Hello, and welcome to the Stena Q4 2025 Investors Call. My name is Emily and I'll be coordinating your call today. If you would like to ask a question after the presentation, please press star followed by one on your telephone keypad. Alternatively, please type any questions into the Q&A chat box if you're streaming today's call online. I will now hand over to Peter Claussen to begin. Please go ahead. Thank you very much, and welcome everyone to this full year investor call for the Stena AB Group. I hope you have received a copy of the presentation that I'm about to run through. As usual, I will do some brief remarks around the slides, and then we will jump into Q&A. With that, let's turn directly to slide three, where you can see the five business areas of Stena AB. Ferries, Offshore Drilling, and Shipping in the restricted group, and Stena Property and Stena Adactum in the unrestricted group. Below you also see on the bars, you see the revenue and EBITDA split for business area during the year 2025. Revenues from operations, excluding net gains, loss on sales of assets, and change in fair value of investment properties amounted to SEK 50.2 billion for the year, and EBITDA from operations amounted to SEK 11.4 billion. On slide four, the profit and loss statement, you can see that we had lower revenues for the full year by almost SEK 3.8 billion. EBITDA at SEK 12.7 billion, down by SEK 1.7 billion. Slightly lower depreciation and income from operations, SEK 1.2 billion lower than in 2024. A slightly better financial net and also stronger results from associated companies makes earnings before tax some SEK 2.1 billion and SEK 892 million down from 2024. Turning to the business areas on slide five, you can see that what I've just alluded to, the fall in EBITDA is primarily due to offshore drilling. Ferries, and I will go into it in more detail on the business area presentations, but a strong year for ferries in a macro environment that hasn't given us anything for free. Offshore drilling, primarily due to no contract on Stena Forth. I think that's the explanation for the whole result in 2025. Stena RoRo increasing according to plan, and more about the details later. Tankers, another strong year with slightly lower rates than in 2024. Real estate, a very solid year, and Stena Adactum stable. All in all, EBITDA from operations amounted to SEK 11 billion and total EBITDA, including primarily the net gain on sale of assets, SEK 12.7 billion for the year. If we look at our CapEx program, we have done a lot in 2024 and 2025. You can see the deliveries to the top left. What we have remaining is one ferry to Corsica Linea. It has been delivered actually. There they used their purchase option early and basically bought it at delivery. We have two ropax newbuildings for Attica, will be delivered in 2027, and they are both on 10-year bareboat charters. We also did in Q1 of 2026, we placed an order for two new roro vessels that could be used either by the Stena system or could be chartered out to a third party. They will not be delivered until 2029. Below you can see the committed CapEx that is outstanding, in total SEK 3.2 billion. Our debt maturity profile, we have worked a lot with this during 2024 and 2025. We have termed out bonds, and last year we also refinanced our revolving credit facility, which is currently in this schedule maturing in 2030. We have two prolongation options. Ultimately we believe that this stack will mature in 2032. Ahead of that, we also have an unsecured EUR 240 million revolving credit facility that actually in Q1 here has been moved to a maturity date of 2029. We had one option to do that. 2029 will be final maturity date. We have an unsecured term loan maturing in 2028 of SEK 2 billion. You can see to the right for your own perusal, the cap table as it was in December 2025. We have a strong and healthy liquidity, as you can see on slide number eight, almost SEK 20 billion, consisting of primarily unused credit lines, but also cash and holdings of securities. Moving to Stena Line. You can see that it is stable in terms of EBITDA generation. Of course, behind that, there's some kind of geographical differences. We've had a slightly weaker Baltics now for maybe two years and a very strong Irish Sea. I will get into the numbers in more details in the next slide when it comes to volumes. Overall, small decline in passenger volumes and a flat overall for freight. We've also, as you can see in the income statement, we had a disposal of Stena Bolivia and associated net profit or net gain. We had also during the year, delivery of two state-of-the-art vessels, methanol-ready hybrid ferries, Stena Futura and Stena Connecta. They were both delivered. We also had an acquisition of Wasaline. It's a one-vessel line between Umeå and Vaasa in the northern Baltic Sea. What is a little bit special with that vessel is that it's very advanced in terms of fantastic battery capacity and is also propelled by bio-LNG. That ferry actually has a net negative impact in terms of CO2. With that vessel alone, we can pull into the rest of the Stena AB fleet or the Stena Line fleet which will help us to fulfill the FuelEU Maritime regulations. All in all, I think Stena Line has delivered well against quite a tough business cycle with very slow growth in most of the markets that we are active in. Just on slide 11, I won't comment them too much, but that's for your perusal, the volume figures of passengers, cars, and freight. Then you can see the route network, and this picture should be complemented with the recently acquired line in the northern Baltics. Moving to drilling, where we've had, as I said, in principle, a one-rig problem. On the next slide, when we look at the contract coverage, you can see that we are working with blue-chip customers like Exxon, Shell, BP, and Chevron. We're very happy with that client list. Of note is that the newest drillship that we have, Stena Evolution, is in the process this year to be upgraded to a 20K rig, and that is only one of a small handful in the world. We're looking forward to that. If you turn to slide number 14 with the contract coverage, we now have done a small upgrade on Stena Forth. Stena Forth used to be a sixth-generation rig. Now we can call it a seventh-generation rig. We've also got contracts. We have a firm contract here in Egypt, and then we have advanced negotiations and, as we put it here, soft commitments to get further work during the latter half of 2026 and during 2027. Instead, this year, we had Stena DrillMAX with options from Total and Shell, unfortunately, they didn't utilize their options, which leaves us with some idle time in 2026. It is possible that we manage to get further employment for the rig in 2026, but it is far from guaranteed. We've secured work in 2027, a firm contract with Energean, and also a letter contract with Energean in the Mediterranean. When it comes to Stena Carron, it continues to work for Exxon in Guyana. Stena IceMAX has a campaign in Egypt, and Stena Don, who was actually awarded Rig of the Year by Shell, is continuing its work with Shell in the UK, and has options in 2027 as well. As mentioned, Stena Evolution is on a seven-year contract with Shell, which I am very optimistic will be prolonged. On the market, I think the market is waking up with more work opportunities going forward. In terms of rates, the market is quite okay, with rates between $350,000-$450,000, or even $500,000, depending on the type of the rig and the campaign. Some green shoots, I would probably say in this sector. Moving to slide 15, tankers. You can see what have we done? We have slightly decreased our fleet. We have been disciplined in chartering in Newton because rates are very high. We had a little bit lower rates during the full year of 2025 than we had in 2024. You can see both from the charts and also from the averages that we are on the fifth year of quite strong market in historical context. Of course, with the start of this year, with all the turmoil down at the Strait of Hormuz, we have very strong day rates. Yeah, we are enjoying this market as long as we can. Slide 16. Stena RoRo, where we have continued to grow, basically according to plan, because all has been locked in. We sold two vessels to Brittany Ferries. They utilized options, or we amended some options which they utilized, and also we got a big net gain of sales in doing that. The pipeline is being filled. We have Attica, as I mentioned, we also have two RoRo vessels that they have acquired, and those two, the two last ones, we have not entered into a charter agreement with them yet. Very good performance from Stena RoRo. Moving into Stena Property. Very stable performance and almost full occupancy. We have 97% in Sweden, and if we include full picture, it's 93%. We have property value just an amount of SEK 58.5 billion, and we have a 45% loan-to-value. As you know, our strategy is to have a conservatively levered property segment. We have most of our properties in residential, and, as you know, we also have the properties situated in the three major cities of Sweden, Stockholm, Gothenburg and Malmö. We made our first, actually, one of the first major acquisitions, at least of second-hand residentials, because we have been building ourselves a lot of apartments. We acquired Sjælsø 1,350 residential units and 68,000 sq m of commercial space. That has also obviously helped to lift also EBITDA. Final business area, Stena Adactum. Also stable. I must say that despite having had quite a tough business environment, Ballingslöv has delivered quite a strong gross margin, and I think that is impressive. We have a small net gain here with the decision to sell DMC during the year to a company called Coral Tree. I think that concludes my remarks to the slides, and now myself and my colleagues are eager to hear your questions. Thank you very much. Thank you. We will now begin the question and answer session. If you would like to ask a question today, please do so now 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 you please limit yourself to two questions and then rejoin the queue. Our first question today comes from Danielle Ward with JP Morgan. Danielle, your line is now open. Hi. Thank you very much for the call. Could I ask you a little bit of a broad one, but could you talk about the impacts that you have seen so far from the Middle East situation on your different divisions, and any further thoughts on that would be of great interest. Can you remind us of your fuel hedging status, particularly for Stena Line? Thank you. Thank you, Danielle. The Middle East, the largest effect, of course, that we see is that day rates have shot up for tankers. We've seen product tankers earning in excess of $100,000 a day, and Suezmax almost, I think, $200,000 per day. That is the most tangible effect. With regards to the rest of the group, I think we have yet to see effects. I think, of course, if this leads to an energy shock, or to what extent the energy shock lingers, obviously there will be second round effects on a lot of our businesses, including Stena Line and also a few of the companies in Ballingslöv. It's hard to say what effect it will have on drilling. I think drilling, the customers, they work in slightly longer time periods. Obviously if this kind of energy squeeze lingers for several years, it might have an effect on drilling as well. I think those are the immediate effects. First round effects, I think, are limited to tankers and positive and second round effects are negative and could affect other business areas. I don't think real estate will be affected. Maybe if interest rates go up, there will be an effect there as well. On the fuel hedges, what we do is that we have contracts with our clients that cover approximately 70% of the exposure. Then for the rest, we hedge it in the market. We have fuel hedges on, and then, of course, we charge our customers for the remaining fuel. Thank you. Just one follow-up. Can you remind me what your split is of product versus crude on the tankers? In numbers? Yes, the split, if you please. We have 24 product tankers and we have six Suezmax. Thank you. You're welcome. The next question comes from Jonas Shum with Clarksons Platou Securities. Jonas, please go ahead. Hi, Peter. Thank you for taking my question. My question relates to your newbuilding orders. Just wondering, you said that you have ordered a series of new RoRo vessels and with the first two coming in? Two. Yeah. Coming in March in 2029. There's two vessels and I was just wondering what should I include as CapEx for those units in 2029 or for the total order? We haven't disclosed that, Jonas, and it's a bit sensitive, but it's less than SEK 100 a piece. Okay. Thank you. It's less- I was wondering. Yeah. Go on. Yeah, then on your debt maturity schedule. You have been early out and trying to push some of your maturities out in time. That's great. I was just wondering, I think you have the bonds being callable starting from next year. Do you have any strategy in terms of when you approach the bondholders? Do you plan to call or do you have a? Because you seem to look forward one to two years on a continuous basis. Yeah, that's a great question. Now we have five years until they mature, which is a very good feeling. We do, Jonas, what we always do. This is a big stack. I'm sure we will start that earlier than we normally would to think about refinancing. Otherwise, we look at, obviously, what makes most sense in terms of could we prolong that and at what terms, and what terms is the call? We make an economic analysis. I think near term, it's probably unlikely that we would find that calculation to be extremely positive. Okay. Thank you. Thank you. Thank you. Moving now to the written questions. We have a question from Andrea Giuseppe Frei from Independent Credit View AG, who asks, "Can you please provide a guidance on EBITDA and leverage? I'm afraid we cannot do that. I think you should let history be your guide. We don't do forward guidance. I think by looking at the past, you can reasonably well predict the stability and the future. Then also when it comes to leverage, we have no stated target. Obviously, we are more comfortable in the below five area. That also depends on what kind of business we do. I think you should adjust our leverage or if you calculate the leverage for the whole group, you should also bear in mind that the real estate segment, it's a very high leverage, and I would argue quite a low risk. The same is being said for our RoRo assets. We have long-term contracts. Any business area with spot exposure, I think, is very dangerous to have a high leverage. Otherwise, I think we're quite comfortable with the earnings visibility we have. Leverage doesn't worry me at the moment. Thank you. Our next question comes from the line of Shubham Agrawal with BlackRock. Please go ahead. Your line is now open. Hey. Hi. I just wanted to understand what is driving this decline in the ferry segment, because historically it has been probably more resilient. If you can provide any color, that will be helpful, please. And secondly, on the offshore drilling coverage. Does coverage for 2026 look better versus FY 2025? Yes. Thank you. Stena Drilling, I think the key contributor here is that growth is subdued, and then we have some costs that we've seen advance a little bit more. I think having almost an identical result despite a weak demand backdrop, I'm happy with that, actually. Any uptick in demand will fall in principle right now. We have operating leverage such that any increase in revenue will drop down to the bottom line. With drilling, I agree with you. The employment situation for 2026 is better than in 2025. Obviously we are not happy that there is still a gap for Stena DrillMAX. Got it. Thank you. Thank you. 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 keypads, or by typing any questions into the Q&A chat box. Our next question comes from Ioannis Pokos with Bank of America, which asks, "Referring to the debt stack, what portion of the upcoming maturities in the next three years relate to regular loan amortization versus balloon payments, and any plans on refinancing the balloons? I think most of what you see here is we have some minor balloons included in this, but you can say that probably SEK 3 billion per year is regular amortization. Thank you. So no- At this time. Refinancing needs. Yes. Sorry. Great. Thank you. At this time, we do not have any further questions registered. Peter, I will hand back to you. I would just like to thank you for your interest in this call, and we will see you shortly for our Q1 report. Thank you very much. Thank you everyone for joining us today. This concludes our call and you may now disconnect your lines.