Hello everybody and welcome to the Stena Q1 2025 Investors Call. My name is Elliot and I'll be your coordinator for today. If you would like to register a question during today's event, please press star one on your telephone keypad. Alternatively, you can submit your written questions via the Q&A box found on your screen. I would now like to hand over to Peter Claesson, Finance Director. Please go ahead. Thank you very much and welcome everyone to our Q1 Investor Call. I hope you have access to the slides and, as usual, I will run through these fairly quickly before we open up to a Q&A session afterwards. Let's dig straight into the presentation and on slide number three, here are 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 in our unrestricted group. As of Q1 and for the last 12 months, revenues from operations were SEK 53.6 billion and EBITDA from operations excluding other was SEK 12.7 billion. On the next slide, slide number four, you can see the profit and loss statement for the Stena AB Group. For the quarter, we had revenues of SEK 11.7 billion, some SEK 511 million lower than the same quarter in 2024. We had like SEK 12 million in net gain on sale of assets, so that's a SEK 687 million difference from last year. In total, the revenues were SEK 11.7 billion versus SEK 12.9 billion, almost SEK 13 billion. A difference of minus SEK 1.2 billion. EBITDA SEK 1.856 billion versus SEK 3.198 billion. Income from operations SEK 700 million against SEK 1.5 billion. Earnings before tax a negative SEK 745 million versus SEK 643 million in positive the year before Q1 2024. If we look at the EBITDA on slide number five, you can see ferry operations in principle unchanged, slightly up. We have the drilling operations lower by SEK 391 million, primarily due to fewer days on contract for the fleet. RoRo, in terms of in line with expectations and up due to more deliveries of vessels with larger fleets. Tankers down and with the reverse explanation, basically a lower fleet and slightly lower rates than previous year. Real estate stable and slightly growing. Stena Adactum also had a stable quarter and in line slightly better than the same quarter last year. Operationally, EBITDA is down by SEK 600 million versus the same period last year. Including net gain on sale of assets and change in fair value of investment properties, we are down SEK 1.3 billion from last year. Slide number six, our committed CapEx. We have had a couple of deliveries last year, three of ferries. This year we have two deliveries of new buildings to RoRo vessels for Stena Line. We have a delivery to Corsica Linéa in 2026 and to Attica, two new buildings in 2027. You can see the CapEx in 2025 and 2026 below, a total of SEK 4.8 billion. Maturity profile on slide number seven. We have worked with the maturity profile a lot, so we have no near-term maturities. Next one is our revolving credit facility in total EUR 700 million in 2027. And then we have an unsecured RCF and a term loan maturing in 2028. You can see total debt in the table to the right. It's about SEK 4 billion lower than on the 31st of December. And in principle, it's all due to the stronger Swedish krona, so we have lower debt due to FX. Slide number eight, our liquidity close to SEK 16 billion. And you can see in the pie chart, you can see that mostly unused credit lines and then an almost even split between cash and security holdings. Moving into the business areas and Q1, you can see that volumes were down, partly affected by Easter effect and Easter timing. Passing the volumes down by 7% and trade volume stable, slightly positive plus one versus last year. We have also done one divestment of an investment called Stena Livia, which was sold to a New Zealand company. Stable quarter for Stena Line. Also bear in mind that the seasonal effect means that normally we have about 15% of revenue from passenger and passenger cars during Q1. The loss had a muted effect in money terms. On slide 11, just for your reference, you can see a comparison in the volumes from 2023 and 2024. Then on slide number 12, you can see our route network, including our latest acquired line between Morocco and Spain. Moving over to Stena Drilling, we have a situation where we have an overall quite robust market still with high utilization. We have been a little bit unlucky in timing with our contract maturities. That in turn has meant that we have some white space in our contract coverage. We are working, and on the next slide, I will talk about what we are doing and what success we have and might have in contracting our vessels. Our Stena Evolution is performing and is working with our counterpart Shell, who are very happy with the rig. They are so happy that we have agreed that they will invest further in the rig. It will be a so-called 20K rig with an upgrade to drill very high pressure wells. On slide number 14, the contract coverage, Stena Carron continues in Guyana. We managed to find contracts, including options for Stena DrillMAX. We've had no luck as of yet for Stena Force in finding a contract, but we are in a fairly advanced stage with a contract that will last around 180 days, commencing early 2026. I have a high confidence that we will sign such a contract. It's not done yet. The same can be said for Stena Don, probably a small gap in the winter months. It is very likely that we will sign a contract starting in mid-Q1 to late Q1 next year. Stena Ice MAX, we are also working for recontracting primarily in the Gulf of Mexico. A little bit of a standstill in the market, but fundamentally, I think rates are relatively high. They've gone down from the absolute highs, but they're relatively high in terms of utilization for sixth- and seventh-generation rigs. It's 90% utilization, which is still high from a historical context. We believe it's a lull in the market rather than a big downturn. Tankers, lower fleet, but fairly robust market by historical standards. You can see on the slide, you can see the Q1 versus 10-year averages on Suezmax and on our product tankers. All in all, despite the lower fleet, it's still a fairly constructive and good market. Stena RoRo, there we are growing our EBITDA in line with expectations and we guessed deliveries. We are, as you can see in the second bullet point, positioned for further growth with three additional E-Flexers to be delivered through 2027. As you know, we are in 10-year contracts, so we have a very stable and growing income stream from this business area, which is very good, gives us predictability. In the unrestricted group, we have Stena Property, who is strengthening slightly its EBITDA and its margins. We have very robust occupancy rates in Sweden. It is 98%. Outside Sweden, we have properties in Poland and a few properties in Houston, Texas. It is 93%. Property value, SEK 52 billion and a loan to value of 43%, so very conservatively valued. We made a very complementary acquisition in April, where we acquired, I think, a 100-year-old property company. I think it is 102 years old, Skandia Byggnads AB, and we acquired 1,350 apartments or residential units and 68,000 sq m of commercial space. We got that, we believe, at a decent price between SEK 25,000 and SEK 30,000. That is a guidance for you per sq m. It is something which we will be able to work with and increase the profitability, we believe. Finally, Stena Adactum, where we are in a stable situation there. We have our largest segment there is Ballingslöv, which is the kitchen and bathroom segment where the Swedish consumer has been in retreat. During last year, I think demand decreased by maybe 30%. Still, we keep the same gross margin. We believe that we might see some more constructive markets during this year. First quarter, it is basically flat, and I think that is one step in the right direction. Other business areas we have is Envac, where we have also flat-ish development. We have a chain of garden centers called Blomsterlandet. There we have seen quite a pickup and a good demand. Also, some kind of polishing of the portfolio. In February, we or Adactum divested a stake in DMC to a US partner. All in all, as you can see also from the chart to the right, it is a stable development also for Stena Adactum. I think all in all, we had a decent quarter with stable performance. Where we deviate a little bit from previous expectations, I would say, is drilling, which is a little bit slower than what we thought previously. I think we have good opportunities to catch new contracts and be able to announce them in the near. I will stop there, and we are open to your questions. Thank you very much. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Alternatively, you can submit your written questions via the Q&A box found on your screen. Today, we'll ask you to limit yourself to two questions. If you have any follow-ups, please rejoin the queue. We have a text question from Andrea Giuseppe Frey with Independent Credit View AG. The first question is, can you talk more about the outlook for the drilling market? How will a slowing economy and lower oil prices impact your business? As I said, I think the outlook is still fairly robust. Of course, there are different scenarios. In the scenario where we see a global recession and lower oil consumption and hence lower oil prices, in that scenario, I think demand would maybe flatline a little bit more than it has done. In a kind of existing scenario where we are, I think it's fair to say that most people expect the oil demand to keep on growing slightly. We also have the fact that no one is building new drilling rigs. The fleet is what it is. We get the expectations from experts that depletion, i.e., the flow from existing oil wells is decreasing by, I don't know, between 5-7% on an annual basis, meaning that to keep the same production, you have to find 5-6 million barrels every year in new production. I think some of that will benefit drilling. Given that the supply of possible drilling rigs is not increasing, it's stable, I think there are good arguments to say that we will have, for the foreseeable future, a decent drilling market. The second part is, can you provide a guidance on EBITDA and leverage for FY25 in the medium term? And can you maintain or reduce leverage when drilling business gets significantly weaker? I mean, we do not give guidance for EBITDA or for leverage. I think we have the benefit of being a diversified company. Some of our business areas are extremely stable, such as real estate or RoRo and Adactum with the portfolio. Then some are more volatile. I would argue Ferries is also rather stable, although it fluctuates more with the business. I would say that depending on the extent of a drilling downturn, I think we have a fairly robust cash flow from an overall perspective. I guess depending on how broad a potential downturn would be, that would have different impacts on our leverage. Our next text question is from Daniel Wards with J.P. Morgan. What was the amount paid for the Calfelt's by Gnads property acquisition in April and size of the proceeds from the Stena Livia and DMC divestments? Yeah. Thank you. I think I really answered in describing the acquisitions. Our guidance is that we paid between SEK 25,000 and SEK 30,000 per sq m. DMC is not material enough, and we have not disclosed that. Stena Livia, I can say that between EUR 50 million-EUR 60 million is a guidance for you just to get a feeling of the size. We do not disclose the exact amount. The next part is, can you explain the increase in drilling OpEx when rig utilization reduced? Is this cost inflation plus FX or other factors? I think the answer to this question is that we have another rig operating now fully during Q1, which we did not have last year. That is Stena Evolution. I think that explains most of it. Then we have cost for even if we are not drilling, we have costs on others. For example, Stena Force and Stena DrillMAX that we have had costs despite the rig not operating. The final part, what explains the reduction in gross debt beyond the bond repayments, which were funded with new debt? Is this FX-driven? The IFRS 16 lease liability has also reduced by SEK 1 billion since. I was also alluding to this during my presentation. In principle, it is 100% FX. If you were to have constant exchange rates, the debt would have probably increased by SEK 100 million. In principle, it is only FX. We now turn to Jonas Kihlstrom with Schroders. Your line is open. Please go ahead. Thank you. Hello everyone. Can I ask two questions on the restricted group, please? Should we expect any support from the unrestricted group to the restricted group this year? What do you mean by support? Previously, for example, I think you transferred across some cash from Adactum to the restricted group. I think that was two years ago, maybe. From time to time, the parent would like to get some dividends from the subsidiary. That we decide from a year-to-year basis. It is also given what is the investment outlook? What investment opportunities do we see from Stena Property or from Adactum? As you know, I just talked about an acquisition that was made by Stena Property. I do not think we will expect a dividend from either Stena Fastigheter or Adactum this year. Do not confuse that. That is more kind of our day-to-day business. Do not confuse it with our ability to transfer cash, if you like. Also, just to remind everyone on the call that this notion of restricted and unrestricted group, it is a bond construction. We view the group as one group. If, for example, we were to feel that the restricted group has too little cash, we will provide the restricted group with the required cash by all means possible. One such mean and one strategy that we have is that we have a low-leveraged property segment. To the extent we need, we can re-leverage Fastigheter, or we can also sell Fastigheter. For every 100 we sell, then we can release kind of 60 with the current capital structure. Do not mistake ability and what we actually do. What we actually do is from a kind of year-to-year need. You should not read in anything from that, really. Thank you. Then just the second one, I appreciate this. That is all good. Thank you. Then just the second one, I appreciate you do not provide any guidance, but I think you spent around SEK 2 billion on CapEx in Q1. I think that is about right. Can we expect sort of a similar run rate on a quarterly basis for the year, or is it going to be materially different? I think you should expect. I mean, we have maintenance CapEx and kind of call it expansion CapEx, if you like. I think you should expect CapEx to be around SEK 10 billion this year, SEK 10 billion Swedish krona, including everything and including what we have as committed CapEx in this presentation slide. If you—so that's if you should—I mean, it's SEK 2.5 billion per quarter in that sense. Thank you. That's all. That's for the whole group, not just the restricted group. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad or alternatively submit your written questions via the Q&A box found on your screen. We now have a text question from Jonas Scheim with Clarksons. Can you speak to the passenger volume decline in Stena Line? Was it the timing of Easter? Will you say year-to-date numbers being more aligned with the year-to-date numbers last year, or should we expect a passenger volume decline this year? We don't know what to expect, of course, for the full year exactly. Part of this is clearly an Easter effect. I think we will see where will the business cycle go. I don't think necessarily that the Q1 figures say anything about the high season. We have no further questions. I'll now hand back to Peter Claesson for any final remarks. Thank you very much for your attention, and see you next time on, I think, the 29th of August for our Q2 report. Thank you very much. Have a great evening. Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.