Hello. Welcome to today's broadcast with Rottneros, who will be presenting their financial report for the second quarter of 2026. With us, we have the CEO, Per Bjurbom, and CFO, Monica Pasanen. If you wish to ask questions, you can do so via the form found to the right of the broadcast. If you're calling in and would like to ask a question, press star nine to raise your hand and star six to activate your audio once you've been given the word. With that said, I hand it over to you guys. Go ahead and present. Thank you, Elliot. I would like to wish you all welcome to this Q2 report for Rottneros. Myself, Per Bjurbom, CEO. I will start to make a presentation of the highlights and the market. Then I will turn the word over to Monica. I will present the financials. Then I will wrap up at the end. Then we are open for Q&As. We move on to the highlights for Q2. As you may be all aware of, we are coming out of a streak of quarters where we have been on the negative side on EBITDA number, and we are very pleased to see that we are showing up an EBITDA of 31 million SEK. Also a theme during the quarters is the wood pricing. The wood pricing has come down as we have anticipated earlier quarters. We are happy to see that materialize in our numbers. We also can see that in our niches where we are prioritizing our production, we can also see a stable demand. We continue within the company to scrutinize cost, and we are also happy to see that that is giving result. We are happy on the cost development of the company this quarter. Please next slide. For you, so maybe it's new to Rottneros, just some short words about the company. Producer of soft wood pulp for demanding customer when it comes to purity and strength. We are located here in central Sweden. We also have a joint venture in Poland with Arctic Paper producing packaging. If you look on our rolling 12 months figures, we have a net turnover about 2.3 billion SEK. We're running at 266 employees, production volume 328,000 tons. Of our volumes, 79% goes into these prioritized niches. Please next. Let's take a look then at what have happened in the market. If you start with pricing, we can see that basically it's been moving sideways. It is affected by the currency. We have enjoyed a little bit weaker Swedish crown during the last quarter. At least they're not going down, so they're moving sideways. I think we should be happy about that. If you look on the producer stock of the bleached softwood pulp around the world, you can see that they are on 46 days. That is a number that is on the high side. That also shows that there's plenty of pulp out there that is available for our customers. Please next slide. If you then look what is happening in our main market, Europe, production of different paper grades. We can see that here we have a decline. In 2025, the decline was 2.5%, and for the first four months here in 2026, the decline is continuing. containerboard has a slightly positive effect, and that is the biggest product area, that has a huge impact on the averaging of this. Otherwise, you can see that the paper production in Europe is declining. Here we can also see that there is, say, paper and board coming in from other places in the world, especially from Asia. Next slide. If you take a look on deliveries of chemical pulp on a global basis, you can see that China, if you start with a circle here on the left side, you can see that 41% of the consumption is the deliveries are made to China. What is happening in China has a huge impact on this market. If you look on the right here, we can see that China is still growing consumption. Europe is lagging, North America is lagging, and Latin America is on the floor. Next slide. If you look on where we are doing our business, and we have 69% of our business in Europe and 24% in Asia and 7% in North America. We consider, of course, Europe is our home market. When you're dealing with this kind of product, it's always important to deliver them as so close to home as possible because it's easier to have a good service to customers and make good deliveries and good planning to get it to customers. If you then remember that the production have gone down with 1.7%, we have increased our share in volume here by 2.8% in the first half. We have a strong position here in the European market. With that, I leave it over to Monica. Thank you, Per. As Per already concluded, we have a quarter where we're posting a positive EBITDA. What we see here is the bridge from second quarter last year when it was SEK -15 to SEK +31 this quarter. If you remember the price slides that we saw earlier, there was a big decline in prices throughout 2025, but they were still on a fairly high level during second quarter compared to where we are now. Much is due to pricing. The NBSK price in U.S. dollars is 9% down quarter to this year compared to last year, also the dollar has weakened in this period by 3%. The big impact and plus comes from variable cost, where really the cost of wood is the major cost item or major improvement. They were at the peak during spring 2025 and have continued coming down since then. We also see some positive effects from lower costs for chemicals and fuels. In the beginning of 2025, we saw that the market was going in the wrong direction, and our profitability was low. We initiated a savings program that was targeted at fixed costs and especially at personnel. We are now 266, as we heard earlier, down from 288 a year ago. We also targeted all other fixed costs. The other two big items are maintenance and also bought services. We have been able to decrease also in the cost in these areas. The item other here is the majority or half of it comes from that we sold emission allowances last year. This year so far, we haven't sold any emission allowances, so that is, of course, a negative in the comparison. We also see lower sales prices on our byproducts, and that goes partly together with the general fuel costs. If we look at the first six months, it's very much a similar picture. Really, the big difference is that it's a bigger impact on price and currency for the half year as they were very favorable still in Q1 2025. Those of you who have been following us might remember that in the first quarter, we talked about the production issues that we had, especially in Vallvik Mill during the very cold winter. We have a negative impact in volume, especially from the beginning of the year this year. For the variable cost and fixed cost, you see a similar picture as for the second quarter. This picture is just to highlight the importance of the cost of wood for our whole profitability. For the first half year, it was 45% of our cost structure. This is a look at the balance sheet. With an improved EBITDA, we should, of course, have a better operational cash flow. However, we have had an increased working capital during the quarter. It has a lot to do with how the production is being planned. Now, in July, Rottneros Mill was standing still as planned for summer vacation for four weeks, and we needed to build stocks ahead of this standstill to be able to service our customers. Then, at the end of September, we will go into Vallvik Mill's annual maintenance shutdown and to be able to keep up our service levels. We're also usually building some stock at this time of the year. However, we will continue to have very strict focus on our working capital and on our cash flow, considering the several quarters of lower profitability. We also have focus on our investment levels and foresee that they will be much lower this year compared to last year. Approximately SEK 60 million this year versus SEK 166 the year before and also the year prior to that. That continues to be our focus on the cash flow and decreasing costs. With that, I hand back to Per to make a summary. Yes. Just back to our position thinking forward. We are in a position within our initiatives we are delivering into that we have very strong underlying growth. We have our paper, the pulp going into electrification. Here we have a very strong position. We are going to grow with the market. This will improve our mix. We have the underlying trend of sustainability. That of course favors fiber solutions. Maybe this trend, if you look from a pulp and paper producer, is not that kind of hot at the moment, but we are quite sure that this will pick up going forward. Here also we have our packaging endeavor that we are running up in Sunne and in Kostrzyn in Poland. During the quarter, we decided to move all commercial production to the Polish site. In Sunne today we are doing development and customer service. E-commerce is a trend that will continue to be an underlying trend. That definitely consumes fiber. In the tissue segment, personal health hygiene. This is something that is a basic need for people. Here we think this is also going to develop going forward. We think we are well-positioned. If you go back to the segments we are operating in, our key areas is electrotechnical filters and cartonboard. You can see in this slide that compared to full year 2025, we are growing in those areas except for the cartonboard one. The board producers here in Scandinavia have had a really tough year. Hopefully this will pick up going forward. Company is very well positioned. As a last summary here, we see that in these prioritized niches we have good demand. Wood prices have come down. It's very difficult to say where this will go, but we will strive for. This trend will keep up. How big that will be, I don't know. Of course, we continue our efforts to reduce cost. That is starting to become a DNA of this company, is the cost aspects of things. With this, I would like to say thank you for listening to us. I will turn it over to Elliot for Q&As. Thank you so much for that presentation. We now open up for a short Q&A session. As a reminder, if you wish to ask questions, you can do so via the forum found to the right of the broadcast. We can go right ahead and start. With that, the prices for the CTMP are continued low and declining. China is more and more integrating. The convert rate between the SEK and U.S. dollar is weaker. Electricity prices are higher. You're not running the mill full. What is the difference in EBIT between the two mills? On the topic of the EBIT of the two mills, we do not comment on EBIT levels on the mills. We can elaborate a little bit about the CTMP situation. Here you can see that the prices has come down and there is an overcapacity. I would say the prices have kind of stalled and is rather than moving slightly, not much, but a little bit upwards. Of course, then with a weaker ratio between USD and SEK that we've seen in the last couple of months here, that is in favor for us. When you have this situation, you should not run at full capacity. What we are doing is we are really diligent in what orders we're taking in. We evaluate them on are they making any contribution or not. Then on the other side, we should not run when the electricity prices are high. We kind of develop a modus operandi that we stop the mill according to electricity price, and then you have to have an order stock that can take that kind of operation. That's why you cannot run it full. That for us it has improved the situation the last quarter operating in this way. Yes. How is the investment in the effluent treatment progressing? That should make you independent of fossil fuels in the CTMP mill. Yes, I think it's progressing. It's working, but I think some more fine-tuning has to be done to get it into the kind of operational mode that was expected from say when the investment was decided. Yes. All the commercial production of trays have been moved to Poland. How much do you produce and how is the market developing, and what is the profit of that business? We have moved all the production to Poland. We have two lines up operating there. We are on track to do somewhere between half a million to 1 million pieces a month. On this profitability thing that we have, sorry to say, but we need to say no comment on that since the policy is not to comment on each unit's profitability. Sorry about that. No worries. Finnish pulpwood prices have increased again, and the softwood pulp prices are low and declining. As earlier said, the convert rate between SEK and the US dollar are still somewhat elevated. What is your earnings outlook for the next 12 months considering all these factors? I can start, then maybe Monica should comment on that. That's a really difficult question because this is a lot of moving pieces. On general side, we would like to see lower wood prices. Then, of course, what's happening in the countries around where we are sourcing has an influence on the wood prices here. Here it's important to be diligent and really strive for not increasing wood prices. Then what that will have an effect, I think that's very difficult to say. Monica. Yes, we don't give guidance as such, but we show in our annual report, in the risk section how our profitability is affected by variations in the US dollar to the SEK exchange rate, in the price of pulp and also in the price of wood. These are the main three items. Electricity is also in the chart or in the table, but not as much. All of these three items. You need to predict them, so you need to have a crystal ball to try to think of what it will mean for the coming 12 months. Of course, we see that it is a good development on the wood prices. We hope that this will continue. Pulp prices is a lot more difficult to predict and as is exchange rates. I think we will give a bit of an unsatisfactory answer, but I can refer to our annual report if you want to see the sensitivity analysis of these factors. Yes. Another question we just got in is that how strong do you feel in your industry right now in 2026 compared to other companies? Do you mean the strengths of the industry? Yeah, exactly. How is your market position compared to others? Okay. In these segments that I described in my presentations, I think we have a quite good positioning in those segments. That is basically the philosophy of the company to kind of protect ourselves, to become really good in certain niches where you can have some better pricing and protect yourself there. These niches will not be that big, and protect yourself from this kind of commodity pulp. I think in the niches that we describe here, I would say we have a strong position. Yes. The EBITDA improved from SEK -36 million in Q1 to SEK +31 million in Q2. Is it possible to roughly quantify how much of an improvement came from wood cost, production availability, fixed cost, pulp, and currency development, inventory, mix effects and respectively that? Which of these are likely to be sustainable going forward into Q3? I think that we saw in the slides that the biggest improvements is from the cost side. On the variable cost side, it doesn't move so quickly the price levels. That I think can continue. Of course, on the fixed cost side, what we have achieved in our savings program will continue. Having said that, I'm sure that you're all aware of that we go into the maintenance shutdown at Vallvik mill which will show in our cost side as we are doing the needed maintenance work once per year in this pulp mill that is otherwise running 24/7. Yes. Thank you. We got another question right here, and that is that there was no comment on the health and safety in the CEO comments. Has this become less of a focus for you guys? Definitely not. I have 40 years of experience in operations in pulp and paper industry, and this is like breathing for this industry. It's completely on top of the agenda and if you missed that here, I'm sorry about that, but that is something that we will never put down on the second place on the agenda for the company. Yes. Thank you. The next question that we also got right now is that are you planning to increase the production of the e-pulp in the near future? Meaning producing more the production e-pulp? Yeah, exactly. We are planning to focus on the niches that we see are favorable for us and we don't have in the cards to make other products, and I think that might be difficult as well. The focus is to continue being good in our niches and making a difference to our customers. Yes. You state that the wood prices have fallen by approximately 20% from their peak, and the effect comes with a time lag of about one quarter. How much of the cost reduction was realized in Q2, and how much additional positive effect could come in Q3 and Q4 if current purchase prices persist? If we compare costs to last year, we have had the downward trend now for almost a year and a half. Of course, we will continue seeing positive effects on our result from lower wood prices. I guess that is the short answer to that question. Yes. You have significantly scaled back the CapEx to around SEK 60 million for full year 2026, down from SEK 166 million in 2025 to prioritize balance sheet strength and cash flow. Given that your 2030 vision targets 415,000 tons of annual pulp production, does this lower investment pace risk creating a bottleneck for future capacity growth or delayed maintenance? When you do these kind of reductions, you do prioritizations that maybe you would not have done when you're running a very profitable company. It could have some effects going forward, but it's very difficult to quantify them. Basically, it means that the approaches we have to investment, the approaches we have to maintenance, that is the key so we kind of can do the right stuff. It's very difficult to say how that will affect the future in that respect that was asked. Our intention is hopefully that it will not have that effect. Yes. The free cash flow from operating activities was -SEK 81 million from the first half of the year, impacted by working capital changes and inventory buildup. What is your target working capital level, which stood at SEK 458 million at the end of Q2 for year-end 2026? When do you expect operating cash flow to turn sustainably positive? The working capital is a big part of the cash flow and the changes in working capital. As we are having the standstills in the summer in Rottneros Mill and then maintenance shutdown in Valvik Mill, this will drive buildup of finished goods, and that is what we also see now in Q2 has happened. Having said that, we of course look very closely at what we have in stock, both in finished goods to make sure that we have efficient usage of the stock and have the right amount to also be able to serve customers. We're also looking at the raw material stock, mainly wood that we have in our wood yards. Of course, this should be at a low level but reasonably high that we continue our operations. We keep having a very strong focus on these items going forward. Thank you so much. That was today's last question. With that, we will wrap up today's broadcast. We'd like to extend a big thank you to you guys for the presentation, as well as everyone who submitted questions and watched today's broadcast. I wish you all a continued pleasant day