Alternatively, you can type a written question in the Q&A box provided online. Please note that we do ask that you do limit yourself to two questions. I will now hand you over to Peter Claesson, Finance Director at Stena to begin, so please go ahead, Peter. Thank you very much for that introduction, and a warm welcome everyone to Stena AB's Full Year 2024 Investor Call. Hope you have gotten access to the slides, and as usual, I will run through the slides fairly quickly before I open up to Q&A session afterwards. Let's move into the presentation, starting with slide number three. Here you can see the five business areas of the Stena AB Group. These are ferries, offshore drilling, shipping in the restricted group, and then property and Stena Adactum or investment company in the unrestricted group. For the full year of 2024, revenues from operations, excluding net gain loss on sale of assets and change in fair value of investment properties, amounted to SEK 54.2 billion, and EBITDA from operations, excluding other, amounted to SEK 13.3 billion. On slide number four, the income statement for 2024. We had a slight contraction in revenues from operation by SEK 577 million to SEK 54.169 billion. Total revenues grew by SEK 115 million, mostly due to the net gain on sale of assets, and that was mainly the sale of LNG vessels, three LNG vessels that we did in the first half of 2024. Income from operations up by SEK 174 million to SEK 6.4 billion, and earnings before tax up by SEK 130 million to some SEK 3 billion. On slide number five, you can see the various business areas and the performance for the full year versus 2023. I will just mention very briefly that we had a slight contraction in ferry operations, and I think from an operational point of view, we had a good, very, very good year, and there are some kind of one-offs related to repair and maintenance costs and charter costs in this result. Historically, a very strong or very high cash flow generation from our ferry operations. Offshore drilling, an increase by SEK 500,000, and as you know, we had delivery of Stena Evolution or new rig on a 10-year contract with Shell that was included in the 2024 result. Stena RoRo continues to grow, and we have locked in revenue here with 10-year charters, and EBITDA will continue to grow during 2025. Tankers, there we have a lower fleet. We have sold LNG vessels and slightly, slightly lower day rates, pushing that EBITDA quite substantially down, but still a fantastic year in historical terms. Mostly in line, we had a slight contraction in our other shipping segment, real estate and Adactum, very stable and continued to perform. All in all, a good year, strong cash flow generation, and generally very, very good situation. Moving into CapEx, slide number six, you can see in the table that we have a total of SEK 4.9 billion as of 31st of December 2024 of committed CapEx, and SEK 1.7 billion of those are going to be spent during 2025. You can see what was delivered in terms of vessels on Stena RoRo during 2024, and you can see the future deliveries. They include two new buildings for Stena Line, and then Stena RoRo has deliveries to Corsica Linea, one vessel in 2026, and to Arctia, two new RoRo packs, new buildings delivery in 2027. Our debt maturity profile, we have been fairly active during the past 12 to 18 months, pushing our maturities to the right, and what we have done recently is that we have pushed maturity of our unsecured RCF of SEK 240 million. We have an option to push it one year further. We have one year left, so ultimately we believe it is going to end up in 2029 as the final maturity there. We have been active on the capital market, and we called the 2028 EUR 325 million bond, and we did a private tap and pushed that maturity to 2031. We also changed currency then, obviously. We had a term loan provided by a bank covering the rest of the amount, i.e., SEK 2 billion, around EUR 200 million. We are getting better terms, and thus we will be saving some on the finance net due to these transactions. All in all, we are quite comfortable with our maturity profile, and as you can see, the next major maturity that we have is the RCF, the secured RCF maturing in 2027. The liquidity position on slide number eight, where we had SEK 17.8 billion of available liquidity, and that is in the form of cash and unused credit lines and also holdings of marketable securities. You can see in the pie chart the respective amounts and proportions. With that, let's move into the segment review. I think all in all, despite Stena Line kind of trending slightly downward, I think Stena Line had a robust development during 2024. Passenger volumes minus 2%, freight volumes minus 1%. Underlying that is, of course, quite big regional differences. All in all, especially given the state of the economy with the consumers slightly under pressure, I think it's an impressive year. We have added some. We had a new freight route between Dublin and Liverpool, and we also, during the year, acquired 49% of the Africa Morocco Line, which is an exciting development for Stena Line to be moving into the Mediterranean. Given the size of Stena Line, it's not a big investment, but it's nonetheless an exciting one. We also had some divestment of vessels during the year. Slide 11, I will not go in and talk about this in any detail, but for your records, you can see a comparison between our categories in terms of volume from 2022 up to 2024. As you can see, we are holding, we are keeping up with that, and that should be seen in light of a somewhat, I think, challenging market. On slide number 12, also for your reference, mainly is the route network for Stena Line. Moving into drilling, and obviously, we are, if you go a few years back, we are on a very positive place for Stena Drilling. We also had delivery of our new drill ship, Stena Evolution, and there we have a 10-year contract, of which seven years are firm with Shell, and the unit is also at some stage being upgraded to a so-called 20K rig. During the year, we also sold Stena Spey, so you can say basically what we did during last year, we modernized our fleet and took out Spey, who was fairly old, and put in, I would argue, one of the most modern drill ships in the market today. On slide number 14, you can see that we have a few kind of headwinds in terms of, I would argue, mostly as we see it at least, 2025 in finding work for all of our rigs. As you know, we had for many years Stena Drillmax working for Exxon in Guyana, and that contract was ended at the turn of the year. We have been idle now for up until now in principle, and you can see on this schedule, we have two contracts and some further options. If the options are utilized, that will take us into 2026. Carron continues in Guyana, and Exxon are, we believe, going to need the vessel throughout this year. As she is on a greenfield contract, they also have options for the whole of 2026. Stena Forth is a little bit more challenging. We have discussions on kind of shorter-term contracts during, let's say, during the summer. That is what we are working towards. Other than that, it's not likely at this stage, as I see it today, that we will get any more employment for Stena Forth during the year. With regards to Stena IceMAX, our BP contract runs out in the autumn, and we are in negotiations of finding either prolonging this contract or finding other employment opportunities in the region. Don is also working for Shell, and I would say we have a similar situation there. We might see some white space during the harsh winter months, but we are confident that we will get employment, let's say, second half of Q1 in 2026. I think that's where we are. I must admit that we have a slightly weaker situation in the market than if you move back, let's say, three or four months. We believe, though, that this is a temporary phenomenon, and I think in principle, the foundations are there with the supply-demand balance being very tight and also the needs for the oil industry to keep on exploring to counter the depletion that is in the market. On slide number 15, tankers, and I've been saying that from a historical point of view, we had a fantastic year, mostly because of our kind of reluctance to renew charter rates at very high rates. That has led to that our chartering tonnage has decreased. Of course, no LNG is in the comparison with previous years. In terms of day rates, we had slightly lower day rates for 2024 than 2023, but I think you can see compared to the long-term average, it was still a fantastic year for tankers. LNG sold, divested, and on slide number 17, you can see Stena RoRo, which is, I think, a very good story for us, where we have developed a fantastic negotiation with the yard. We have a very, very competent project team that delivers the vessels that we order on time and on budget. We have very solid 10-year contracts with our clients. I think they're doing a great job, and I think when all of the vessels are delivered, we will be on an annual basis, SEK 1.3 billion-SEK 1.4 billion in EBITDA. What we need to manage and what we are managing is our counterpart risk, of course. We manage that with a staggered portfolio and also with a diversified portfolio and also some other measures to control that. Very, very good and also very, very stable cash earnings here. Moving into slide 18 and Stena Property, you can see on the EBITDA line, it's very, very stable. You can see that we have a solid and very high occupancy. t in Sweden, where most of our properties are residential, and then 91% outside of Sweden, where it is purely commercial, and most of this is in Poland, where we have invested recently. The market value of our properties is close to SEK 52 billion and an LTV loan-to-value conservative at 42%. Final business area, Adactum. You can see I am very impressed if you look at the EBITDA graph. It is stable despite the headwinds that we have had in one of our largest businesses within Adactum, mainly the kitchen manufacturer, Ballingslöv. They have seen much weaker sales, and despite that, they have kept, in principle, their margin by managing their size. Quite impressive, I think, to keep on generating the cash that Adactum does. We have done some kind of, you can say, some minor changes to our portfolio. The last thing we did in February 2025 is that we divested a company called DMC to an American company called Coral Tree Partners. I think I will stop there and invite you to a Q&A session. Thank you very much. Thank you. If you would like to ask a question, you can do so by pressing the star followed by one on your telephone keypad. If you change your mind, please press star then two to remove that request. Alternatively, you can type a written question in the Q&A box provided online. Just as one more reminder, we do ask that you please limit yourself to two questions per person. Thank you. We will pause here for a second whilst questions are registered. The first question we have comes from Michie Yana with Alls pring Global Investments. Please go ahead. Hi, can you hear me? Yes, sure. Oh, I'm brilliant. Yep, we hear you. It's sort of a big question, but I was wondering if you have done some analysis on potential USD charges for ships making call in ports for the ships made in China. Firstly, I mean, am I correct to understand potential relevant categories would be tankers and bulk? I presume that offshore drilling, even for Gulf of Mexico, is not relevant. How much of your capacity or the number of ships are made in China? I mean, have you done any potential assessment? Yeah, I think that's a great question. As you rightly point out, we have our product tankers have been built in China. I think we are assessing what impact a potential tax on Chinese-built tonnage would be. I think it would be kind of built into the market, maybe with a premium in the market to tankers or vessels built outside of China. It is quite a big and liquid market, so I don't think, I mean, without us having done a detailed study on this and with all the uncertainty around the potential charges, we don't believe that this is material to Stena, and I think it's possibly not even material to the tanker company, Stena Bulk. We have our drilling vessels. They are built in Korea, so they would not be affected by this. Obviously, they do not go into port either. There might be potential tax effects that we will look into. I think our company, along with many, many companies in the world, are now trying to study and learn of, I mean, what will be the final implementation of these tariffs and in the second stage, what effect will that have on our company? We believe direct effect, we cannot see that that is a major effect. Indirect effects would, I think, include effects on the world economy, potential slowing, maybe inflation effects, and so on. I do not think that would hit Stena more than any other company. I understand. Just a second question. I think this is probably the first call we are having after the Immaculate incident. Is there any kind of asset impairment charge you'll be taking, and is there any kind of insurance that you'll be able to recoup? Am I correct to understand that there are no findings by the marine authorities on any pollutions or any environmental damages? I mean, I don't think the final investigation is not done. I will not talk about the incident and its courses per se as that might prejudice us. I would argue that the vessel was fully insured, and we were laying anchor at the designated spot, and the other vessel hit our vessel. Thankfully, the crew of our vessel, everyone was safe and accounted for. Sadly, I think one crew member of the other vessel has disappeared. As we see it, we are well protected by the insurance that we have. Okay, understood. Thank you very much. Thank you. Your questions. The next question comes from Danielle Ward with JP Morgan. Please go ahead. Hi, thank you very much for the call. My first question on the drilling segment, the softer tender conditions that you mentioned, are you referring to day rates here, and what sort of rates are you seeing at the moment? Have they fallen below the $400 sort of level that you've spoken of before? Just tied to that, the Evolution, it sounds like the firm part of that contract has been extended to seven years from five years, I believe it was before. Was this on the same terms as before, and what was the reason for the extension? Secondly, on the ferry market, are there any signs or what signs are there that you're seeing to reflect the softer macro environment? It'd be good to just hear a bit more of your thoughts. If we see a further contraction in Europe, how do you see the ferry business positioned within that? I think there's a SEK 500 million cost program referenced in your annual report. If you could elaborate on that as well, what's involved there, and if that's in response to the macro, that would be great. Thank you. Thank you, Danielle. I think there is a lull in the market, and I think it manifests itself mainly through that there is, and maybe also kind of the recent, the recent, let's say, uncertainty in the market has also spilled over on the oil companies. I think actually the lull kind of started before the market turmoil started. I think it's just that they are waiting somewhat to do drilling, and it's not a major pressure on day rates. I believe it's fair to say short rates are below $400,000 today. With regards to Evolution, you're right, the Evolution, they have options to Shell, that is, have options to prolong the contract and ultimately to 10 years. I think I will not speak for Shell, but obviously it's somewhat related to the investment in the rig, making the rig a 20K rig. Obviously Shell would like to utilize the rig as such. In relation to ferries, we see a little bit of the general market sentiments transmitting into. I think we've seen that through 2024 and actually part of 2023 as well, where especially the Swedish and the European consumer has been hit by both higher interest rates and also higher energy prices. I think both of them have reversed pretty much, which should give a slight tailwind, but that should then be set against the general uncertainty in the market now. We have seen these trends, and that's why we have announced a SEK 500 million. It's not only a cost program. Our aim is to improve EBITDA by SEK 500 million. We We are indeed addressing costs and trying to be vigilant. Thank you. Thank you. Thank you. We have another question from Prateek Bhatia with BlackRock. Hey, hi. I hope you can hear me well. Yes, absolutely. Thank you. I just wanted to check regarding the drilling segment. Based on the white space that we see as of today, how much impact on the EBITDA do you see? I mean, based on the situation as of now. Secondly, regarding the leverage, do you have any leverage target? Please. Yes. In terms of the white space, I would say it is the EBITDA is probably, let's say, $200,000 per day. That would be what is lost in terms of per day on a per rig. Let's say that we did not get any further employment here for the year, the impact would be around $100 million. In terms of is there a leverage target, there is no stated leverage target, but we've said that we are quite comfortable around four. As our kind of certainty of revenues, you have to look at that as well. I think in terms of, for example, our RoRo segment, there we are very certain on our revenues. That is kind of growing and taking a bigger part in our company's earnings. I think you have to kind of adjust for that because I think that leverage associated with Stena RoRo and with a company by 10-year contracts, those are kind of less worrisome than leverage associated with kind of spot earnings and so on. We are very comfortable around the level of four. Got it. Understood. That's helpful. Are you able to provide any color or guidance around EBITDA for 2025? We are not giving guidance on that, but we will meet again, hopefully, in 30 days' time, and then we will provide color on Q1 for this year. Yeah. Got it. Thank you. Thank you. Thank you. We have now some text questions. We have Joken Wahol with Nordea. How will the proposed tariffs affect Stena? Are you already seeing any effects? I think I was alluding to this previously, and I think direct effects are almost nonexistent for Stena as we are not directly involved. Potential secondary effects, they might include kind of tax effects. They might include, and I would expect to be the most pertaining, secondary effects on the rate of growth of the world economy. Thank you. This is a reminder. You can press star on to ask a question, or you can type your questions. We have another question. Is the committed CapEx exclusively ferries? When will the last committed ferries be delivered? Is cost pressure moderating in Stena Line? Yes, as we have on slide number six. As we see it now, currently, the last vessel is delivered in 2027. Are cost pressures evaporating? I think that for many things, I think it is for kind of what we buy. I think for staff, there is a certain cost pressure. I think in Sweden, we have an agreement of salaries of around 3% for 2025, 3% higher. In other countries, that figure might be substantially higher. I would say general inflation there, I think the kind of rates of increase that we saw in 2022 and 2023, we do not see anymore, but we see some kind of wage inflation in the system. Thank you. Thank you. We have another phone question with Jonas Shum with Clarksons Platou Securities. Please go ahead when you're ready. Happy to. Thank you for taking my questions. On Stena Drilling, you are mentioning that you will take Stena Evolution for an upgrade. Will that imply some downtime in terms of the contract? Will that kind of off-hire period be paid in some sense? I think the timing for this is still to be determined. If and when that happens, that will not affect our earnings. Okay. Super. On the cost-cutting program in Stena Line, you mentioned that there were still some cost pressures on salary levels. Do you think that the ambition of SEK 500 million in EBITDA improvement, will that entail some cuts in the manning? There has already been a few rounds of notices. The answer is yes, that will affect kind of the personal side. We are making it less personally intensive in certain kind of, call it administrative areas. That is a part of the savings program. Okay. Just a short follow-up on that. Is that kind of that program, will that be kind of completed by the end of this year so that it has full effect from 2026? Yeah. That's the idea. Implementing in 2025 and seeing full effect in 2026. Okay. Thank you. Thank you very much, Jonas. Thank you. We currently have no questions registered at this time. Thank you to everyone participating in the call and then welcome you back shortly for our Q1 numbers. See you then and take care. Thank you very much. Thank you for joining today's call. I can confirm that has now concluded. Please enjoy the rest of your day. Thank you for your participation, and you may now disconnect.