Welcome to the Profoto Q2 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to CEO Anders Hedebark and CFO Linus Marmstedt. Please go ahead. Thank you. Welcome, everyone. Thank you for listening in to the second quarter presentation of Profoto. Yes, we had a tough quarter. The market conditions were tough and cautious, and it resulted in a weak quarter for us, the second quarter. To summarize the quarter, our net sales decreased by 17%, SEK 242 million. The organic growth, taking the currency effect into consideration, was 14%. We had negative sales development in basically all regions, especially in Europe, EMEA. It was a weak quarter. We had continuing high uncertainty in the market. This resulted in an EBIT level of zero, so no profit, but also no loss. The deterioration in the EBIT is only because of the lower sales, even though we had lower costs compared to previous year. This is based on that we are continuing to obviously having a stronger cost control and resulting in a stable cash flow from operating activities, and more of that from Linus later on in the presentation. On the good side, the ProPanel, we had a good positive first initial reception in the market. We see the rental companies that have invested in the product. They are seeing that the product is moving in rental. We are continuing more of launch activities. I will come back on that. Talking more about that, more detail on the panel that we are doing as we planned. It is important to us to get into the cinema side of the lighting business. This is really strengthening our LED offering. This is part of a four-product lineup that we are offering on the LED side. We have great positive feedback from customers. It is a small niche in the market, but the feedback is great. It is meeting clear market needs and enhancing our product portfolio. We are slowly gaining traction. Even though it had limited financial effect in Q2, we expect the revenue to be better gradually, slowly over the year, the coming two quarters. Customers and gaffers, we see it that they are demanding the products for their projects from the rental companies. As I said, we are very early in the launch cycle. Please bear in mind that film projects, they do have a long planning cycle, so it takes time before the demand materialize in re-rentals and in rentals materializing purchases from us into the market. One of the customers using the product is Cullum Ross, Gaffer Cullum Ross, that used it for the film The Butler with Jean Reno. Here are some images from that production and how the light is used in different setting. Also, Dessie Coale used it for the TV series Baywatch. If we look into the regions, we had a similar situation in all regions, where EMEA and Europe was particularly and significantly weak, and where we see a - 27% change in sales. There are some explanations to this apart from the lower demand in the market. We had some unusually high supply of secondhand products in the market, depending on some rentals selling off their full product range due to financial problems. EMEA was tough. We also had negative organic growth in Americas. Here we could see a sell-in effect in the second quarter 2025, which made the comparables very tough. We also had regional variations in APAC, where China has a solid performance when Japan and the rest of APAC performance is weaker. 12% down in Americas, 27% down in Europe, and APAC -8%, resulting in this -17% lower sales for the full group. Thank you. I leave the word to you, Linus. Okay. Thank you, Anders. As you mentioned, it was a weak quarter with a flat result around zero. It's mainly due to three key factors. One is, of course, the top line, where we see the organic growth of -14%, and also the selling effect from compared to last year. All in all, top line was on the weak side. We also had a product mix effect where we had a lower share of high margin product in the studio segment than the automation. That's more of a temporary effect during the quarter. It's not a structural issue, but it has had a negative impact during the second quarter. The third effect was more related to the CapEx depreciation effect as I will come back to in the next slide. All in all, a weak quarter with an EBIT of around zero. On the next slide, this is a picture that we have presented before. As you can see, the total cost base is reduced by close to 20% quarter-by-quarter compared to last year. Also as we communicated in earlier statements, we will see a pickup in the second quarter, and this is exactly what happened. There is a small increase during the quarter, and that's purely related to two things. One is the launch of the ProPanel, which includes several fairs and events and so on. That's one effect, and the other effect is related to the reorganization of our U.S. operation, where we had some personnel changes which increased the cost somewhat. All in all, very much in line with expectation. There is no underlying trend with an increased cost base. That's important to state. Here is what I mentioned. Here is what we have seen during the last three, four quarters where we have a capitalization rate of around SEK 10 million per quarter, but an increased depreciation level on approximately a range of SEK 20 million. The net effect compared to last year in the same quarter is actually close to SEK 20 million, and that's, of course, quite a substantial impact on the underlying EBIT. This is a level that you can expect going forward. Now it reflects more on what we are doing and how we see the future level of R&D capitalization. On a positive note, despite that we have a quite weak top line and a flat EBIT, we generate cash during the quarter, and we had a positive impact on operating cash flow of around SEK 8 million. We also, of course, have an R&D investment of SEK 9. All in all, it's around flattish. During the quarter, we managed to amortize our gross debt with SEK 20 million, which is good and absolutely important to have the financial flexibility to support the operation. If you compare to the same quarter last year, we have actually managed to reduce our net debt by SEK 50 million, and that's a combination of lower cost base, but also a strong focus on the net working capital. All in all, we have a strong financial situation despite the tough market. To summarize, we have mentioned that we have seen uncertainty in the market throughout the world, actually. It's weak sales in all markets, but especially in EMEA. The result is affected by primarily weak sales, but also the product mix. That's despite, actually, that we have this close to 20% lower cost base. As Anders mentioned, the ProPanel has been positively received. However, it's very in an early stage, but it's going according to plan, and we expect to see a gradual increase the coming quarter. All in all, it's very much in line with expectation and what we have communicated in previous quarters. It's important that, of course, we keep the cost control very tight. We don't expect any major changes during the coming quarters, but of course, we look at all the cost all the time. Just a final word regarding the financial position. We are generating cash, and we keep our financial position in a fairly strong position. That's good, and also it's important that we can support our operation as we are entering new markets with new business models where it's important to really have the flexibility to support the rentals and the new cinema customers. We have a good dialogue, and we are in a strong position to have that discussions going forward. That's about it in a nutshell. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad. There are no phone questions at this time. I hand the conference back to the speakers for any written questions or closing comments. Right. We haven't received any questions by email, so I think that's about for this time. Thank you, everybody, for listening in, and we keep on fighting in the global market. Thank you, everybody, and have a nice summer. Thank you