Afternoon, everyone, and welcome to the Stena Second Quarter twenty twenty five Investors Call. My name is Breeka, and I will be coordinating your call today. During the presentation, you can register to ask a question by pressing star followed by the number one on your telephone keypad. If you change your mind, please press star followed by the number 2. For those of you who have joined online, I would now like to hand over to your host, Peter Claesen, Director of Finance at Stena, to begin. So please go ahead, Peter. Thank you very much, and a warm welcome, everyone, to our Q2 investor call. Hope you have got access to the slides. And as usual, I will run through these, fairly quickly and then open up to a q and a session afterwards. So let's dive into, slide number three. You can see Stena AB Group's five business areas, ferries, offshore drilling and shipping, in the restricted group and property and Stena Adactrim in the unrestricted group. For the last twelve months and as of Q2 twenty twenty five, revenues from operations, excluding net gainloss on sale of and change in fair value of investment properties was SEK 52,000,000,000. And EBITDA from operations, including other, was SEK 12,100,000,000.0. Let's go to Slide number four, profit and loss, NIB Group. You can see that revenues from operations, some SEK 24.8 down EUR 2,200,000,000.0 almost since the same period in 2024. Also lower net gain on sale of assets, $764,000,000 lower than what we had in that period. So total revenues, 25,300,000,000.0, some 2,900,000,000.0 lower than in 2024. EBITDA, total EBITDA, 5.5 versus 7.4 in '24. And then we had we had lower depreciation and also lower results on results from operational associates and JVs. So income from operations, almost 1.8%, down by 1.8% from the year before. We had a slightly improved finance net and also results from associated companies bringing earnings before tax to SEK $485,000,000 for the period and down by SEK 1,500,000,000.0 from the same period in 2024. Moving to the business areas, we can see overall EBITDA is down by slightly more than SEK 1,100,000,000.0. And the overwhelming reason for that is the decline in offshore drilling, and this is in turn due to less days on contract for drilling. You can see that ferries is virtually unchanged from 2024. And I think that is a good performance in a rather weak business environment. So the macro is rather weak in Europe. Sienna Roro continues to improve in line with, of course, expectations because that is completely locked in, the improvement in EBITDA. Tankers, a bit lower because of mainly rates and also smaller fleet. And then balanced EBITDA from our other business areas improvement in both real estate and Stena Dagton. So I would say, with the exception of Stena Drilling, we've had quite a balanced start to 2025. Slide number six, our committed CapEx for newbuildings. It's you can see what we have delivered. We have lots of ferries delivered to both Marine Atlantic and Brittany Ferries. And what we have, in the order book, we have gotten one RoRo newbuilding for Senna Line, and we have one yet to be delivered in 2025. We have a vessel for Kaushikalinia, delivery in 2026, and we have also a rather new deal that we've done with Atika with ten year bareboat charter and delivery in 2027. So overall, committed CapEx for newbuildings on order amounted to 4.4. And you can see the CapEx schedule in the bars below for 25%, 26% and what comes after that in 27%. Slide number seven, you can see our debt maturity profile. And we have done we have worked a lot with our maturity profile and pushed it to the right. So the next major near term maturities are revolving credit facility maturing in 2027. What we've also done during the quarter is that we've made an acquisition for our Stena Real Estate has made an acquisition of a property company. And we have, on a group level, acquired a bridge, facility, bridge financing of SEK 2,800,000,000.0, which is, lent from Stena Finance, which is the internal bank, to the property company, Stena Passi SF. The intention is for the kind of takeout financing of this that will be the properties that were acquired, they will be leveraged, and extract, the value together with some other properties that is in the Stena property. So this will be completely refinanced, from Stena plus Tepa's point of view by Q1 twenty twenty six. Yeah, think that was what I was intending to say about the maturity profile. Slide number eight, liquidity position, strong SEK 18,500,000,000.0. And you can see the mix between unused credit lines, cash and security holdings in the box. With that, let's dive into the business segment review on Slide number 10, Stenaline. I mentioned stability. And what we see is in principle same freight volumes as we had last year, albeit with a slight change in mix, we see more unaccompanied freight, versus accompanied freight, I. E, the full both truck and trailer and the driver. We have less of that, and that is affecting our revenue slightly lower. So that is one trend that we are seeing. And then we have seen also lower passenger and car volumes than the year before, but not by it's about 4% change. We as you can see in the chart to the right, we had a net gain on vessels in Alivia. We divested that in April. And also we took delivery of Stena Line's next generation methanol ready hybrid ferry Stena Futura during July 2025. On the next Slide 11, you can see that volumes are yes, what I said, they are in principle in line with previous years. And I think that given the where we are in the business cycle, it's rather stable and almost surprisingly strong. On Slide 12, you can see the route network, which is unchanged since we last spoke. Let's dig into drilling, standard drilling in on Slide number 13. We have gone from a situation with a very strong contract coverage with everything contracted to a little bit slightly weaker, which we'll talk about on the next slide. Very good counterparts still. SenEvolution is working for Shell on a ten year contract, and there a decision has been made to upgrade the rig to what's called a 20 ks capability. And that is an investment that will be paid in its entirety by our client, Shelt. Slide number 14, you can see the contract coverage, and it's looking quite good, with one exception basically. So Stenacaran continues on its contracts with Exxon into 2026. Drillmax is alternating between Total and Shell in South America, and Total and Shell also with an addition of West Africa. So we have firm contracts for this year and options for 2026. IceMax is now finishing off a contract with BP. It's a two year contract in the Gulf Of America. And then there will be a slight gap, and then we will work for Shell Egypt in the Mediterranean. Stenadon continues with Shell. Also, Dawn will have a small gap in the winter months and then, will work for most of 2026 and with options in 2027. And as I said, there's an evolution on a multiyear contract with Shell in the Gulf Of America. Then in Stena Fort, we are building Stena Fort for a few contracts. We see we have a couple of opportunities, I think, for me to give an assessment of likelihood, that's very difficult because I think we are in these contracts talks with one or two other operators. And obviously, we hope to be we hope that we will get awarded a new contract, but that's far from certain. Yes, I think that was what I intended to say on drilling. Let's move to tankers. And still EBITDA is down, but we are still not in a bad place for tankers. You can see it from the rates. So for this half year, we have 34,300, and the corresponding period last year was approximately 45,000. And then the ten year average is 30,000. So still, above average. And the same could be said for MRs, almost 24,000 for the half year. We had 34,000 for the corresponding period last year. And the ten year average is slightly lower than 21,000. And we have kind of actively refrained from acquiring tonnage or getting to what we deem as expensive, time charters. So it's a conscious and disciplined decision to slightly decrease the fleet as we have done. Slide 16, Stena Row Road. I think the growth we have had is pretty much commensurate with what we have been saying. And we have the ten year contracts, they are running. And we have also further growth ahead with three additional reflexes to be delivered. So I think everything is going according to plan for Stena Broden. Then just then on property, improving and working with costs. And also, we've had an environment in Sweden where rents have gone up. We've had this bout of inflation. It has shown also in our ability to increase rents. Very stable occupancy, 98% in Sweden, which is mostly residential and outside Sweden, 93%, and there it's mostly commercial. And obviously, Sweden is by far the largest portfolio. The portfolio was 57,100,000,000.0, including the Shell Health acquisition. And there, the long term value is now 46.9%, and we estimate that we will this will be the peak for Stena Real Estate, and they will decrease back towards the 40% level as we have some kind of internal targets in the coming years with the cash flow that they produce. And also just the data on the acquisition, thirteen fifty residential units and 68,000 square meters of commercial space with the acquisition of Shelfelt. And we think that we have both kind of synergies managing their portfolio and also opportunities with renovations to increase rates. So I think that was a good acquisition from our property segment. Final business area, Stena Dactylum, with organic sales up 3% year to date here, supported by solid performance in Gromsterlanders, which is our garden chain. Otherwise, know that our major kind of major value of Senadactrim is in Balding Serb, which is our bathroom and kitchen manufacturer. And as you know, the consumer demand has been depressed. And despite that, we have a positive net profit from Vale and Stars. So and as you can see from the EBITDA graph as well, it's quite stable portfolio. So I think that concludes my remarks. And just to summarize, I think we've had a solid half year, and I think the deviation that we were not expecting, let's say, one year ago was the drillship. And actually, we had a contract for Stenafort, but for various reasons, our clients had some almost force majeure issues and had to cancel that contract. So in a little way, we were unlucky. And in a kind of macro perspective, the market as a whole is a little bit weaker at this moment than I think what most analysts believe, maybe a year ago. So I'll conclude there and open up for your questions. Thank you very much. Thank you. We would now begin the question and answer session. And for those of you who have joined online, you can register a written question in the Q and A box provided. First question we have from the phone lines comes from Jonas Cham with Clarksons Batu Securities. You may proceed. Good afternoon, Peter, and thank you for hosting the presentation. So I have a couple of questions on the Ferro operations. So you said that you will be closing down the Cherbourg restart route. I believe you might have chartered in Standard Horizon for that route. Will that vessel be, kind of returned, to a different route? Or what will you do with that vessel? And also linked to the ferry operations, you said that you have divested Stena Livia. I believe that traded on a route with Stena Flavia. Would you need additional capacity for that route going forward? Or will Stenflavia kind of be able to handle the requirements on that route alone? Thank you for your questions, Jonas. And, I think what we have also, which I didn't mention really before when I was speaking about, stenarugro is that they are kind of charter operator in the external market as well. So most often, when we make decisions, one component in the decision to close the road is, of course, what should we do with the vessels. And then what we do is normally we use the scale of Stena Urugu. To the extent that we cannot or do not want to use the vessel or the vessel is not kind of fitting in anywhere else in the system, then we use Tenaroro to find a third party who would either, lease the vessel or to just sell the vessel. And I would also add that with the acquisition of 49% in Africa Morocco line, we also have opened up a kind of a new venue for, let's say, potentially older tonnage. So I think that is what I can say at this stage about kind of the fate of different vessels. But it's not we are not in a position where we are all of a sudden now looking to divest or looking to get new vessels. So this is all taken into consideration when we make these decisions. Okay. Thank you. And then my second question is just related to your acquisition in the property segment, Calfields. I was just wondering if you could provide some guidance on what you expect in EBITDA from that acquisition on an annual basis roughly? I think we expect about 5% of EBITDA on the required amount. Okay, perfect. Thank you very much. Thank you. Thank you. We have a text question. What trade lane do you expect to insert the two new RoRo vessels on? Will the two new RoRo vessels replace existing tonnage? Yes. The answer is yes. So they will be used in the IRGC between, and Belfast. Thank you. Do you have appetite for new routes now that you have discontinued the Roslair, Schoenberg route? And Nevira Arama is operating the Gibraltar Strait sold its assets to DFDS and Valeria earlier this week. Given your presence in the Gibraltar Strait, were you interested in taking over one or more ferries? Why or why not? Let's say like this, we are always on obviously following the market, and we are looking at what's going on in the market. And having said that, we have just made our investment in Morocco. And we also know that the competition is quite steep in this market. So we are biding our time, and it's not a kind of our strategy is not necessarily to make our presence larger. But obviously, if the right opportunity presents ourselves, of course, we are always going to consider that. And then on I think maybe the same answer there for on the question if we have appetite for new routes. Of course, we have appetite for new routes, but it has to make sense. And I guess we are operating in rather mature markets in Europe. And opportunities are kind of rare in that mature market. But obviously, we're always on the lookout and always interested in improving our business. Thank you. We now have Adjana Kalandan with Lucora Analytics. Can you please explain the dynamics on tankers? Yes. We have my colleague Jonathan will happily explain the dynamics. Thank you, Peter. Well, the dynamics for our tanker business is that we over time we often talk about the fact that we have a smaller fleet as one of the explanations for the lower EBITDA. And the reason for that is Stena Bulk over time have owned about 20% of the fleet that they operate. The rest is made up of time charters. And that's why our fleet size is very different from time to time depending on the appetite for adding on new charters. And that is of course an effect of the market price. I think maybe that explains it, I hope. Thank you, Nada. Thank you. We have a follow-up question from Jonas Sham with Clarksons Platou Securities. You may proceed with your question. Thank you again, Peter. Just a short one on offshore drilling. You mentioned that Stenovolution will be doing some upgrades next year to be paid by the client. Will that imply some downtime for the unit next year? And if so, will that be paid downtime? Or will they kind of you have a pause in the fees and then the contract being extended in an equal amount of time? That will be paid downtown Jonas. Okay. Thank you. Thank you. Thank you. So that I take it. There are no further questions. And if that is the case, I would like to thank all those who have been present for this call and look forward to seeing you again on the next earnings call in November. Thank you very much. Have a nice weekend. Bye bye. Thank you all for joining the Stennis Second Quarter twenty twenty five Investors Call. I can confirm today's call has now concluded. Thank you for your participation, and you may now disconnect.