heart and hotels and hospitality in our veins. Our journey began in 1995 with 18 hotels and a clear mission. We developed a business model focused on large upscale hotels and growing destinations built on the foundation of shared success with our partners through revenue-based leases. Our properties have always been the critical infrastructure hotel operators and brands need to run their businesses. And while our office dogs have changed over the years, from the very first Jonny to the Pandog family of today, that core principle of partnership remains exactly the same while people's quest for lasting experiences is stronger than ever. As we grew, our perspective and geographical reach widened. We took our first steps outside Sweden early on. 2015 was a major milestone when we stepped into Germany with 18 hotels. It proved that our model could scale across borders at pace. By 2017, the Jurys Inn acquisition established a major presence in the U.K. and Ireland, adding 21 hotels and deep local expertise. The last few years have proven our ability to adapt. Our model protects us when conditions are weak and allows us to create value even through the challenges of the pandemic. In 2024, we entered the London apart hotel market, recognizing the shift in how modern travelers live and work. We also find value where others might not. From the international pull of Tromsø to the regional growth of Nuremberg with Scandic Nürnberg Central. We invest where the demand is authentic and the potential is high, always with a nose for the right deal. Now, with the 2025 acquisition of Dalata Hotel Group, a SEK 17 billion milestone. We are significantly strengthening our reach into large and profitable markets. Today, we have almost 200 hotels with a market value of more than SEK 90 billion in 11 countries in Europe. Pandox stands as a leader, defined by the scale of our business, the depth of our expertise, and our willingness to win. Behind every hotel is a team of the industry's best people, and their four-legged colleagues, dedicated to delivering profitable growth year after year. Through Pandox, you gain exposure to the largest portfolio of high-quality hotel assets in Europe, and a seat at the table for our future value creation in a structurally growing market. Welcome to the Pandox Capital Markets Day 2026. Good morning. Welcome to our Capital Markets Day 2026. I am Liia Nõu. I am the CEO of Pandox. This is my twentieth year. The first 14 year as the CFO. Why is Pandox and the hotel market interesting? Well, there are many supporting factors. Whether you are an equity investor, a bank, or a business partner. Again, it's many supporting factors, and we will drill down through them during this morning in my presentations as well as the following presentations in my management team. The outlook for our sector remains attractive. Demand for travel and tourism is growing. Hotel yields better than many other real estate classes, and we have a strong platform and business model offering both upside and protection of cash earnings and value creation. No, that's not really it. Okay. There should be a 1 more page around how the market is growing. Well, maybe we'll get that. That's that one. The market measured in hotel nights sold has grown for the 20 past years. Here you see the growth, CAGR, showcasing almost 2% annual compounded growth for the past 20 years. Now I'll go 1 back, actually. Travel is prioritized, and spending is increasing. Consumers allocate more spending to travel as a share of the total consumption, and people are putting more value on experiences rather than material things. A larger part of the consumption is placed on travel and other types of experiences connected to it. As income rise, travel spend increases meaningfully, especially as the middle class expands. New travels enter the market each year, and in mature markets, older generations increasingly prioritize travel experiences as well. The world grows wealthier, people get wealthier, and when they do, they travel more. This brings us to the core theme, active ownership. Our strategy is not passive holding. It's a hands-on value creation through how we manage, develop, and optimize our assets. There are, like, 3 dimensions of pillars in our business model. You have property management, where we own, improve, and lease hotel properties to strong operators under long-term revenue-based leases. That's the main part. We have property development, where we do value-creative investments in our existing platform, in our existing portfolio. We have portfolio optimization, where we have an active acquisition strategy based on deep industry knowledge, and we have the ability to act freely throughout the hotel value chain. Of course, not to forget divestments in order to free up capital for acquisitions and investments with a higher return potential. This is a split between our two business segments. The main part, being leases, stands for 84% of our market property value, property market value. Here we own and lease the properties. We have our own operations, standing for 16%. Here we own the properties, but we run the properties ourselves. Clearly, leases are a core value engine, while new own operations is being the transformational value engine. Together, they create something which is basically more than 100%, like the organic value it increases. We'll get back to that many times during these presentations during this morning. Our business model gives us maximum flexibility and opportunity to both protect value and create value. We have a long-term strategy, but within that, we have an opportunistic mindset. We are open to try new things all to create value. The multiple operating models enables continuous transformation in all kinds of ways. Jonas, Jacob, and our business area managers will talk much more about it after me. We have an asset-by-asset view. That means everything from having an individual business model for each property to being open-minded of how we actually think about value creation in each and every single hotel. It doesn't have to be a specific brand. It doesn't have to be a specific operating model. We can choose freely. We have a diversified portfolio, which is the outcome of the work we have done, and that takes down our risk over time and generates a solid return. It's multitasking doing all the clicking here. Our business model is clean and consistent in the way that it's simple. The main part is turnover-based leases with guarantees, and we have secured bank financing only. Super simple. The leases are easy to understand. We have a clear revenue model, no hidden fees, as well as a defined logical division of responsibilities between us and the tenant, and they align us both towards the same objective. There's a shared upside with the tenant. We have limited risk, and we share investments with sizable contributions from the tenants in our buildings from the start. Since the company was founded 30 years ago, we have built and learned that there's 3 important enablers. Specialization, we focus on hotel properties only. You need to understand both the real estate and the hotel operations. Size and scale provides the opportunity to invest in systems and people to scale up and withstand market challenges. Of course, partnerships. Our strong network enables us to mobilize expertise and to move quickly. Not to forget our own expertise within Pandox, who make a big difference every single day. This is a great crowd. I love going to work every single day, and All of the management team and also some other people here as well you will meet here during the day. Now, let's shift from the business model to our assets. Since Pandox was founded 30 years ago with a property market value of SEK 600 million in 1 country, Sweden alone, and 15 destinations. We have grown 155x to a property market value of SEK 93 billion. We are in 11 countries, we have grown the number of destinations 6x from 15 to 19. Quite a remarkable journey. We have done many transformational acquisitions. The biggest ones being Norgani in 2010 with, where we bought 74 properties, and that was the base for our for our business both in Finland and Norway, especially. Jurys Inn in 2017 with 21 properties and, of course, now Dalata in the end of 2025, where we acquire 31 properties. This is Pandox land. This is what we look like today. 192 properties, SEK 93 billion of property market value, as I said, and with a blended yield of close to 6.4%, and with the rolling NOI, net operating income, of close to SEK 5 billion. Our properties are located in very strong locations. The market value weighted rating based on booking.com is 8.9. You for sure wanna be above 8. For leases, it's 8.9, and for our own operations, it's even higher, 9.0. Clearly, recent acquisition have improved the location score since 2019. Now, turning into our growth platform and especially growth in cash flow, cash earnings. Starting by looking back, looking at our track record. What have we done? Here we have total revenue, NOI, net operating income, and cash earning over the past 20 years. Even including the major downturn during the pandemic, we have grown by 12% in CAGR over these years. You can see different phases. You can see a pre-phase up until the pandemic. You have the pandemic, and towards the end of the pandemic, we had the interest rate reset, which of course influenced the interest rate environment. Post the pandemic, it's a more normalized phase with a normalization of both demands and rates. From 2014, when we got back to the stock exchange, considering everything that has happened during this time, here are some key metrics which we follow and measured as CAGR per share. NOI growth, 8%. EPRA NRV per share, 8.5%. Cash earnings, 6.3%. Total shareholder return, 7.9% based on December 2025. We have a systematic improvement of our portfolio, which is the result of all the work we have done for the last 10 years. Here it's expressed as a value matrix per room. You can see that revenue per room has increased by almost 60%. NOI have more than doubled. Cash earnings, 70% up. The property market value has also more than doubled per room. A reflection of active ownership, higher profitability in the acquisition, as well as what we have developed over the years. Turning to return on investment, and here we are in nominal terms. The average yield on investment, including the worst pandemic year, is 7.7. If you strip out the year 2020, we all wanna strip that year out, then it would have been 11.7. It's just based on the incremental increase in NOI from all the investments we do, acquisition, and take away all the divestments. Of course, excluding Dalata, because that we acquired in the end of the year, and that is not, so those are not in the figures. Our blended yield, 6.37%. Average cost of debt, 3.9%. We have a healthy yield spread of close to 250 basis points. How does that then look when you compare it to what it has been? If we look back over time, over the last 10 years, the average yield spread has been 2.8 compared to the 2.5 we have today. Not too far off from the yield spread we had before the pandemic. Of course, remember, it's a different interest rate environment. How does this stand in relation to other companies in the sector? Here we have specifically looked at the Nordic region. This is by courtesy from DNB Carnegie. It's a slightly different methodology than what I previously shown, the 7.7. This is adjusted for inflation. Basically, it proves the relative position in the same way as our own calculations. Pandox is at the far left, which is where you wanna be, and at 6.8%, at the higher end of this range. From a relative perspective, relative to our Nordic region, it indicates that our capital allocation is sound. This is a list of companies from Europe, as well as the Nordic region, and from different asset classes. It is based on projected EBITDA, forecasted for the coming year, divided by the enterprise value, i.e., so it's debt neutral. Pandox is currently trading at a EBITDA to EV yield of 6.3%, which is clearly higher than the average, which is 5.1 for the sector. There is a substantial premium to the industry average. Right or wrong? Question mark. Talking about growth, this is our growth platform, and we will come back in presentations in all of the different boxes. Very overview. The market is robust, with many underlying strong secular growth drivers. Our investments, we spend currently between 1 and SEK 1.5 billion into our existing platform. Acquisitions, the third pillar of growth. We do as many as we can, pending on the opportunities in the market. This may seem like a busy slide, but we'll come back to the in all the presentations. This is what we call a growth map. What it does, I'll just go through it very quickly. It outlines on the left the property market value aggregated. We make no difference whether it's leases or own operations per geography. In the middle, we have the market RevPAR, compounded annual growth rate over the last 10 years. What has it been? What has the growth rate been? On the top, U.K. U.K. has been growing by 3.3% annually for the last 10 years. Switzerland at 1.9% in the bottom. Next to the long-term trend, you have the current trend, the rolling 12-month. For example, again, U.K. being 3.5%. See the long-term trend versus the current trend. This is no forecast. It's a pure illustration of how the market is performing, which is good to have when you hear all of the different presentations. On the right, it's the RevPAR in local currency, just in order to get the sort of feeling of what the RevPAR is in each geography. Our investments, I can't stress it enough, the majority part of the investments we do is to create cash flow, cash earnings, which is the mother of all good things. We group investment projects into three categories. We have the transformational investments. That's the bigger ones, the repositionings, the extensions, the conversions. They typically take a little bit longer time. We have replacement and renewal, and these are more cyclical things: product upgrades, refurbishments, and so kind. Then we have resilience or sustainability-related investments, and they are, of course, also part of the previous ones. We have a portfolio-thinking strategy for investments which improves risk return over time. Investments in strong RevPAR markets in combination with strong location score are easier to do successfully. Jonas will talk about this later, how we think about capital allocation between investments. The main risk is not cost overrun or delays, even though we, of course, try to minimize those, but it's external factors. Except for the rare event of a pandemic with severe restrictions, then it's new supply, new capacity coming in, which takes time to get into the market. As of today, in our, most of our markets, however, new capacity is rather limited. Again, we'll come back to that, and you will see this in much more detail. In the end is a selection of investments we've been doing recently, the green one being transformational, the bigger ones. Quality Hotel Grand Borås. Scandic Luleå, the extension there. Leonardo Baden-Baden, the new spa, and so forth. This is the future, big and small. We have 49 projects in various countries, eight countries actually, of which a majority part will be completed towards end of 2027. The total cost of these projects, total cost, is SEK 4.2 billion, and we have already spent SEK 1.5 billion, out of which SEK 900 million has earned 0 return, so it's sort of underway. A lot of potential for future NOI coming. Target yield on cost, 9.5% on these SEK 4.2 billion. That includes around 11%-12%, which is a low-yielding investment, more of a technical character. Very low single return on those. It's a blended yield of what we need to do and what we want to do. Alas, like I said, most of the things we want to do because it's high-yielding. Another beauty of our business model is that we have a embedded growth engine. That is called new rooms, either through extensions or in existing buildings. Over the past 10 years, we have generated almost 800 rooms across 40 hotels. That's an average of about 69 rooms over the 11 years, in half in existing buildings, half in extensions. Basically, we created a small, medium-sized hotel every second year in our portfolio. More rooms are coming. We have 600+ rooms coming out end 2027, and major part 2027. Sorry, 2026 and major part 2027. Mikael, in his presentation, will go through some of this in more detail. Last but not least, we have been very active since 2020 in acquisitions. We've done 10 single assets. We've done 3 Residence Inn by Marriott. We're going to visit one of them in Kensington here afterwards in the property tour. Our latest acquisition, of course, of Dalata, adding 31 hotels. All in all, total of 44 hotels, SEK 25 billion, with a blended yield of 7.09 and a location scoring of 9.0. We've clearly been acquiring at a higher level than our blended yield and with a strong location rating. Of course, not to forget the uplift we recorded on Dalata when we, the acquiring yield was 8.4. Here we show the yield on the properties which we have on the books with long-term revenue-based leases. To wrap things up before I hand over to my CFO, Anneli, it's all about growth and cash flow. We are active in a dynamic and growing market. We have a strong and proven platform for growth and value creation. As you know from history, we have plenty opportunities to acquire, and we will when we can. Thank you. My name is Anneli Lindblom. I am the CFO of Pandox since 5 year back. I have a background as CFO for several listed company, and I also hold board positions into other listed companies with other kind of property assets than hotels. In this session, we will walk you through Pandox financial journey, and I will finally be able to talk about Pandox in a longer perspective. I usually just ends ups talking about the latest Q report. I will in this end actually get back to the Q report, so we have a few items on that one too. We will start by setting the frame, what drives the value creation, and how earnings have developed through 3 phases, and then Joakim will be back and talk about how we finance the portfolio in practice. Now we're on the right slide. Our model for value creation is to be an active owner. By being an active owner, that means that we need to find the right business partner, the right business model for all of our hotels. To make sure that we have the right distribution to sort of increase the cash flow in the hotel property. We often highlight the rent-over-based model, so we get natural exposure to the hotel market growth, while the contract structure also offers protection. When we talk about our strong platform for value creation, it comes down to three things: the active ownership that increase the cash flow and increase the value of the properties. In that way, we have the flexibility in the financial part to give dividend, to do investment, and to acquire properties. We also have clear financial outcome that we measure in especially the cash earnings, but also in the EPRA NRV. We have the other KPIs that we need to have at a decent level with LTV and net debt through EBITDA. This slide frames the full story of Pandox. First, the pre-pandemic period where we had a different level of the interest rates and very high demand. The pandemic period where all the market forces were switched off, and our model were truly tested in a really life situation. We have the reset of the interest. This is sort of the new normal that we have today. Now I have three graphs that will follow. This is growth over years. We will start with the NOI. The growth has been 146% since 2014. It reflects our three drivers: acquisitions, investments in existing portfolio, of course the market growth. We have the same slide, but in cash earnings. We also see a clear long-term growth, 95% since 2014, of course affected by the interest rate shift. Finally, my balance sheet. The value creation in the EPRA NRV per share. The pandemic had, of course, a temporary impact, but our values have shown to be resilient. As Liia pointed out, we do have good values in the properties. My favorite slide. Why our lease model is so central. In good times, we get the upside through variable rents. We then have the protection with the minimum and the fixed rents, that was proven to be working quite well during the COVID time. We have today strengthened that protection. It used to be around SEK 2 billion. As of the latest quarter, we now have SEK 3.1 billion in minimum and fixed rents. When we talk about the turnover-based leases, it's always said that it is unpredictable. To be true, it's not that unpredictable. If you look at the leases quarter by quarter, we actually have a pattern that looks the same. This is from 5 years back, excluding the pandemic years, of course. It has shown that we have 21, 20, 22% of the annual turnover is in Q1. It has never been above 22%, but it has also never been below 21.8%. It's really, really stable. When it comes to the cash flow, of course, it's a little different story, but it's basically also the same. We have the highest earnings always in Q2 and in Q3. Of course, there are also some seasonal effects. As for where the Easter falls in 2027 we will again have the Easter in the first quarter messing up all the comparable numbers as always. If we zoom out and look at the portfolio, the value has more than tripled since 2014. Most, of course, from acquisitions, but we have also created value through our investments. We typically target around 10% in ROI, and then, I mean, as yield of cost. Typically 10% on the investments we do. We do run larger investment projects, and often they include, as Liia also pointed out, to add more rooms. We really love more rooms. Mikael will talk about that a bit later. The portfolio has also changed in composition. 2014 we had, like, 30% as the international part and 70% at the Nordic part. Today we are the opposite. We have the portfolios almost 70% international and 30% Nordic. That shows that we have found a growth in larger and more liquid international markets. It has also affected how we work with the financing. Today we have built a diversified loan portfolio with financing and very good long-term relationships with banks. I can see a few of you in here. To remind you, we finance the properties in local currency, and in that way we do get an hedging up to the LTV, natural hedging without having to buy protection. Yield has risen since 2019. Hotels are a high-class yield property or asset class, so it makes it resilient, and it has gone up since 2019. It is a resilient factor. On our LTV. LTV is one of our key anchors, and historically we have been around 50, and typically actually below 50. The slides also illustrate how we have founded growth during, over time with significant acquisitions, some divestments, and repeated share issue to create for value-creating transactions. The key point is that the equity has always been raised to create headroom for new acquisitions and investment when we see the opportunities. Net debt-to-EBITDA has been surprisingly steady, except, of course, for the COVID phase. When leverage ticks up, it's often around our acquisitions that is added immediately while the earnings is built gradually. If we include the revenue that we have reported on annual basis for Dalata, we are in the range of 9x to 10x in EBIT, net debt-to-EBITDA. Dividend and payout ratio. It has been stable over the years, except from the corona years where we actually had governmental support that actually made it impossible to us to give the dividend. The final conclusion. We have a proven and profitable model for valuation. We are committed to growth and to shareholder value. We have a balanced approach when it comes to capital allocation. With that, I will hand over to Joakim, and then I will be back for some remarks on the Q1 report. Thank you. Okay. Good morning, and welcome all. A lot of familiar faces, of course. Great to see you all here. My name is Joakim Andersson, heading up the treasury department for Pandox since 2017. Yeah, consisting of 4 people, 2 of them sitting there, Emma and Hugo. For those of you who haven't met them yet, you'll have a chance to speak with them later on today. Okay. Over the next few minutes, I will give a clear view on how we at Pandox work with financing at risk and risk. Basically, at its core, this is about building a financing setup that remains stable and available through ups and downs, both when it comes to the hotel business and the credit markets. Our approach is built on 3 simple principles: simplicity, resilience, and flexibility. These principles, they guide us on how we structure our debt today and how we make financing decisions over time. Let me start off with how the loan portfolio looks today. The structure is intentionally simple. We have a debt volume of close to SEK 49 billion. Each local underlying assets is financed in local currencies. We have an average interest rate of 3.9%. Out of that, 1.9% is consisting of credit margin. The average repayment period is 2.2 years currently. Of course, that doesn't mean that we have a single point of refinancing in 2.2 years. We have a well-staggered maturity profile, we're able to finance step by step and also be in control and take advantage of, you know, a positive market and a less positive market. We can be more selective when actually refinancing our debt. Around 40% of our total debt is sustainability-linked or pure green financed. Why do we choose to structure our financing this way? This portfolio reflects a clear and consistent financing strategy. Over time, bank financing has been the most reliable and proven source of funding for Pandox. Our preferred loan maturity is between 3 to 5 years, which gives a good balance between cost refinancing and flexibility. We work, of course, with a wide group of lenders, 12 in total. Many of you sitting here today, but mainly the Nordic lenders, are able to support us in the Nordic region. Outside the Nordic region, international lenders are able to support us across other different markets. A bit too fast. This strategy has also delivered clear results over time. Just to say a few words on pricing. Pricing has increased, decreased gradually since the pandemic. As a matter of fact, all refinancings and new financing that we take up today is actually lower than the average financing costs on the group. That is, of course, a positive signal. At the same time, leverage has normalized since the pandemic. For individual financings, we actually see loan-to-value these days up to around 65%. This should, of course, not be confused with the loan-to-value on the group as such. This is how we, you know, this reflects how we actually structure individual financings as opposed to anything else. All debt is secured by way of a combination of physical mortgages and share pledges. Commercial papers, currently at around SEK 4 billion, is a tool to, you know, polish the financial net basically, not a source of funding. Most loans have floating interest rates. We manage the volatility by way of interest rate hedging. Our policy is to hedge at least 50% beyond one year. All hedging, or not all hedging, but most of all hedging is actually performed or executed at parent level, Pandox AB. The business model also adds resilience. The majority of our leases follow hotel revenues with downside protection through minimum rents. We always finance assets in local currencies. We keep currency risk low on the debt side by doing this, and remaining currency risk is mainly sits with equity and is managed over time as long-term owners. Green and sustainability-linked loans are a natural part of our financing framework, and the share is continuing to increase. Finally, a few words on covenants. Hotel assets are, as you're familiar with, sometimes associated with complex and restrictive covenant packages. Our structure is simple by design. At group level, covenants are primarily linked to loan-to-value and interest cover ratio. All group covenants are fully curable. Very important to point out. What is also important is that we did not have any breach on covenant levels throughout the pandemic at all. Stable cash flow from minimum rents supported covenant headroom throughout that period. This is not by accident, of course. The capital structure is designed to handle stress and maintain financial control even in more challenging environments. With that, I'll hand over back to Anneli. Just a few remarks on the Q1 report that we presented last week. As I presented before, it is our weakest quarter also this year. Where Dalata and prior acquisition contributed to the new normal level. Own operation also improved profitability despite that we actually have 2 hotel fewer for the most of the quarter. Total revenue were positive on like-for-like basis. Net operating income has increased, cash earnings has increased, also EPRA NAV has increased. We have a stable financial position with significant refinance in this quarter. It means that our bank loan portfolio maturing extended to 2.2 years, and we also have annual interest savings on SEK 90 million due to new financing. Then some remarks on the Dalata deal. The 31 hotels are reported as if they were integrated. It is an ongoing reorganization phase. We're still working with getting all the legal units and all that needs to be in the right place to have sort of the normal setup. Regarding our relationship with our main owner, Eiendomsspar, who actually was the one that made this deal possible. Let me start that pointing out that this is not a cash flow effect, but the effect will only arise as Pandox acquire the minority part of Dalata. That will not happen immediately. It will happen when it's permitted due to our contract when we bought them. In accordance with IFRS, the minority holding is presented as a financial liability, therefore we have a financial long-term liability of SEK 120 million that represent the minority holding of the Dalata Hotel Group that Eiendomsspar owns. We also book 8% of interest according to the effective interest method. As I said, no cash flow effect until we actually buy the last part of Dalata. We have also had some other changes in some items, which together affected the overall picture. We have accelerated the amortization of the accrued arrangements fee for our acquisition financing. That is basically because we can see that we can refinance the portfolio earlier than expected. Overall, we estimate the total net effect around SEK 100. As you can see on this picture, we have sort tried to set out the effect of the cash earnings compared to when we presented it in the Q3 report on a rolling 12-month. Basically, we at that time was thinking that the effect should be more linear following the cash earnings. Now we have a linear effect where we need to book the 8% each coming years. That was, I think, covered the questions from the Q1 report. Now I will hand over to Jonas Törner, Pandox CCO. Okay. Thank you, Anneli. I'm Jonas Törner. I've been with the company since 2005, having different hats, currently working as CCO Pandox. This section will be commercial as well as transactional in a kind of fast pace. We start off with, you know, high-level portfolio breakdown, so you get a feeling for the locations, the brands, and such things. I will also have a crash course in the Pandox lease model, so back to school, and look at an example of value creation the Pandox way. Last but not least, how we approach transaction by Jacob in a few minutes. I mean, you've seen this, for the last couple of years, we've been very active in the U.K. market, acquiring Residence Inn by Marriott and a few single assets. Together with the Dalata deal that we struck last year, we U.K. has become the home market or the biggest market that we're currently active in representing, more or less 25% of the property market value. Germany, Sweden remains, you know, second and third, very important home markets for us, and Ireland. We had 3 properties before in Ireland, but with Dalata, the 21 hotels acquired in Ireland. It's a big footprint for us. From a, I would say, a very Nordic company with an operational hub in Belgium, we have now become a really diversified northern European hotel real estate player. We have meaningful exposure to very strong cities. All cities, you know, relying, of course, on a good demand mix of business demand, leisure demand, meetings, events. Events is increasingly more important, I would say, in the future, bringing a lot of demand to our hotels. This is the selection of the cities that we are the market value share in the cities we are active. The biggest city actually is now Dublin with great locations, followed by London, Stockholm, Brussels, and Copenhagen. The standouts here, I would say, is the 2 first, the Dublin and London market, as well as the Copenhagen market. In a European context, these are top star performers, I would say. Nothing wrong with Stockholm or Brussels for that matter, but it's a different dimension with super high pressure, compression, meaning that a lot of days, a lot of nights are really full or close to full, making it possible for the operators to start yielding on their ADRs. These are really top markets. If you look at our top 10 cities, it's roughly 50% of the portfolio, roughly 50% of the room count. The remaining 80-plus cities, the rest. Of course, with a big portfolio, we have many large hotels. These are our five really cash cows. I see a few happy bankers here. The top 5 is represented by Hotel Berlin, the Residence Inn that we will see later on in Kensington, the absolute machine at Clayton Hotel Dublin Airport, the Midland in Manchester, and Scandic Copenhagen. All full-service hotels in very good locations in its respective markets. Residence Inns, however, is a extended stay product, slightly different in configuration, with a very high-yielding business model. All in all, I would say, I mean, we are not kind of limited dependence on individual assets. The top 10 assets represent roughly 16% of the total portfolio, and the remainder you see. Yeah. Liia was talking about this. I mean, the majority part of the portfolio is located in city center hotels. Be it international cities, regional cities, smaller cities or towns even. No, you know, the biggest chunk of business is in city center locations. We have a quite large, I would say, kind of ring road located park and stay kind of hotels or highway hotels, especially in Germany and Sweden, I would say, representing 60% of the portfolio. We have a big chunk of airport hotels throughout, spread out over the platform in total. The remainder, 9% evenly distributed between resort location, exhibition center, business park. Just to get a view. I mean, on a weighted average, we are 8.9 on Booking.com when it comes to location score, which is, which we can, I mean, be proud of, I would say. That's, as Liia said, has really increased the quality of location the last couple of years. This is one way of, you know, just looking at the portfolio. These are actually numbers. No. Dots without Dalata, prior to Dalata, just to give you a flavor how we look at the portfolio. You have the RevPAR translated into SEK on the X-axis, and we have the location rating on the Y-axis. I mean, telling you that people are, when they book a stay, they normally tend to click 8, 9, and 10 location, 8, 9, and 10 customer review. I mean, we're in the good position here, I would say, for most of our hotel properties. We have a few ones that are kinda weaker. Especially if you're in a weak location with kinda weak RevPAR, you have to be very diligent when you look at CapEx and these types of products, 'cause it's very hard, of course, it's harder to move RevPAR in absolute terms when you're down in the bottom. You can't really move your location. All in all, this is one way of just how we look at, you know, our portfolio. We have a big base of, you know, really big tenants, that offer size and scale benefits to us, of course. The biggest partner or tenant is Scandic/Dalata, roughly 50% of our total stock, of total rooms, followed by Fattal, and then we have four groups that represent 4%, 5% each, Radisson, NH, Strawberry, and Revo Hospitality. I mean, the common thing here is we want to work with the best partners and the best and most profitable operators. What these have in common is they are very strong on the distribution side with a high degree of loyal guests. They are also very efficient in daily management, having really supportive central function that can support and drive EBITDA out in the hotel. Just to give you a flavor Oops, sorry, Anders. No worries. Just to give you an idea where we are in the chain scale segmentation. We're predominantly in the upper mid-scale to upper upscale segments of the market. These are not funny numbers that we have come up with. It's STR that has put these the brands into different scales. Everybody that has stayed at the Scandic know that Scandic hotels can vary in where they are actually in scale. For this matter, for this graph, Scandic is upscale, Strawberry is, you know, upper mid-scale. This is, I mean, the, we're very familiar with this. We really like this kind of, to be in the upper upscale and to the mid-market segment. This is where we come from. That's what we've been doing and practicing for the last 30 years. We have a very unique partner network. Sorry, Anders, flipping down. That's all good on that. You have seen this many times before. What it really means to me commercially, it's that we have a great source of information in our regular contacts with our operators and franchise giver or whoever. We gather intel about markets and its dynamics. It gives us performance data, occupancy rate, RevPAR, that we can benchmark against markets or against designated competitive sets. It's often very actionable data that we use in our business decisions. Of course, for deal sourcing, we have a great benefit of having this. And it also very handy when we are in a position where we need to find a new tenant for whatever reason. I need some water, please. Okay. Crash course. The Pandox lease model and how it actually works. Bear with me. Focus on the operator P&L for the time being. This is just an example, but it could be very typical example for one of our hotels. We have the operator P&L. This is a 200 room hotel with an annual occupancy of 80, ADR 100, hence a RevPAR of 80. That gives an annual room revenue income of approximately SEK 6 million. We pretend that this is a full-service hotel, meaning that roughly 25% of the revenue is F&B, food and beverage, and other revenue. All in all, SEK 8 million in revenue for the hotel operator. Switch to the owner P&L. Our revenue-based lease model is normally that we have a higher room rent, percentage rent on the room revenue. In this case, it's 30 multiplied with underlying room revenue of SEK 5,840, giving us SEK 1.7 million in rent on rooms only. We have a lower percent on F&B revenue, less profitable revenue for the operator, and hence, a smaller amount of percentage rent, of course. Giving us, in this particular case, roughly a total rent of SEK 2 million. In a normal case, often we have an agreement with a minimum rent. It could never fall below that level. In this case, roughly 75% of total revenue is kind of normal for new leases. Back to operator P&L again. Gross operating profit, which is the profit level that you hear a lot about in this industry. 40% in this case. There are some fixed cost below that. Could be business rates or insurance cost or whatever. Then you have the EBITDA, the profit before they actually pay the rent, of 37% or roughly SEK 3 million in EBITDA. Then they pay the rent to us with a rent cover, in this particular case, of 1.5. It could be a kind of typical lease contract, giving the operator an EBITDA of roughly SEK 1 million or 12% of total revenue. Of course, when we have on our SEK 2 million in rent, we have some property cost insurance, some maintenance cost, and it depends. Please ask question when we have the time in the break or whenever, because I understand this could be quite a lot in a short time. We have responsibilities over the lease contract, and I try to be fast here. We have operator's obligations. They have the day-to-day operation, functional wear and tear. They also have the maintenance, inspection, and repair responsibility with basically all installation. When it comes to the balance sheet, they are responsible for anything that you can throw out of the hotel. The FF&E, the fixture and fittings, the equipment, on the majority part of the surfaces. That's their responsibility within this typical lease. Our responsibility as an owner is, of course, the structure, the roof, and the facade, the very hard things. Also, we have the responsibility of replacing the big plants: heating, ventilation, lifts, machinery, and all those kinds of things. I put bathroom in the bottom, because in the Nordic lease, bathroom is the, not the headache, not the obligation of the responsibility of the owner. Hence, in the European leases, that is the responsibility of the operator. Last slide before we head to Jake's transaction land is just to give you an example of how we create value. This is very much a team effort from Pandox side. It's transaction, it's our analyst, it's treasury, it's property management, it's ESG questions. That's how we go about this. This has happened to be a transaction in Stockholm. In 2023, we acquired a Best Western hotel with 221 rooms in a central location in Stockholm. This was also, you know, typically Pandox. This was a tricky situation where the owner and the operator were battling out in the courts over rents and responsibilities over CapEx. We tried 1 year to unlock this deal by negotiating with the owner, the property owner, and the operator at the same time, striking a deal, both of them at the same day, which we did. It took over a year, but that's how we did it. Our analysis showed there's an undersupply of lifestyle ex- economy brands in the capital, and the property itself had a very good fit towards that market. Kinda small room, a lot of dark rooms, and very limited public spaces. We did a perform a search and struck a deal with Scandic. They had just released their eco- economy lifestyle brand, Scandic Go, and we struck a deal with them. We went in together with them, created a refurbishment program. They're taking their responsibilities according to the demarcation list. We're taking ours. We made a joint project refurbishing rooms, adding more rooms. We found 13 more rooms in the basement, where we actually allowed to have dark rooms in Sweden. We created more rooms, and we did a lot of technical, major upgrade of technical installations. You know. 20-year lease, the result, 20-year lease. Revenue-based lease with a minimum, very good minimum, with the Scandic Go concept. Together with the acquisition and the CapEx program, SEK 400 million roughly, the value sits at around SEK 600. That's the SEK 200 million plus. That's really good. Over to you, Jake. Thank you, Jonas, and good morning. My name is Jacob Rasin. I've been with the company since 2011, and I work with transactions. How do we approach transactions? The good thing is that we have several ways of doing it. I will go through our toolkit. I'll go through some methodology about how we do a deal internally, and some examples. I also want to stress 2 things that are very important for the transaction process, and that is flexibility and options. Let's start with structure. From a transaction prospectus, we're very flexible when it comes to ownership structure, and we do have operational capabilities. As you can see, we can use almost all operating models. This provides us with a very valuable tool when looking at transactions to be able to use our operating capabilities. We can find ways through the transaction in order to find a long-term solution. For example, Nuremberg in 2019, we acquired the former Maritim Hotel in Nuremberg. It was a 2-year remaining fixed lease. We acquired the hotel based on that lease. When it expired, we took over operations. We repositioned the hotels. We operated the hotels. Once we saw that the market was there, we found a long-term partner that we leased it out to, and that, in this case, was Scandic. As Jonas mentioned, we invest in mid-scale to upper upscales, which provides us with a very large pool of potential acquisitions and also gives us the opportunity to move a hotel within these segments that gives us an additional tool when looking at a transaction. We are completely brand agnostic. Our current network gives us great data in order to see a future position of hotel and support our business model. This is something that we constantly try to engage in new concepts, new operators, and new brands in order to learn as much as possible when applying this into a transaction. If we look at these three together, adding these three together, we have the ability to use all structures, both short-term and long-term. We have a wide array of segments to look at, and we have a strong network of operating partners, brands, managers, concepts. This gives us a very, very strong platform to execute transaction from, but more importantly, it gives us options and flexibility, both short-term and long-term. If we look at the 3 types of transactions, we look at tactical, strategic, and transformative. Tactical being the single asset opportunistic transaction. A great example is the Scandic Alvik in Stockholm. It could also be a part of a wider strategy, which I will come to next. Strategic could be a portfolio transaction into specific segment or market. In 2024, we acquired a portfolio of apart-hotels under the Marriott brand Residence Inn in London. Through this transaction, we entered aparthotel segment with scale, but also reinforced our presence in London. This type can also be a wider strategy containing several single asset transactions. Recently, we have acquired Radisson Blu Hotel, Tromsø and Elite Hotel Kiruna, part of our strategy for Northern Scandinavia called Scandinavia Dreaming. Key markets in the High North have benefited from an increase in commercial demand generators, such as an increase in mining exploration. You have NATO expansion, and you have the geopolitical case for the Arctic. These markets have also benefited from an increase in Arctic tourism that has also seen a great increase in leisure. The good thing about many of these markets is that food and beverage is booming because you will not go looking for a restaurant in minus 20 in a blizzard, pitch darkness in a mining town, and the ones who do have problems eating because they can't feel their face because of the cold. The 3rd type would be your transformative, large transactions and large impact transactions. Just recently we did Dalata. We have done Jurys Inn in 2017, and in 2010, we did the Nordic Norgani deal. If we look at the transaction philosophy or methodology, we have named it the 4 T's, so type, team, trust, and timing. The type being the segment and structure. The hotel is within a target segment we like, a structure that we like or we can move into. Also, the type of return is there and the type of capital structure. The team, we have the right internal resources to carry out this deal. We have the right external resources, we have the right financing banks, we have the right advisor. That is the second point of team. The trust. The trust represents our own ability to trust that we can execute this business plan, but also our operating partner's ability to execute the business plan. Extremely important, and it also stems from experience and past cooperation. The timing. We do like situation where there were motivated sellers and fewer buyers, but timing also includes sort of available financing, stage in the cycle and future projections and risks. We have these 4 Ts. Shall we apply them for Dalata? If we look at the type, the full service segment, we like, we like the markets, and we like the structure where we can move this hotel in. Team, we have the in-house knowledge of a transaction like that. We did it in 2017, and we based our methodology of doing the Dalata on a 2017 deal of Jurys Inn. We have the strong advisory network stemming from 2017 deal, but also we have the operator and brand network. The trust. First rule about the mission is to believe in the mission, I guess. Trust. Through our past experience, we knew that we were capable of pulling a deal like this off technically. We knew that our operator was available and able to do this type of transaction. The timing. Well, it was a less crowded buying pool. There were some uncertainties in that time span. You had Liberation Day, you also had the 12-day war in the Middle East. That, in our view, benefited us by sort of narrowing down the buying pool. For Dalata, we have the fifth T. That was our methodology in this deal, and that was true grit. Thank you for that. That's from transactions. Time flies, and so does our time schedule. It is broken big time. I think we can, we can accept that, since we have a lot of, sort of new and perhaps untested public speakers, and I think they have done a tremendous good job. Now we turn into a Q&A session for the first block. We have no questions from the web as it looks right now, but perhaps in the audience. If you want, if you would like to pose a question, you just press on the button, and you speak into the microphone. Yeah. Fredrik. Can you hear me? Yes. Loud and clear. Excellent. Feels like the Strasbourg Parliament, right? Yeah. Going back to the cash earnings waterfall, you tried to explain the various parameters impacting the full year 2026 of the Dalata deal. Couple of questions related to that. First of all, you highlighted that this was specifically for 2026. Which of these costs are temporary for 2026 in isolation? I think everything that's related to the acquisition financing. I mean, remember we did a great transaction. The acquisition vehicle, We talk about the accelerated write-offs, but of course, the underlying financial cost. We basically pay, I think it was like 1% on the full acquisition financing, which we actually write off within 1 year. Typically, when you do financing, you do it over 3 or 5 years. It's a fifth of that number on the period that's left. Anneli, it's or Joakim, it's about SEK 100 million, SEK 90 million or so. SEK 90 million of cost that is not appearing when we refinance. Of course, you also refinance it at a higher LTV, but also with a lower margin because then I mean, again, the financing we did was by the shares. This was a great acquisition financing. We are really glad, and it helped us to do this fantastic deal. Of course, we want to refinance it as soon as we can, and many of you are actually in this auditorium, which we hope will be part of this. That also takes down the sort of the underlying financial cost in that sense. When it comes to the Eiendomsspar part, which is the actually 100, on the running rate is about 104 linear, which is 8% of the minority share. That will disappear the day we will refinance it with another loan, which is medium term, whatever that will be, 2, 3 years, most likely. Why did you have to change the accounting methodology for the minority? That's a good question for Anneli to answer. I could just give you the easy answer, the auditors. We wasn't really aware of what the IFRS rules that apply, and it was basically based on the agreements that we did with Eiendomsspar. According to the IFRS rules, we had to change despite what we was planning for in Q3. That's basically what happened. My final question relates to the loan-to-value ratio. It's somewhat higher than what we're accustomed to in the past. By the tail end of last year you talked about possibly selling a portfolio in the Nordics to the tune of SEK 3 billion-SEK 5 billion. Has that been postponed? What's the reasoning for not having any updates on that? We are working with it. It's in the process. We can't comment on specific. Of course, there are both headwinds and tailwinds, especially when it comes to the geopolitical system, or the geopolitical crisis. But it is we are looking at different parts of it, but of course it's more difficult. We have secured the financing in the first quarter, so we have a comfortable liquidity reserve, which means that we don't need to sell or the, but we will if there is sort of a good pricing point. It is ongoing, and we'll come back as soon as we know, as soon as we want to share more. Thank you. Hello. Stefan from SB1 Markets. A couple of questions on forward-looking capital allocation. Do you think it's likely that you will enter a new geography within, let's say two, the next two to three years? There is more than enough to do where we are, but typically when you buy a portfolio there could be sort of neighboring countries being. We are, we think there's a lot of opportunities where we are. We are in 11 countries. We've done most of our acquisitions now outside the Nordic. Love to do more things in Nordic, has been a little bit more expensive in the Nordic. Especially, U.K. has been more of a transactional liquid market. More players, more things to do. As said, we have acquired Dalata that we acquired at 8.4% yield. We acquired the Scandic at, was it 8%, 9% yield. Yes, it's of course a reflection also of the higher interest rate environment, but more than enough to do also where we are. What is your view on exiting some markets? For example, you're quite small on some markets such as Switzerland, Netherlands. Are you comfortable being small in some markets or how should we view that? I think as we said in the presentation, as said in the presentations, we are looking at asset by asset. We don't, as an operator you get synergies by being sort of X, Y, Z percentage in a country. Of course, there are fixed cost having one hotel in one country. If it's a lease with a partner we know, it's a good cash earnings, yes, you need to have sort of an auditor firm, something like that, but that's about it. We don't look at exiting just because we are small. When we exited Canada, that was actually now, was it three years ago? two years ago? We had two hotels that was a little bit small, a little bit too far away, and I think that was actually the exactly right moment, like I said. You highlighted in the presentation that you have a very good track record on doing high-yielding investments, but you have also made some divestments historically. Do you have sort of a, could you provide us some numbers of how you succeeded there? What's been like the average divestment yield historically? We, for the last, since 2020 we divested for close to SEK 4 billion, SEK 3.8 billion. We actually divested one hotel in Korpilampi the other day here. It's not a sort of a major, it's a small. Typically that would be non-core, sort of with less future potential. We exited Scandic Imatra. There has been quite a few in Finland. I don't have the exact number. I don't know, looking at Jonas if the sort of the exit yield for those, but it's basically been, it improves the rest of our portfolio, absolutely, and it also makes us not having to invest in technical infrastructure, et cetera, yes, which would be the case. Okay. We are also not afraid of actually selling, disposing of something that would actually be a good assets as long as the price is right. Okay. The final question from me on financing. Comparing bank margins in Sweden versus the U.K. Listening to some conference calls from Swedish companies, most listed real estate companies talk about stable bank margins. How has the development been in the U.K., and what is the cost difference in terms of bank margins in U.K. and Sweden? I think the bank margin, as Joakim said, has come down quite a lot. That's also a function of the pandemic. The pre-pandemic margins were around 160 basis points or something like that. Slightly lower in the Nordics, slightly higher in the outside. During the pandemic, went up to 250 or something like that, now we are actually back to where it almost used to be pre-pandemic. We have a lot of our dear sort of relatives, I was going to say, but our Nordic banks following us up also out into U.K., Germany, et cetera. The margins would be, I would say, Joakim, where you're sitting, a few basis points higher, not significantly higher. Again, we have the same model with the same covenant structure, we have a parental guarantee, and we have our good friends with it. Okay. Thank you. Joakim wanna says one thing more. No, I see you sitting here, so I'm sorry, I'm hiding. Oh, yeah. Use the microphone. Microphone. Microphone. Just to confirm what Liia said, I think, I think you're spot on there. I mean, pre-pandemic margins might have been slightly lower than what they are today, but we have, you know, we're having, you know, positive trend and constructive dialogues with all banks, and we're seeing lower margins. Of course, that is, you know, there is need for us having a solid, you know, asset pool of asset and security structure. It needs to be well-structured, in order to achieve the best margins. That is what we're doing now. Yeah. Yeah. As we said in the Q1, we've taken down the margins with an annual saving of SEK 90 million or so for the year, just by refinancing to our larger portfolios. Of course, that's also good because base rates are what they are. There are some movement upwards, but again, we have been on a consistent 3.9%. It's actually 3.85% or so, financing cost for more than a year maybe. Mic. just on the theme of active management, obviously, you know, most of your investments are shared with operators. Can you just talk a bit more about how that conversation goes? How you decide with them what to do? What the typical disagreements, if indeed they don't want to spend the money, the CapEx? How do those conversations and agreements go? Yeah. I think we'll actually get back to quite of that in Tobias and Martin's presentation. Maybe we should wait with that because there will be a Q&A, and I don't wanna sort of take out any of your presentations. If that's okay, great. Okay. Okay. Okay. There are plenty of opportunities for more questions during the breakout sessions and during the tour and, you know, and whatnot. I think we have some catching up to do. We will move on to the Business Area segment, and we will start with Tobias Ekman, who is the Head of Asset Management Nordics. We take away one last minute. French? Yes, I'll take charge of the remote control. Thank you. Thank you. Yeah. Yes, good morning, everyone. Great pleasure to be here. Contrary to Joakim, not that many familiar faces, so double pleasure to be here to take you into the breakdown and into the Nordic market. As Anders said, my name is Tobias Ekman, head of the asset management team of the Nordic part of Pandox. Only been here at the company for 3 and a half years, so a bit of the new kid on the block still, going on my fourth. The entire portfolio, 192 properties, is divided into 3 business areas. We are 3 Asset Senior Vice Presidents for asset management. I will start with the Nordics. Strategically, you will have a little break in a few minutes after that, and then Martin and Aldert will take over as well. Zooming in again on the Nordic and giving you a bit of the feel for the status and the characteristics of the Nordic market. Seen similar pictures, but again, now breaking it down into the four countries. Head of the Norwegian, Swedish, Finnish, and Danish properties. We're still fairly large with 76 properties and a total number of rooms of about 16,500. We have several partners, as you can see here. On the next slide, you will see that Scandic for us as well is a big partner. We have a total of 11 different companies that we partner up with as far as the lease agreements are concerned in the Nordics. This is the way that it is structured. Scandic and the one Scandic Go we have now takes 68% of our leases as far as number of rooms in the Nordics are concerned. Second is Strawberry, formerly known as Nordic Choice Hotels, with different brands that we're working with both the Clarion, Comfort, and the new Home hotel brands and Quality. We also have lease agreements with Radisson in the Nordics, as well as Martin has a couple of them as well in continental Europe. We also work with Elite Hotels and the third property now with the newly acquired Kiruna property that Jacob mentioned. As far as the geographical mix, Sweden is still the dominating part in the Nordics, so about half of the, roughly, or a little bit more than half of the portfolio in Sweden. Moving on and talking a little bit about the characteristics of the market. Now, as most of you will probably know, the demand and the structure of the Nordic market is very domestic or intra-Nordic. We do have exceptions of course with the capital cities, especially Copenhagen and Stockholm, seeing a little bit more traffic on the international and more international demand. We do see that characteristic now coming into, as Jacob also mentioned, the very northern part of the Nordics with Tromsø, with Kiruna, with Levi, and Rovaniemi in Finland. That's an interesting region for us to keep an eye on. It's a stable hotel market at the moment. Very traditional, very strong lease market. We see extremely few other business models in our region. We have seen one example of a management agreement with Strawberry at the Sommerro property in Oslo. There's another property opening up with The Hoxton now on the management agreement in Oslo, very few exceptions like that. Otherwise, it's predominantly a lease market. As far as the market trends are concerned, it is robust and it's reliable. We have had an extremely strong growth in Denmark and Norway, and I'll show you some RevPAR curves here in a moment. There's been some very good growth in Sweden and some very positive forecasts as well in on the books situation now for Stockholm and Sweden moving forward, where we see as Norway is stabilizing at a high level, but stabilizing a little bit after a very, very high increase during the last year. We also do see signs of pickup in Finland. This has been the market that has been the toughest one coming back from the pandemic, and obviously, the closeness to Russia and the Asian traffic has been a bit of a struggle for Finland. We do see Finland now, though, however, coming up over 60% occupancy rates, and now, the ADR just needs to come and follow. We do see some positive signs from Finland during the last just the last few months. I will also comment a little bit on a limited supply pipeline. There's not a lot of new supply coming into the Nordic market either, which is good news and a good situation for us, so I'll get back to that shortly. The way that the portfolio is spread out over the Nordics is 40% in the capital cities, 30% regional, and 30% domestic, so evenly spread out too. Just to give you a few, a little taste, a little feel for some hotels in our four different countries, here are some examples from the Swedish market. The two on the left-hand side here, Scandic Malmen and Hilton Slussen in central Stockholm, quite interesting. Scandic Malmen just came out of a renovation. We see that it's picking up really, really well after the repositioning we have made there together with Scandic. Hilton Stockholm Slussen going into a huge project in a few months' time. It also is going to be very interesting with the whole city project that's been going around the hotel. That's nice. Two big hotels in Gothenburg. We have Kiruna that we mentioned. A little bit of one-off here with the destination hotel, with the wildlife hotel, which is a little bit unusual in our portfolio. Run by Parks and Resorts next to Sweden's largest game reserve park, so it's doing also really, really well. A few examples as well in Finland. Large properties in Helsinki. Big project going on right now at Grand Marina, together with Scandic, so we are looking forward to finalizing that. Also a couple of Hilton Hotels here in Helsinki. They're actually Scandic leases, but Scandic has a Hilton franchise. Yeah. Again, just to give you a little flavor for the different properties. I'll switch quite quickly through this. Denmark, we're very concentrated in Copenhagen. We have one property out in Jylland, in Kolding. The other properties are all 7 of them in and around the Copenhagen area. The big one, Scandic Copenhagen, that was mentioned before, but also Motel One, Meininger, for example, a couple of German operators that we have lease agreements with in Copenhagen. Finally, a few examples in Norway. Recently acquired the Radisson Blu Tromsø, about a year ago, January last year. Has been performing phenomenally as well, great pleasure to work with Radisson there. An investment program also being set off now within short. Couple of great properties in central Oslo. Thon Hotel also being a project going on renovation at the moment and repositioning. I'll get into a little bit more how we approach that. That just a little glimpse of some of our properties. Market performance-wise, as I mentioned, I would just show you a slide of how the markets have evolved, this is from 2016 and back. What's most notable here is probably to look at the Danish market, that it was obviously the strongest before the pandemic. It was hit the hardest and went down the furthest, mainly also of course due to the international demand, and the international target groups that Copenhagen and Denmark has. Coming back, and coming back strongly after that, and continuously over the last couple of years, we've seen an incredible performance of the Danish market. You will shortly see as well the supply. There's been a lot of new supply, that has been quickly absorbed on the Danish market as well with all the new rooms that has come in. Norway is interesting to note. That was actually on the lowest scale of the RevPAR of the four countries, back in 2016, but has also come out of the pandemic very strong, and is now in second place, as far as RevPAR in EUR is concerned here. Yes. Breaking down the growth map, you saw Liia's picture, similar for the entire, for the entire Pandox markets. Sweden again being, of course, the largest one here. Clearly you can see that on the market value. Looking back on the RevPAR CAGR for Sweden has been a stable 1.8%. We see, as I mentioned before, a current trend of increasing, and very strong demand for the Swedish market, 4.2 in the last rolling twelve. Of course, zooming down into Denmark, it doesn't look like much maybe with 2.2 over the last 10 years, but then you will also have to take consider the years during the pandemic that was hitting quite hard for Denmark. But the current trend is still extremely strong. Norway, historically and recently in the last 12 months, also very strong. That high stabilization we've seen now is just a couple or two, three months, but it's again at a very high level. Moving on to also adding what's happening on the supply side. This is to show how many rooms and how much supply has come into the different market during the last 10 years. Fairly, fairly low numbers for Oslo, Malmö, and Stockholm, and also actually very little more, little supply coming into Stockholm and Oslo in the coming years. The 400 rooms that we are seeing coming into Stockholm, they are actually opening this year. For 2027 and 2028, there is no pipeline whatsoever for new rooms in Stockholm. Similar in Oslo, it is the management agreement that I mentioned with The Hoxton opening in 2027 in Oslo. Copenhagen that has had a great growth and supply coming in, does see quite a lot more rooms coming in. These are including long stay concept like Locke and Bob W., for example. It is quite a lot of rooms, the 1,004 rooms coming in during the coming years. Great. Moving over to investment opportunities and projects. This slide goes for all three of us in the business area managers. This is the sort of method that we are using within Pandox to identify and also to how we go about seeing what opportunities are good when investing in our own and existing portfolio. Our job obviously is to look at the different opportunities and what kind of properties are mature to do something. There are obviously some of them that come up with lease agreement expiries that triggers a dialogue with the operator to say, "Would you like to stay in the property?" If they do, we'll discuss a joint investment program. Another important part is market share. If we see that the properties are have lost market share or something has happened on the market, do we need to meet that? Do we need to do something as far as renovating existing rooms, adding new rooms, adding new meeting room capacity or something else? That's for us to identify. We develop the investment case, see if it meets the criteria, if it is a good investment or not. We internally go for an investment approval. After that, handing over to Mikael will discuss, will brief you a little bit more what happens with the project execution after that. Also just to give you some examples of projects that we have completed and some of them that are going on and some that will start. This is the one that is completed a few years ago. This is also actually one that we can do an after calculation to see does this actually meet the business case that was set up. This is in central Stockholm, the Scandic Park. Has been very successful, has great location, rating here. It was an upcoming lease expiry, but it was also an outdated product that needed to have a facelift. Since opening then, again, this is 3 and a half or 4 years ago that this was finalized, RevPAR is up 23%. The rent growth for us is up also 23%, and property market value up 20%. This has turned out to be a great project. More recent, as I also mentioned, Scandic Malmö. This was just finalized now during 2025. We actually very quickly see a great rise in rate and room revenue of this property. This was also triggered with a lease expiry and a joint investment program together with Scandic. Also going into the different properties, do we find, can we find underutilized space that we can commercialize? That's one of our main targets and always have the radar on for those kind of opportunities. Here we found some, and again, with the Swedish opportunity of building rooms in the basement and without windows, dark rooms, we have been able to add another 25 rooms to this property. I'll switch a little bit quickly because I know we are behind on time. Currently right now going on, another interesting that we have used some underused, some back of house space. The old nightclub has been turned into 25 new rooms, and then we found some housekeeping space and a total of 29 new rooms in Luleå. This is also a booming market up in the north of Sweden. We are already seeing, we have not even opened the last section of this renovation, and we already see a great demand and great response from the market for this project. It would be very nice to follow the finalization of this repositioning. Mm-hmm. Also, as I quickly mentioned, we are now in agreement with Hilton, with a new lease agreement with Hilton, not a franchise and Scandic as an operator, but directly with Hilton, and an investment program that will be launched now later this year for repositioning of Hilton Stockholm. Looking at a target yield on cost of about 8% and some good average rate increases for this property. Last also down in Malmö, and this is also another case of finding space. Not all dark rooms, but we do have quite a lot of other tenants in some of our properties. This is a shop on the first floor, you know, sports shop that is now being turned into 37 new rooms. Then we found a few more rooms up in the, on the different floors as well. We're adding another 45 rooms here. Again, something that we always look at and see going around, and also the property people very good at looking at underutilized space and how we can develop that. Good. Just a few conclusions then. For the Nordic market, it's a strong position in a core lease market. This is also the way we like to have it. We do get questions quite often if we would like to go into other different kind of business models, but we're very comfortable with this, and it is a very stable environment to work with the lease agreements. Profitable investment projects, as you saw, and to be very sort of focused on finding these opportunities and these projects. Also, as you could see, a fairly limited amount of new hotel rooms coming into our market. Tobias? Yes. Can we just add how much is the tenant's part of the investment for those floors? Okay. A little bit related to the question on how we work with it. The boring answer is it depends. It's always, it's always different. If a thumb a rule could be that normally we do have, because we do have a little bit more sort of expensive parts, if it's roofing or changing of windows, facade, et cetera. It depends a little bit on the characteristics of the project. We would traditionally have a little bit more than they do, maybe 60/40. We have actually a few projects that the tenant will have more investments than we do. If it's more of a soft refurb and our bathrooms are already at good, in good shape, the tenant will redo the hotel rooms and the corridors, then they will invest more than we do. It is actually not an exact figure. It will be case by case to see exactly what we need to do. The most important dialogue with the operator is: What shall we do? How do we reposition? Do you need more rooms? Do you need a pool area, a spa area, a more conference space, et cetera? Once we decide that, we go into the demarcation list, and we do the investments together. Not a very exact answer. Sorry. All right. With that, heading into a break, right? Yeah. Yes? I ask for your cooperation and your patience and your understanding that we will cut the break to 10 minutes. Back here at 10:35 for a restart. Thank you. No. No. I mean, or maybe even a little bit slower. Oops. Okay. Thank you, everyone. now we're back, and we will continue with the Business Area section. The next in line is Martin Creydt, who is the Head of Asset Management, International. Please, Martin. Thank you. I'm thrilled and proud to present the international part of Pandox. I'm maybe the most international profiled guy also here in this audience. I was born in South Korea and fostered by a German mother, and now fostered by the Pandox culture for 10 years. Actually, my former previous Pandox, I was the former CEO of Scandic Group. I had hard battles, I remember, with some of the Pandox guys. I decided, instead of I couldn't beat them, I joined them. As we have mentioned many times already, this portfolio has grown quite significantly. When I started 10 years ago, we had actually only, we had 18 hotels in Germany and 1 hotel in Switzerland, so with 19 hotels in 2 countries. Now 10 years later, we have in 7 countries, 20,700 rooms and 95 properties. The amount of rooms more or less representing half of the whole Pandox capacity. As you can see also here, we work with all the leading brands and strong partners. We can underline it many times, strong partners, strong performance. It's very important to understand this because in the huge market, which I can show you a bit later, it's all often numbers average of the averages. We are, of course, not an average company. We are high performing. We want to aim incremental values, drive cash flow, and of course, that needs strong partners. The biggest partner we have in this business area is Fattal Hotel Group. They have grown tremendously also side by side with us, is now the largest partner with us. We have 39 properties with them in Germany and U.K., Ireland. A big runner-up, of course, is now, as we mentioned quite many times now, the Dalata Hotel Group, which is now represented by Scandic ownership very soon. We cut out 31 properties of this group into this business area. Together with the property in Nuremberg, we have now 32 properties for that partner. The split of the markets, we see now U.K. and Germany is same in amount of rooms, but a bit later you will see that U.K. is of course larger in property value. The balanced mix of capitals and domestic cities and regional hubs is more or less the same, and it's very good that we are not perceived as that we only want to have hotel and properties in the capitals. Of course, it can make a little extra buzz when we really buy hotels, for example, in London. Our bread and butter, and this is important, our bread and butter is in all areas. That's really important. I mean, money is as good in domestic cities as good as in capitals if it comes to good returns. I will guide you now through very quickly the three markets which are the largest. We start with Germany. Germany has more or less 1 million hotel rooms. It's the largest hotel market in Europe after France, Italy, and Spain. It's a market which is very well-balanced between corporate and domestic, and corporate and leisure. An extra bonus is this fair segment, which is huge in Germany. You have to have a bit of a good control when this fair is. For example, in Düsseldorf, in a month, a big fair in Düsseldorf can differ the revenue and the RevPAR with high double digit numbers, 20%, 30%, 40%. It can even impact the whole quarter for that destination. That is really good as an extra bonus for Germany. The domestic business, of course, is based a lot on corporate, local, strong corporate business, but also on domestic. Just as a curiosity, you know how many churches are in Germany? Too many. 40,000. Together with 20,000 castles, there's always a reason to visit as a tourist in the domestic areas in Germany. Here is very good. You can see the large cities from our portfolio is represented over 50%, and the rest very well, well-balanced between regional hubs and domestic cities. Just a flavor of some of the big hotels in Germany. The flagship upper left, the Leonardo Royal Hotel Frankfurt, just newly renovated. A great hotel. And also the Nürnberg, as Jacob mentioned, about 300-room hotels, and now actually high performing, which is really good to see. We come to U.K. U.K. is directly after Germany, the fifth largest hotel market in Europe. With over 800,000 rooms, of course, it's a huge market. What is extra fascinating is that, of course, London is really the prominent and I would say an extra highlighted market in itself, with over 150,000 rooms for the moment. I say for the moment because it's growing year by year always. Just to give you a little flavor of what differentiates the U.K. from other markets is that it's a really strong regional business here in the U.K. Outside London, for example, when Corona just was closed down and we opened up again, I remember the Prime Minister, Boris Johnson, said, "Let's party. Let's open up the country." In within six months, the country were more or less back to normal numbers, which is, well, quite fascinating. It was the fastest, let's say, ramped up market after Corona. There was also stable domestic business. Though everyone who is interested of sports and football understand, as soon a Premier League match is in one city, it's full, sold out. This is really interesting. Here we can see that 25% of our portfolio is 7 hotels are represented in the capital in London, and the rest are equally divided by regional hubs and domestic cities. Here is also a flavor of some of the U.K. properties. We have the flagship Leonardo Royal Hotel Birmingham, also renovated during the Corona years, high performing, and also just as a nice comment, the iconic building, the Midland Hotel, Manchester, with 300 rooms. Fantastic hotel, full service, including a spa business. Then also the Leonardo Royal Hotel Brighton Waterfront, I would say, also very good. That was the highest occupancy in the whole entire portfolio in U.K., during the Corona years. It's really good to have some resort, at least oriented hotels at that time. The new big, I would say, kid on the block, Ireland. Small is beautiful because it's a small country, relatively small, 5 million, like Denmark, but a lot of hotel rooms. Over 150,000, and half of it, the Irish market, half of it is in Dublin. That's why we are so glad to have many hotels in Dublin as well. What is fascinating with Dublin is that this is also a result of actually a governmental decision. 20 years ago, I still remember, the government started to invest in travel and tourism for Ireland, and they even had a minister role for tourism. Quite fascinating. It was Italy and Ireland. The result we see today, it's one of the highest occupancy and a lot of compression nights last decade. The airport has also been a success story from, I would say, an average regional airport into this prominent airport with over 30 million in passenger amounts. The reason why it wouldn't be more was it was a cap for the airport, which has now been released, taken away for a moment. There's a forecast and outlook that it can be reaching up to 40 million in a short time. Here you see our portfolio is represented by two-thirds of the whole portfolio. We have 24 hotels now in Ireland, and two-thirds of them are in Dublin or in Dublin area, and the rest is in regional hubs. Forgive me, those from Ireland, but the domestic cities are quite limited and small. Portlaoise and Sligo, yes, we can find them, but it's not so many of them. Here we have some wonderful examples of the properties in Ireland. The former lady school actually from last century, Clayton Hotel Ballsbridge, Dublin, upper left. In contrast, the big power machine, the flagship Clayton Hotel Dublin Airport. I still remember when Jonas informed me about this portfolio, and he said, "Martin, only in parking income for the parking area is EUR 4.5 million just for the parking area." It's fantastic. I get religious. Okay, a very important slide to sum up more or less the whole market here. You have quite different performance levels, but don't misunderstand. When you see -1% in Germany, as I mentioned in the previous pages, -1% doesn't mean that we have -1% because we work with the strongest partners, and I can just assure you that it's above 1% at least. That is really important to understand because when a big market statistics is presented to you must also understand, okay, but what is Pandox or what is the partners actually performing? Then you will see other figures. In this case, we often understand that we are above and beyond the average numbers. Which is, of course, very good. Of course, it's helpful when the market is, let's say, strong and booming, and we have seen it, of course, in the U.K. as well as in Ireland the last years. Even Belgium has also been very good. Last couple not now for the moment, but lately, and we hope it will be better. An extra comment for Germany is also that the last couple of months, we have getting informed that it is huge investments coming to Germany. From the government decision with everything from military defense to infrastructure projects, and that, of course, will boost both the hotel market, but especially our business. The big impact of RevPAR performance is, of course, how much supply is coming in in the market. As you can see here, there's been quite a lot of supply coming in the last decade. Luckily, we see now a more modest supply increase this year and next year. We are quite, I would say, confident that this will help a little also the German market to come back to a little higher numbers. Especially Hamburg and Berlin, that is representing this supply increase. U.K., it has also been a little lower numbers in the past, but for the moment is then, of course, increasing quite nicely especially next year. But very temporarily because then we see it's going down again. All these numbers are from STR, CoStar, so it's official numbers. The main driver for this is, of course, U.K. London, I mean. London with almost two-thirds of the amount of the room increase. We think London can absorb this. They have done it before, so no problem. Ireland, worth an extra comment. You see, quite a little up next year, 6%, and then it's going down again. On a three-year period, I would say, we foresee around 2,000-2,500 rooms, and almost everything is in Dublin per year. You can see here. This number is representing a three-year period, so you have to divide it by three, and then of course including the cyclicality, it is a little lower. That you can see on the next page, where Dublin is 15% in total for three years. Can Dublin absorb that? Absolutely. As Jonas also mentioned, there are so many compression nights, so these rooms will more create just a larger market. This is so important. Hotel market is one of the few markets where you can really create or build a greater market by more supply, which we have seen so many times in London, Berlin, and other places. Now we come to the heart and soul of actually we as asset managers are doing, and that is to focus on daily basis to try to find where can we find opportunities to invest and get and create more cash flow. Here's a wonderful example. Galway had very high occupancy, but the rate was not moving so fast that it should or could be expected. We discussed with our partner, Leonardo, can we do a repositioning of the hotel into more premium product, putting in AC so we can get the high-paying American guests there. We did it, and you see after this investment, just a couple of years after, we saw the RevPAR is up almost 30%, and the property value, likewise even more. A fantastic project. Not a dry eye. The same with Baden-Baden, fantastic. Here it was an open position because there was so many luxury hotels, and we like luxury hotels, but not maybe to invest in them. These hotels, they performed, of course, with very high rates. We talk about EUR 300. Then there were the ordinary, let's say, business hotels like this one. There was an open position to be a spa hotel, not a luxury, but a full service. After a couple of years, we see also here fantastic RevPAR growth, almost 50%. It's amazing. Just a little hint or recommendation. If you get around 10%-15% RevPAR increase, you get back the money, and you can even increase the value. That is a good, at least, thesis. The property value up 22%. Finally, we did just complete the Dublin crisis last year, and we already see, and the year has not even ended. I mean, just the first half year, we see already a RevPAR move with this 14%. This is actually what we should do even more, and it depends on, of course, which partner we are talking with. I can assure you, there are very different type of conversations we have with all these partners. At the end of the day, our ambition is to convince ourselves, but also the partners to invest in the right opportunities. For a moment, we have three launched projects together with Leonardo, where we have these two first hotels, Leonardo Cork and Leonardo Inverness, with extension opportunities. Of course, as you can understand, a great opportunity to drive cash flow even more. I give you just one example how we actually in practice recognize these opportunities. I must, I have no arrows. I use pointer. Here. There's an empty corner here. One could misunderstand maybe that when they built the hotel, the money was out, so they couldn't complete the corner. It was an empty space. Instead of just leaving like that, Lars Häggström, who's somewhere, our senior folks, who's really one of the most experienced guy I know, he and I, we just walked around the hotel and said, "Here, we can find eight rooms." Then we added on eight rooms on already an existing investment program. This is the way of how Pandox is finding out and sniffing around new opportunities to drive cash flow, more cash flow. Finally, we had this privilege to acquire two exciting projects. Mikael will talk more about that. Clayton Hotel Edinburgh, a full conversion from an exclusive office building into this new flagship hotel in the heart of Edinburgh, just neighbor with Louis Vuitton boutique. It's, again, best location in the city. The Clayton Hotel Cardiff Lane, an extension project, which of course will boost and drive more cash flow for Pandox. To conclude, active ownership makes the difference. Large pipeline of potential projects, yes. We have just started. Potential to increase performance of this Dalata deal, yes. There is so much more to leverage on. Thank you very much. I have the honor to hand over to my dear best friend in Holland, Aldert. Thank you, Martin. Good morning. 3 more speakers, so 12:00 P.M. should still be feasible. I look at 2 other colleagues. We need to keep it short. My name is Aldert Schaaphok. I'm with Pandox, just over 20 years. Having a lot of fun over all these years. I'm heading international operations, and international operations is not because it's a hobby or because we like it, but I think as an active owner, it's a necessity. Over the years, we have acquired properties, leased them out, sold them. It is a tool to create value, and it is a tool to quickly turn around and develop properties. You will see we have 21 hotels in 5 countries. There's a quite equal mix between Germany, U.K., and Belgium. I would say that all properties that we've acquired, maybe except the 3 Residence Inns in London, were underperforming. You can see here the mix in brands. In own operations, we have the privilege of looking deep into the kitchen of the big brands. As you can see here, 4 out of the industry's 5 leading brands we have hotels with. Hilton, Marriott, IHG, and Accor. The fifth leading player would be Wyndham. We don't have Wyndham Hotels, if I'm correct. We have a few independent properties. As you can see, 65% of those properties are in international/capital cities with strong business demand. Hotels are underperforming for several reasons, either management, lack of focus, wrong brand, lack of investment, poor marketing. If you take over one of those properties, it's often all of the above. It's never one or two things. It's often a combination of most factors. Here, you've seen this slide many times before. Like Martin said, this is not necessarily the current trend, how we are performing. This is an STR statistics. I would say we outperform most of these, if not all markets in our hotels. Brussels is a key destination. We own nine properties in that city. Four are leased, five we own and operate. It's a very Eurocratic city, of course, you're all aware. With the NATO now in a brilliant new office building, the European Union. Many countries have three embassies in the city, a bilateral one, an EU one, and a NATO one. That's where all the tax money goes. Not much is happening in Brussels without us being involved, being aware, or at least take a piece of the action. A few years ago, the city has drastically organized the city center by taking out cars. A large part is now pedestrian, and that's why we see an increase in leisure demand, and the Leisure segment is now outgrowing the Business segment. Of course, the Business segment is 4 days a week, 220 days a year. If you would run that at 95% occupancy, then you would end up at the 75% occupancy year round. A very important city for us. 22,000 rooms in the city and quite limited future growth, except for the airport, where, of course, due to the new NATO head office, the old offices are being redeveloped and there will be a massive increase in office capacity. These are the hotels in Belgium. Not much to say. Great performing properties. Different brands. The hotel being independent. The hotel is the leading hotel for international delegations, which of course we have a lot. Every U.S. president delegation stays in the hotel. We've had a lot of presidents, including Obama, not Donald Trump. He stays at the embassy. Performing very strong. The U.K., also a lot of big boxes. The U.K. is a very strong domestic market also. Cities like Bath, Glasgow, Leeds, they perform. Belfast, they perform in itself very well and do not suffer that much of what's going on internationally. Germany, five hotels. All good examples of underperforming properties that we acquired and turned around. Of course, Hotel Berlin. Berlin with 700 rooms is the third largest property in Berlin. Then one in the Netherlands. I am from the Netherlands, so I wish we had more hotels in the Netherlands, but might come. Of course, in own operations, it's all about managing hotel performance. It's the only thing where this is about, and that means first and foremost profitable operations. That means that you need to have the right hotel product. That seems obvious, but that is not always a given. The two second most important elements is driving revenues. Get heads in beds and fill seats to meet and drive productivity, that you have the right resources allocated constantly to the right business in-house. There are two areas that we have our main focus on. There's of course distribution. Distribution is now so much technical that you cannot do without sophisticated systems, software, and brilliant tech nerds, I would say. You cannot leave it up to the traditional hotel professionals because they don't understand anymore what's going out there. We created our own revenue management center some years back. Second of all is how will the hotel be run? If you look at running hotels, we can either do it ourselves. If you don't get the right conditions, if you don't get the right agreement, if we don't get the right lease agreement, we can always say, "Okay, forget it. We'll do it ourselves." We step in and we take over. What is the case in the U.K., where Accor is running our 9 hotels. We acquired at a certain moment a portfolio. There were too many hotels at the same time spread out over the country, so it was the right choice to sign a management agreement with Accor, and then we managed the manager. Later on, we added 2 more hotels to their platform just to make our life easier and because they have deeper knowledge in the U.K. than we have. From a distribution perspective, we have also created our own brand, like the hotel that used to be a Hilton. We couldn't come to an agreement with Hilton, so we then said, "Take the sign off the roof, and we create something ourselves." We use an external brand, and we sign a franchise. We are franchised with Accor, Hilton, all the brands that you saw on other slides. The discussion, once we acquire an underperforming property, shall it be a brand or independent, is, we take a deep dive and unravel the market where we are going into, and we scan all the hotels in the market. We look at public price setting of these hotels and review ranking. There's a direct correlation between review ranking and prices people are willing to pay. If you go on booking for a weekend away, you will most likely not choose a hotel that has a 7.8, where if you pay EUR 40 more, you can have a hotel that scores a review ranking of 8.3 or higher. There's a direct correlation. Then of course, we design the perfect competition set, and then we decide what would be the ideal niche for this property. Then you decide, do we sign a brand based on which brands are already present or not? If there are already six Hiltons or Hilton branded properties, I think it's not good that you are the seventh. Maybe it's better to be the second Marriott in that destination. Productivity management intelligence is a system that we use and everything is linked to this platform. Everything is automated. All data in terms of reservations, P&L, green data like food waste, linen usage, water consumption, everything goes into this system. It's fully automated. It takes the data from different sources and put it in a platform and in a dashboard overnight. We could not run hotels without this. This is the first system we hook the hotels on. It makes it transparent. It makes it controllable, manageable. Of course, AI, we cannot not talk about AI. It is going faster than sometimes you wish. We have now installed our own AI agent called Cassandra. Let's say monthly reporting, comments on monthly performance is now 75%-80% AI driven. It's not a dashboard. It's not you throw numbers in it, you get numbers back, but it talks back to you in story with graphs and pictures. Very user-friendly at individual hotel level. There's no more personal gut feeling, things like, yeah, it was a very rainy month or, you know, last year there was a big conference that we didn't have this year. It's really data analytics in an objective manner. Some of the projects we have completed, a good example is of us creating value through own operations is the Citybox in Brussels. We bought it in 2022 from NH. We then were in talks with Numa. No, sorry, Citybox as a candidate tenant, but that's a model that is fully app driven, so there's no staff. There's maybe one host per 8-hour shift. We had to make the full staff of 35 people redundant. We had to close the hotel. We laid off 5, and the other 30 we incorporated in our other hotels in the city, with a very small P&L effect for the first year. We did a full refurbishment and signed a lease with Citybox. Great location. We ourselves were or are still amazed how good that hotel is performing and this model with keyless entry, no staff, you would say, "Yeah, that's impossible," but it works very, very well. There's a large target audience out there that doesn't care about this personal interaction. There's one key, go to the room, and do their thing. Very successful. Another one, which was already addressed twice is the Scandic in Nürnberg. We acquired that in 2019 from Maritim. By the way, both properties, totally run down. I've seen some bad properties, but this Maritim hotel was really run down. As I say, you would not want to be found dead in one of those rooms. We did a full renovation and signed a new lease with Scandic, and the hotel is absolutely back on its feet in good shape. Some projects. Mikael, he will talk some more about it, so I can keep it very short. Big project we are running right now is the extension of the DoubleTree in Brussels, which goes from 350 to 500 rooms. We add a 600-guest purpose-built pillar-free ballroom. It will be the largest ballroom in the city. Meetings is a big piece of the business in Brussels, of course. We will invest EUR 56 million and will be finished mid-next year. Mayfair Copenhagen, also an interesting project that will become a Hobo. The job will be done end of this year after investment of DKK 160 million. Also a great example of turning around the property and give it a new life with a new brand and a new agreement. To conclude, I think we have a very strong operational platform. We are active, knowledgeable owners. We have deep knowledge of how the other brands are performing, where their weaknesses are, where their strength are. We have a beautifully diverse brand and operational portfolio. We are, I would say, playing all areas, and we have strong partnerships. Thank you. Then Okay. Now it's time for Q&A. I hope you have questions, or rather not, because we are running out of time now. Please shoot the questions if you have any at this point. No, you're doing a good job. Then we will move on, and you can catch these guys later. They have a lot of stories to tell about running operations and transforming assets. Take the opportunity to ask them questions when you see them in other contexts. With this, we will move on to the Property Management segment, including sustainability. I would like to introduce Mikael Hultqvist. Thank you so much, Anders. My name is Mikael Hultqvist. I'm the head of the property management team at Pandox. I've just recently celebrated my first year anniversary. I've been to Pandox for one year. A fantastic year. I will pick up a couple of questions or quite many questions that have been addressed earlier in the session this morning. Pandox portfolio consists at the moment of 192 properties. 31 of these properties has been brought into the portfolio in the Dalata deal that has been brought up several times this morning. I would like to take the opportunity to address all credits to the Dalata team. I've actually been to all the properties, all the 31 properties, plus the 32nd one, which will be completed later this year. I'll come back to that later this. I've been to all the properties, and they are all fantastic hotels and properties. Really well taken care of the portfolio and all the setup of the projects that are going on and has been completed. We are represented in 90 cities. This, the total number of rooms is 42,500, which gives us an average of 221 rooms per hotel. We have talked about being an active owner a couple of times this morning. Give you an example of that. We renovate approximately 2,000 rooms on an annual basis. Just in 2025, we did renovate 2,200 rooms, just 2025, which gives us an average of 6 bathrooms per day. We do have our CapEx responsibility varies across the portfolio and geographies. 13% of our rooms is within the owned operations where we have the full CapEx responsibility. 31% of the rooms is within leases in the Nordics, where we have a shared responsibility, CapEx responsibility with our operator. Almost 50% of the rooms is within leases outside of the Nordics in Europe, where we have very limited CapEx responsibility. In those hotels and properties, most of the responsibility is on the operator. We are, within the property management team, a project-driven organization. It's a lot to execute investments and projects. Therefore, the organization and keeping that clear and having a game plan on setting up projects is really important. All the property-related responsibilities is gathered within the Property Management team, regardless of geography, Business Area, and Business segment. These regions is divided into 3. We have the Nordics, we have the U.K./Ireland, and we have the Central Europe. Central Europe being the DACH and the Benelux areas. Each and every one of these are led by a vice president with a full responsibility. This altogether gives us a clear, gives us clear ownership, and it gives us local presence in the local markets. Maybe most important, a common way of working. It shouldn't matter if we do things or execute projects in the U.K., in the DACH area, or in the Nordics. It should be similar to each other. We do have a strong competence. It's important to keep structure. We are multi-skilled, and we have high competence. We do want to work in a long-term relation with our collaboration partners, and we do want to keep continuously doing the same thing. Therefore, we need to be, and we are scalable when it comes to the setup and the organization. We deliver our projects with structure planning, with continuous follow-up, which gives us better control, better quality, and maybe most important, a high project execution. I mean, we want to be in a high pace due to minimize the disturbance within the operations. It was mentioned before, our model on investments, Tobias showed it, but he also mentioned that it goes for all the business areas. We do have a model that makes sure we are integrated and jointly setting up the investments in the early phase, and we work jointly together internally from the idea to fully execution. Us from the property management team, we are involved when setting up and developing the business case. After the investment being approved, we have a handover or a handover is taking place where the responsibility is moved over to the property management to plan, set up, and execute the projects. As Liia mentioned earlier, we choose to box or divide our investment projects into 3 categories. We have the transformational ones, which tend to be larger and include the repositioning and extension and the conversions. I will come back to 2 examples within the transformational project and investments. We have the replacement and renewal ones, which tend to be the bigger volume when it comes to the amount of projects. Normally being slower. Sorry, not slower, smaller, and shorter in time, including the refurbishments and the project upgrades. Last but not least, absolutely not least, the resilience ones, which include the sustainability one. I want to say also that the sustainability agenda is included already when we develop the business cases at an early stage, and therefore included in all the other projects. Caroline Tivéus will take over after me here, and she will be explaining this more deeply. As also Liia mentioned before, we have a large amount of ongoing and planned projects. We do have 49 projects ongoing or planned at the moment in 8 different countries. It has also been, the question has been raised, about us sharing the investments with our operator. That goes for many of these. I'll come back to a couple of examples. That goes for many of these 49 planned and approved investments. This accumulates the total number of SEK 4.2 billion. One and half of those being already spent. Most of the 4.2 are being spent or being planned to spend within 2026 and 2027. A big value creator, big value adder is creating new rooms. Within this pipeline of SEK 4.2 billion, we are adding 600 new rooms only in the period of 2026 to 2027 in existing hotels and therefore in the existing portfolio. This is an accelerating number. We are accelerating the room growth within the existing portfolio. To give an example of that, we did add approximately 750 rooms. That was also mentioned earlier this morning. Another 750 rooms approximately in the period of 2014 to 2025. The same figure for 2026 and 2027 only, those two years, is plus 600 rooms. This has been mentioned before. A couple of examples of these plus 600 rooms are, as Tobias mentioned, 45 additional rooms in Scandic St. Jörgen in Malmö, plus 172 rooms in Clayton Edinburgh, 150 new rooms by extending the Clayton Hotel Cardiff Lane in Dublin City Center. Our largest project ongoing is our extension, which Aldert mentioned before, our extension of the DoubleTree by Hilton in Brussels City, adding another 150 rooms being completed in 2027. A bit deeper in a couple of these projects. I would say these fantastic project. The first two ones is being added to our pipeline or ongoing projects from Dalata. They're both phenomenal setups. Clayton Hotel Edinburgh, fantastic project. Converting and extending a fantastic old office building into a new hotel existing of, or consisting of 172 new rooms to a budget of GBP 40 million being completed at the end of this year, Q4 2026. The sample rooms have been already been ready. Fantastic rooms. Another example is the double, the Dublin City Centre, the Clayton Cardiff, Clayton Cardiff Lane being extended with another 150 new rooms, extending the existing hotel. A budget of EUR 25 million being completed in 1 year, Q2 2027. The building structure has just started, and the key procurement has been completed. Again, the last transformational example of the ongoing projects, our biggest project at the moment, the extension of the DoubleTree by Hilton in Brussels City. Extending the hotel with another 150 new rooms and a 600 rooms or 600 guest new ballroom to a budget of EUR 56 million being completed in 2027. Renewal and replacement example, we are converting at the moment converting our basement in Radisson Blu Glasgow to a spa, to a 2,400 sq m new spa to a budget of GBP 6 million being completed at half year this year. To give you an example, a smaller version though, also a project where we split and invest jointly with our operator is the Scandic Alvik being completed earlier this year. We did have an original budget of SEK 43 million. We were able to hit 16% underspend with a finalized cost of SEK 36 million, adding 6 new rooms and renovating all the bathrooms in the hotel. Concluding this from a property management perspective, we do have a strong pipeline on investments and investment projects in key markets. We do have the team and structure in place to deliver on that, to embrace the Dalata, and to deliver on that project and all the other projects in the pipeline. We do work with structured planning. We do work with continuous follow-up, which drives better quality control, and as I said before, maybe most important, high project faster project execution and a high pace when doing and executing the investment projects to minimize the operational disturbances. By that, I will hand over to our Sustainability Director, Caroline. Yes, thank you very much. The final but very important piece of the puzzle to ensure that our properties are resilient and future-proof is sustainability. My name is, as Mikael said, Caroline Tivéus, and I'm Director of Sustainable Business at Pandox since eight years now. Our value creation strategy is built around five focus areas applied differently, across our two business segments: Leases and Own Operation. In Own Operations, we hold a full responsibility for the property, including both operations and the building. This covers areas as diversity and inclusion, health, waste, procurement, you name it. It's also about energy sources, energy efficiency, et cetera. In the Lease, part of the segment, we focus on areas linked to the property's structural and energy performance, and that's about energy sources, energy efficiency, technical installations. This presentation will focus on the environmental and climate part. Since 2019, we have used green investment programs to earmark investments and demonstrate how sustainability actually drives business value. The first program in 2019, the Green 1.0, covered 12 hotels with a total investment of EUR 8 million, generating a ROI of 28% and annual savings of approximately 2,400 tons of CO2. The second program that we launched during the pandemic, covered additional 4 properties of a total investment of EUR 1.2 million. There we had a ROI of 25% and saved 420 tons of CO2 per year. The investment programs have enabled Pandox to identify projects with high returns and low risks, improve cash flow through cost savings, and transition the property towards much more cleaner energy. As a result, we have been able to link approximately 40% of our loan portfolio to sustainability-linked financing. All of this that I've been talking about have led to us to set the science-based targets. To be able to do that, you need to have a data-driven approach, which Pandox has. We have our data in order. We are optimizing it, so you need to understand your baseline. We set quite ambitious targets, which comprises of, in Scope 3, our indirect emissions. In the Lease segment, we should reduce the CO2 emissions with 25%. In own operations, we should reduce the CO2 emissions with 42%, and there we have the direct emissions, full control. The roadmap then for own operations, 42%, comprises of Wait, I will take care. Yeah, sorry. Yeah, now it's linked. We put together an investment program, the third that we have, of 13 properties, and an investment of EUR 29 million to reach this 42%, and we estimate savings of 4,900 tons of CO2 per year, and an estimated ROI of 10%. The reason why it's 10% here, not 25%, is that we will have much more heavy CapEx investment this time. The first programs were more the low-hanging fruit, I would say, but to really transition the property, we need to take the next step, and also, as you see here, phase out gas. We have the divider at 42%, in 22%, to phase out gas and implement heat pumps. 5% is from automation and AI. We are trialing actually right now AI agents to give advice on each property and how to manage it. We also need our employees, that they can manage the properties, the smart buildings we are actually creating. It's a lot of training going on here to achieve the targets. If we look at leases, 25%. This is actually the heavy part because here we are dependent of our tenants to succeed. The 25% should come from, you know, the energy uses by the tenants. They need to be on board. Also material used in renovations. As you heard from Mikael, we have our over 2,000 bathroom renovation each year. I have pilot projects also here. What we focus on when we do the prioritization with the ESG perspective or ESG hat on us, we focus on the dirty markets. With that, we mean, for example, Germany and U.K. because that each kilowatt of electricity used results in, for example, 278 grams of CO2 in emissions. If you compare to Sweden, it's much more cleaner electricity grid. We have also built a model with a portfolio-wide energy and technical assessment to map our assets and establish a robust climate transition plan. The model incorporates also the responsibility split between the landlord and tenant. It also quantifies the potential cost savings and the climate impact that we share with our tenants to make them on board on this journey. Here you see an example of a collaboration we have with our tenant, Leonardo. Exactly. I can take this first then. That also you talked about before, Martin. Leonardo Hotel Cork, Leonardo Hotel Inverness, and Leonardo Hotel Leeds. We are looking at a bathroom concept. We will replace gas with heat pumps, and we are looking to integrate BMS systems with a heating system and evaluating solar panels. We are also putting a next layer on this assessment we do when prioritizing ESG projects. We are, of course, now it's not linked. Yeah. Okay. Should I? Yeah. You can try again. We are obliged to comply with the Energy Performance of Buildings Directive in Europe that stipulates that how energy efficient the property should be. Of course, we take that into account also when we look at the properties. We are looking at climate risk when evaluating our properties and do the prioritization. Another example is in Luleå, where we carried out a pilot project at Scandic, installing both solar panels and battery storage, and that's totally new for us, it's very interesting and a new technology. The project has been very beneficial for us and the tenant with an ROI of 8.3%. For our tenant, they have been able to replace approximately 50% of its energy consumption with solar energy through a power purchase agreement with us. The EPC level has gone from an E to a D, probably a C now with the updated methodology in EPC. Yes. To conclude then, sustainability at Pandox is fundamentally about value creation. By focusing on cash flow positive investment through energy savings and operational efficiency, sustainability has become embedded in how we invest, operate, and finance the portfolio. As you see here, the proof is tangible. 60% of our CapEx is actually aligned with a very hard EU Taxonomy directive. We have a robust green investment program in place. Last but not least, 40% of our portfolio is linked to sustainability-linked loans. This integrated approach strengthen cash flow, reduces risk, and position Pandox as a more resilient and future-proof company. Thank you. I think it's Yes, Q&A. Yeah. Yeah. Exactly. Are there any questions to Mikael and to Caroline? I guess not. We move on to the bonus part. We've saved the best to last, and that is Christian Ringnes. Welcome, everyone. Great to have you here. Anders is supposed to ask me questions, but it isn't really necessary because I know in advance what he's going to ask me. If you want to do it. Yeah You can. I will do that. I didn't want to steal the stage from you. We have a couple of questions of a fundamental and sort of financial character, and the first one is: what is your assessment of Pandox performance since Eiendomsspar and Sundt became owners in 2003, and especially after the relisting of Pandox in 2015? Okay. We entered into Pandox seven years after its foundation in 2003. That first period from 2003 to the relisting in 2015 was paradise years. It was amazing. We bought it. We sold some of the properties, got all our money back, invested in Norgani, which was a super investment with a perfect timing, just after the financial crisis. These were the fantastic years. I'm not going to talk anything more about that because they are not really relevant. Interest rates were falling quickly. We had all the wind in the back. From 2015 onwards, we have to divide it into two periods. It was the wonderful years and the horrible years. The wonderful years were from 2015. Actually, it was really from 2013, but from 2015 till 2019 year end. During that time, our share price exactly doubled from 106 to 212. We went from a valuation at EPRA NAV, underlying value, to a 13% premium above EPRA NAV. Our cash earnings doubled. Our revenue doubled. These were fantastic years. We got a triple whammy. One we knew about. We knew that since there had been so many good years in the market, it would be difficult to meet all the new supply coming because obviously when the market is good, people start constructing, and we had this huge pipeline. I still remember Anders said, "We are going to have a problem in a couple of years because there is too much supply coming." I agreed. We got something we didn't really have on our screen at all. That was the pandemic. Then at the end of the pandemic, we got the last whammy, and that was increased interest rates. What happened with the key numbers? Well, the share price actually fell. Our cash earnings fell, not by much, but and everything else was bad. We were suddenly priced with a negative premium of 10% compared to underlying values. I mean, it's just like in the times of the pharaohs, right? You have seven good years, and then you get the seven bad years. This is not to be surprised by. You never know exactly what causes it, but this is called cyclicality, and it happens in capital-intensive businesses, which is hotels. Now, as we are standing on the brink of seven good years, because that's normally what happens after seven bad years, you can ask me the next question. It's not been rehearsed, this. As the largest shareholder and chairman of Pandox, how do you think Pandox should create shareholder value in the years to come? Well, first of all, we have talked a lot about Pandox operational excellence and our investment programs. Of course, this is important, but our investment program is less than SEK 5 million, i.e. less than 5% of our total holdings. It is really to look at the big stake, not at the toppings that we have to do. What about these SEK 93 billion hotel portfolio? What is it going to do forwards? Is it going to increase in value and produce increased cash earnings, or is it going to look like it did the last seven years? I am pretty confident that the future is going to be good for the part of our business that is the existing part. Why do I say that? Well, we have the opportunity of being in a good market. It's been talking a lot about that, but it has a growth of about 2%-4%. You see it in the RevPAR, you see it in the amount of travel. It has the ability to absorb quite a lot of new capacity, not only hotel capacity, but Airbnb capacity, long-stay capacity, etc. It's still growing nicely. We have very little supply of traditional hotels coming online. There are a few exceptions, but normally you saw there was a huge decrease in supply coming. That's because there has been bad years, and because construction costs have been going up, so there isn't so much incentive to construct. You know, fundamentally, this looks like a good market. The best thing is the yield gap. We have a borrowing cost, even with the end of our loan, that's what we talked a lot about, at less than 4%. Our valuation yield is at 6.37%. That's a yield gap of 2.4%. If you take today's share price, we actually have a yield gap of more than 3%. What does this mean? Well, it translates to cash earnings because we have leverage, which you should have when you have a positive yield gap, and our cash earnings are going to be in the range of SEK 2.3 billion for the year to come. What does that equate to? That equates to 5.2% return on our valuation that we give ourselves, and it corresponds to 7% return on the implied value by today's share price. That's one part of how we can create value. You get a 5% or 7% return on cash. The other component in property is obviously the value increases. If we have a RevPAR increase, as you have seen, between 2%-4%, we don't know exactly, it goes up and down a little bit, but between 2%-4%, that with leverage means you get an added double or 2%-4%, i.e., 4%-8% in addition to your cash flow. To recap, at the market valuation, cash on cash yield is 7%, and we add between 4%-8% to get our total return. That means it's 7 + 4 is 11 or 7 + 8 is 15. Probably return on today's market price should be yearly somewhere between 9%-15%. Let's say 12. Then you can do it on our implied values, and of course, that just means you go down two percentage points, so then it will be between 7% and 13%. Is that good or bad? It's a hell of a lot better than 0%, which it has been over the last five years. I think the most important element in any business is compound interest. If you compound something at, say, 10%, and we hope to compound faster than that, then that will double our money in 7.2 years. You know the 72 rule, right? You compound, you divide, you take 72 first, and then you divide by the return on capital. That's the amount of years it takes. If you have to double your money. If you have 72 divided by 10% yearly return, it takes 7.2 years to get your money doubled. This is a wonderful mechanism and the reason why most people get rich. When you're older and you've done this for many years, then you get a lot richer than you who are young. That's the good part. I'm pretty optimistic. In addition to this, of course, it's very important how we do the capital allocation. We've actually been quite good at that. I mean, we bought the Norrköping just after financial crisis. We bought Pandox just after the dotcom crisis. We bought Dalata now just, I think, after a very horrible hotel crisis and the increased interest rates. I think we've been quite good on the timing on our main purchases. Otherwise, my philosophy is when you see a fat pig, shoot it. That means we have bought a lot of single assets, and that's a little bit more not so important with the timing. We did one wrong thing in 2019, and that was to buy hotels from the now not completely bankrupt, but close to bankrupt HR Group, as I call them, Revo. That was the wrong moment to buy anything. Why is it so hard to be good at timing? It's because the market expects you to do things when things are good. When the capital is flowing, everybody's optimistic, they expect you to invest, so you have to be very disciplined. I have learned from this Revo adventure that we will be disciplined. We will do Dalata, we will not do Revo. Dalata, fantastic. Hadn't it been for all the transactional costs, we would have had a yield of 9%, but 8.4% isn't so bad either. You know, that was probably a very good purchase. It makes a difference. I'm quite optimistic as to being able to create shareholder values. What can go wrong? Interest rates can increase. If we refinanced everything in Pandox today at today's rates, with the same margins that we have, that would mean about SEK 360 million less cash earnings. That's one percentage point on these about 11% that I gave you as some kind of vision in my head. If nothing more happens, and then I've even increased the short-term rates by a half a percentage point, just to because that is going to come, and to calculate this number of 1% difference in the total return. You know, I think that's the one thing that can go wrong. You never know. We know that we're going to get inflation. We also know that that is probably not inflation, that is a normal inflation. It's an inflation that comes because we have scarcity of supply lines and supply in other countries. That should then the interest rate won't really help so much because interest rate cools the national economy, and it's not, this is not overcapacity or too much capacity utilization. This is something that's imported. I think maybe we will not see as high an increase in the interest rates as we could suspect from the rise in inflation as long as it's identified as energy and supply side slowness. I don't know, but that's my thinking. I think we will get a little increase in interest rate, but maybe not as much. When we get inflation, that's very good for property and property values over the long run. I'm pretty optimistic on that one too. Of course, we don't know what happens to RevPAR. My thinking is that, you know, it's been growing and growing and growing. I think it will continue growing, and ups and downs. I'm pretty good with my feeling that we will create value, and I am going to retire if we don't get more value than we did the five next years. That's a promise. The five last years, sorry. Yeah. Talking about retirement, I guess you have tons of questions, and you will soon have a go at him. But we have one last, and that is about ownership. Eiendomsspar and the Sundt siblings are Pandox's largest owners with a total of 45% of the capital and 69% of the votes. How do you see this ownership evolve in the years to come? We have two kinds of shares, both Sundt and ourselves. Eiendomsspar has never sold one share in Pandox for all the years that we've been a shareholder, 23 years. We have participated in all of the capital raises that we have had. The Sundt family, who is not as involved in the business as Eiendomsspar, they have sold 8 million out of their 11 million total B shares. I think at some point of time, but as you just understood from what I said, it's not going to be before we get a real value increase. I think Eiendomsspar may, at some point of time, sell half of their B shares. Sundt may sell the rest of their B shares. The A shares, I don't think we're going to touch them. For Eiendomsspar, which is the only thing I really know, I think it's likely that we will reduce by two percentage points our ownership down to 21, 20, somewhere around there. I think the Sundt family will also reduce a little bit, but I think the A shares are pretty solid there too. How can I speculate about the Sundt family? Well, I'm the chairman of their board, so even though I don't interfere, I do at least have a slight feeling of how they will behave. That's, I think the best answer I can give. We are long-term holders. For Eiendomsspar, Pandox brings us two things. Eiendomsspar is diversified in all the different kinds of real estate. We have shopping centers. We have high street retail. We have warehousing. We have offices. We have apartments. We have parking. We have everything. At the moment, and this has been increasingly so for me for the past couple of years, I see nothing that is going to perform better than hotels. This is an industry we believe in. Also, it's a perfect diversification for Eiendomsspar because we are in Norwegian kroner with most of our other assets, mostly based around Oslo. It's nice to not only depend on the petro kroner, but to have international currency exposure. Also it gives us geographical exposure in other geographies than the tax-ridden and not all that well run, very rich Norway. We like it. We like Pandox. That's nice to hear. Now I leave the floor to you for questions. I guess you must have questions. Okay. I can hide. You can hide. Okay. Well, that's really good. We have- There's a question up there. Yeah, it's a question there. I'll give it a go. Yeah. Fredrik Stuyvanont, DNB Carnegie. We've heard throughout the day what Pandox should do more of. What should Pandox do less of? I think Pandox might divest some hotels when the moment is right. That would be a kind of new thought. We have divested hotels for almost SEK 4 billion, but that has mostly been hotels that had no strategic interest for us. I think we might from time to time when the valuations are right, this is completely opportunity driven, divest. More active asset management I think is a good idea, given what I just said about timing, et cetera. I think that on the operational side, we are doing most things very correctly. Since I have no responsibility for that, I can say it safely, but that's a compliment to the organization in Pandox. I think we have a size which means we get very good deal flow. Most of all, sometimes it's just to sit back and let the money work for you. I mean, if you can get 11%-12% return without doing anything, why not? It doubles in 6 or 7 years. Thank you. Okay. Yeah. Thank you very much. It's a miracle. We're on time. Please, Liia, maybe some closing remarks. Some closing remarks. I think most things have already probably been said. I'm really grateful, and I wanna thank you all for being here. You are our friends, our partners, and we really love your questions. Again, short recap. You've seen the market. You see that hotel is the right place to be. We have tried to explain our model. We've done it in quite great detail. Hopefully we've been able to pick out different pieces, and you will have the possibility to ask questions during the afternoon because we're on a property tour, and everybody from the panels will be here. I also wanna take the opportunity to thank our Investor Relationship team. Anders, Ebba, and Erik's been working around the clock with this. There have been some hiccups with presentations going back and forth, but I think you've been doing a great job. You can't get more gray hair than you already have, but I think you deserve a super applause. Lunch? There will be lunch, and then there will be the property tour. How will we go? Yeah, yeah. go on about it? Yeah. Because this is what you do best. Lunch is served outside here in the breakout room. Then we will meet at 12:50 at London Wall. We can show you the way for a quick hotel tour, and then we will have buses picking us up, transporting us to the other hotels that we will see in the city center. 12:50 is the important time to note for London Wall. Thank you very much.