Hello everyone and Welcome to the Stena Q3 2025 Investors Call. My name is Emily and I'll be coordinating your call today. After the presentation, you will have the opportunity to ask any questions, which you can either do so by pressing star followed by the number one on your telephone keypad. Alternatively, if you are streaming today's call online, please feel free to type any questions into the Q&A chat box. We ask that during Q&A you please limit yourself to two questions and then rejoin the queue if you have any further questions. I'll now hand over to Peter Claesson to begin. Please go ahead. Thank you very much and a Warm welcome everyone to Stena AB's Q3 Investor Call. I hope everyone has gotten access to the slides and I will run through this quickly before we open up the Q&A session afterwards. If you move to 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 last 12 months as of Q3, revenues from operations, excluding net gain loss on sale of asset and change in fair value of investment properties, amounted to SEK 51.4 billion, and EBITDA from operations, including other, amounted to SEK 12 billion. Move to slide number four, profit and loss statement. Revenues were SEK 3.5 billion lower for the nine months compared to 2024. EBITDA 2 billion lower at SEK 9.77 billion, out of which net gain on sale of assets and change in fair value of investment properties were SEK 763 million higher in the nine months in 2024. Income from operations SEK 4.2 billion versus SEK 5.9 billion in 2024, and earnings before tax SEK 2.2 billion versus SEK 3.5 billion in 2024. Slide number five, EBITDA from the business areas, and you can see that ferry operations almost in line with last year, minus SEK 48 million. The big deviation that we have in our operational EBITDA amounting to almost all the difference from the year before is in offshore drilling, where we've had basically difficulties in keeping Stena Forth in operation and getting a contract. Stena RoRo continues to deliver higher EBITDA in line with our forecasts, and tankers are down by SEK 500 million versus last year. Part of that is that we `have no LNG earnings because we sold that business area. Real estate stable and increasing, and also the same could be said for Stena Adactum. All in all, operational EBITDA some SEK 1.2 billion lower, out of which SEK 1.150 billion is due to offshore drilling. Let's move to slide number six, our committed CapEx. We've had a lot of deliveries of RoPax vessels and RoRo new buildings, and what remains to be delivered is one RoPax new building for Corsica Linéa delivery in 2026. Their counterparts will not charter the vessel, they will acquire the vessel at delivery. We have two 10-year charters for Attica, and they will be delivered in 2027. Below you can see the profile of the CapEx that we have of in total SEK 3 billion. Slide number seven, our maturity profile. We have done a lot to this in 2024 and also in 2025, so we've pushed this forward. We are in, I would say, the final stage of refinancing our revolving credit facility as well and pushing that maturity to 2030. We have a bridge financing that we did for the property company property acquisition of Skellefteå, which will be most part of that one will be refinanced with higher debt on the real estate during end of 2025 and the beginning of 2026. We have an unsecured RCF there we have an option to put that which the banks should consent to, of course, but we will push that maturity one year further. We will have a final maturity in 2029. To the right you can see the cap table as well with total debt amounting to SEK 77.4 billion as of quarter end. Liquidity position on slide number eight, ample liquidity, SEK 17.1 billion in unsecured credit facilities, which is the most, securities and cash. Let's move into the business area review starting with slide number 10. The European economy, and especially where we have our ferries, is somewhat muted, and I think that's reflected in the volumes, almost the same volumes as we had last year with regards to freight, the same, and with regards to passenger volumes it's - 2%. We've sold one vessel, Stena Livia, and we've had deliveries of two vessels, Stena Futura and Stena Connecta, which is improving our profile with regards to sustainability. Methanol-ready hybrid ferries so that we can put in, we could put in batteries in those vessels as well. Moving to this next slide, number 11, I will not comment too much on this. V ery stable, and you can see that the market has been in principle the same since 2023, very much in line. On slide number 12, you can see the route network for Stena Line and where we announced that we are cancelling the route between Rosslare and Cherbourg. As you know, we have added a 49% ownership in Africa Morocco Line. We also announced very recently that we are acquiring a Wasaline between Umeå and Vaasa, which will be good for us, not least because the vessel is proposed by bio-LNG, which is an interesting development for Stena Line. Stena Drilling on slide number 13. We have, as I said, we have fewer drilling days during 2025 than we had hoped for and than what we had in 2024. We are performing under the Stena Drilling, sorry, under the Stena Evolution contract, and our client is happy with us and it has been decided that the unit will be upgraded to a so-called 20K rig, which is very good we think. On the next slide number 14 you can see the contract coverage and basically we have all rigs, we have contract in 2026 for all rigs with the exception of Stena Forth. Stena Carron continues for Exxon in Guyana and we have a bit of mix and match with Stena Drillmax between Shell, Total, and then Shell again under options during 2026. Stena Forth, we are working on the assumption that we will get a contract from May, June of next year. We are in talks for a contract starting then. As you know, nothing is certain until it's signed, but we think we have good discussions and we have good hopes that we will have unemployment by then. Stena IceMAX will work for Shell in Egypt and there's also an option to put us through most of that year. Stena Dawn is with Shell U.K. with a little gap now in December and January, and then a firm contract towards the rest of 2026 and options during 2027. All in all, I think we have in a way we have a one-rig problem. The market is a little bit weaker than we had hoped for, but it still pays relatively good day rates from a historical context. We believe that the future will be okay here. Slide number 15, tankers. Still, it's a very good market. If you look at the two segments that we are in, Suezmax and product tankers with MRs and our IMOIIMAX, you can see the 10-year averages versus what we've had so far during this year. Suezmax $35,000 versus $30,000 and MRs $23,400 versus $20,900. The fact that we have a lower EBITDA is primarily due to somewhat lower charter rates, but mostly towards the fact that we have a smaller fleet where we have not renewed a number of time charters because we had hesitated because the rates were so high. All in all, I think it's another good year from tankers. Stena RoRo on slide number 16, everything basically is locked in and we are increasing our EBITDA in line with the deliveries we get. We have firm contracts, 10-year contracts, and I think for some of these, obviously it's less years to go, but then we will get two more vessels in 2027 when we make our delivery to Attica. Stena Property, very stable, 97% occupancy in Sweden, and if we also include our real estate in Poland and the U.S., it's 93%. Property value amounted to SEK 57.5 billion, and the loan-to-value has gone up a little bit when we had financed the acquisitions to 47.6%. The target is for this ratio to move back to 40% where we've had it, and we believe that that will happen within a year and a half to two years. I've already talked about the acquisition that we did of Skellefteå, 1,350 residential units and 68,000 sq m of commercial space was that acquisition. Final business area, slide number 18, Stena Adactum, where maybe we see some green shoots, organic sales up a little bit, 3%. We've had the consumer have been struggling a little bit in Sweden, and since Baldwinslöv is our largest segment, obviously we have suffered a little bit from that. If you look to the chart to the right, you can see that EBITDA has been kept up quite well due to the kind of portfolio nature of Stena Adactum. All in all, I think we are in good shape. Of course, we don't benefit from any kind of economic tailwinds, but given the macroeconomic performance of where we are present, I think it's a solid year that we have, and I think we also have a quite good outlook. I will stop there and answer any questions that you might have. Thank you. Thank you. We will now begin the question and answer session. As a reminder, if you would like to ask a question today, please do so now either by pressing star followed by the number one on your telephone keypad. Alternatively, if you are streaming today's call online, please feel free to type any questions into the Q&A chat box. As a reminder, during Q&A, please limit yourself to two questions and then rejoin the queue if you have any further questions. Our first question today comes from Danielle Ward with JP Morgan. Danielle, please go ahead. Hi, thank you very much for the call. I just wanted to ask for a little bit more color on the drilling segment, and as you said, EBITDA was weaker and the Forth in particular is struggling to find work. Is there any change that you would flag since we last spoke in terms of the competitiveness of the contracting process, contract terms, day rates, or just anything else that you would flag there? The ferry acquisition that was announced, do you have a purchase price for that? I imagine it was fairly small, but if you do have a number or some sort of quantification, that would be great. Yeah, I mean, I think, I mean, with regards to Forth, it's just I think that the investment decisions has been there hasn't been a lot of investment decisions from our clients. So we haven't had work for the entity. Originally, as you might remember or might recall, we had contracts lined up or options which we believe would be executed, but that was in Egypt, and our client canceled those contracts because they were in some form of dispute. I think, I mean, in one sense, it is a little bit of a weakening in the cycle, but if you look at how many units are working, it's still, I believe it's 87% utilization, something like that. In that sense, we were a bit unlucky. In terms of the ferry acquisition, we haven't announced anything there, but the structure is such that we haven't acquired the vessel. Comparatively, we chartered the vessel for a time period initially. It's a very small amount. Thank you. You're welcome. Thank you. Our next question is from Andrea Giuseppe Frey with Independent Credit View, who asks, what is the impact on EBITDA from Stena Forth and not having a contract? Around $50 million for three quarters. Thank you. Our next question is from Jonas Shum with Clarksons Platou Securities, who asks, your committed CapEx is now trending down after a period of elevated investment. Are you satisfied with the current asset profile, or are you actively exploring new growth opportunities? If you are looking for expansion, which segments or asset classes present the most attractive opportunities today? Thank you for that question. I mean, we are really well invested. I guess it's fair to say we have a maintenance CapEx for the whole group around $500 million in any year. If you look at what is the committed CapEx that we have, we have that in the slide deck on slide number six. It is not that we have a special under-investment somewhere. I feel we are in good shape. We do not have any maintenance debt to speak about. The $500 million+ some form of opportunistic CapEx, I think, is to be expected in any single year. Thank you. The second part of Jonas's question asks, regarding the Stena Forth, if no new contract is secured, would you consider placing the rig in layup, or are there alternative deployment options you would pursue first? I mean, it is a very hypothetical question. I mean, were we not to get any contract at all for a prolonged time period, and we were sure that there were no alternatives, of course, we would consider that. I don't think that's where we are. We are, I think, somewhat confident that we will get a contract, and hopefully as soon as what I alluded to before, half-year end 2026. Thank you. At this time, we do not have any further questions registered. As a final reminder, if you would like to ask a question today, please do so now, either by pressing star followed by the number one on your telephone keypad, or alternatively, please type any questions into the Q&A chat box if you are streaming today's call online. We'll just take a brief pause to allow any final questions to come in. We have received a question from BlackRock, who asks, what is the likelihood and timeline for Drillmax contract for 2026 and tanker market outlook? Yeah, I think in terms of a contract on drilling, I think we are reasonably confident we'll get a contract. However, as I said before, nothing is done until we have the final signature on the line. We do not have that, which means that there is a chance that a contract won't happen. In terms of tankers and trying to predict tanker rates, that very often can be a fool's errand, meaning that it's very difficult. We have seen that the order books are filling up a little bit, which might indicate that the market is mature. Also, we've had a lot of geopolitical events that have maybe exacerbated the frictions in the market. If any of those would ease up, usually they would release a supply of vessels into the market. We are cautiously optimistic. We don't believe in an imminent fall, but realistically, somewhere sometime during 2026, it wouldn't be unrealistic to believe in a pause in the market. Thank you. That was our final question, and so I'll turn the call back over to the management team for any closing comments. Yeah, I would just like to thank everyone that participated in the call and wish you a great afternoon and evening. Thank you very much. Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your line.