Welcome to today's Stena Q1 2026 investor call. My name is Seb, and I'll be the operator for your call today. If you'd like to ask a question during the Q&A session, please press star one on your telephone keypad. Or to withdraw from the question queue, please press star two. You can also submit a written question using the Q&A chat box in the top right-hand corner of the screen if you're listening to the call online. In the interest of time, we ask that everyone limit themselves to two questions at a time. I'll hand you over to Peter Claesson to begin the call. Please go ahead. Thank you very much, and welcome everyone to our Q1 investor call. Hope you all have access to the slides. As usual, I will run through the slide deck pretty quickly and then open up for Q&A. With that, let's dive into the slides starting on slide number 3. There you can see Stena's five business areas, ferries, offshore drilling, and shipping in the restricted group, and then property and Stena Adactum in the unrestricted group. To the left, you see the revenue and EBITDA split per business area as for the last 12 months, as of Q1 2026. On that period, revenues from operations amounted to SEK 51.3 billion and EBITDA from operations to SEK 11.8 billion. Moving into slide number 4, you can see that revenues increased for the period by SEK 1.143 million. We had some bigger item net gain on sale of assets, SEK 564 versus only SEK 12 in Q1 2025. We have change in fair value of investment properties, SEK 148. That is no revaluation upwards of existing properties. It's just that when we build properties and when they are ready, there is usually in value at least because then they are ready for the market. Total revenues increased by SEK 1.844 million to SEK 2.772 billion. Slightly higher depreciation leads to income from operations at SEK 766 million versus only SEK 7 million at the same quarter last year. Substantially better financial net. We have lower interest expense and a few one-off items leading to a significantly better finance net this quarter. All in all, on this before tax SEK 359 million versus a negative SEK 745 million last year. Moving into the business areas overall, you can see we increased by SEK 217 million from last year. In the business areas, you can see that the ferry operations declined by SEK 134 million. I will go more into it when we go to the business areas, but you can say that approximately half is one-off related and the other half is due to lower volumes during the quarter. Stable quarter for offshore drilling, and for Stena RoRo and Stena Bulk has enjoyed very strong spot rates during the quarter, which you can see increased or almost doubled the EBITDA for the quarter. Real estate improvement, Stena Adactum, in a somewhat still challenging consumer market, but fairly stable after all. EBITDA, as I said, from operations, SEK 2 billion 61 and an improvement by SEK 217 million. Whereas the total group you can find below an improvement of SEK 960 million from first quarter of 2025. Slide number six, you can see the committed CapEx. What we have left are a bunch of ferries. We did deliver Corsica Linea during April, I believe. We have two RoPax newbuildings that we will charter out for 10 years to Attica, and then two RoRo vessels that Stena RoRo is building and plan to charter out and run for themselves. Slide number seven, very clean maturity profile. The next major maturity that we have is our revolver in 2030. Mind you, that revolver is constructed with two prolongation options. Of course, that has to be verified by the banks, but they will be prolonged next year and the year after that, and ultimately, I believe that will mature in 2032. We have a term loan in 2028 and an unsecured revolver maturing in 2029. We feel very comfortable with the present maturity profile. To the right, you can see the cap table as of 31st of March. Slide number eight, our liquidity position is still strong, close to SEK 19 billion. In the pie chart you can see that it's primarily undrawn credit facilities, then we have almost equal weight for cash and security holdings. With that, let's dive into the business area review starting with Stena Line. As you will see in the volume chart before, we have an increase in passenger volumes and a slight decrease in freight volumes. This is including Wasaline, which was a line that we acquired and got delivered actually during Q1. Excluding Wasaline, it's minus three for passengers, minus four for cars, and minus two for freight. I think that is the primary reason for the decline in EBITDA during the quarter. Otherwise, we have, as you see in the text, we've gotten new vessels for Stena Futura and Stena Connecta. Also we closed down our route between Halmstad and Grenå, and that resulted in some one-off costs that we also take into the first quarter. I think, obviously, the consumer has been noticing the unrest or the uncertainty in the world and maybe feeling a bit higher energy prices as well. I think that shows up in demand for Stena Line and also, as we later will discuss, in Adactum business area, where we also have some consumer-facing business. On slide 11, you can see the volume development, and it includes Wasaline. The route network on slide 12, which I won't comment. We go to Stena Drilling, and there we've gone from full employment to having, let's call it a one rig problem. Last year that one rig problem was Stena Forth, and for this year it has been Stena DrillMAX. We have an overall market that is relatively tight, I would argue, with very high utilization, especially for seventh generation rigs. For Stena Forth, we are doing an upgrade and when the upgrade is finished, which it is, it is a seventh generation rig. We're also doing with Stena Evolution, that is on contract with Shell. She is going to be upgraded to a [20K-able] drilling vessel. I think there only are a handful of them in the world. We will have a very unique vessel once that upgrade is done. On the next slide, you can see the contract coverage, and I think it looks very promising. 2027 offers the possibility of a fully booked schedule for us, which we are looking forward to. Still trying to get a contract for Stena DrillMAX, but it's difficult, and realistically, it will be a bonus if we get one before the contracts that you see on the schedule in 2027. Moving on to slide number 15, Stena Bulk, where you can see that, obviously, Stena Bulk is one of the few businesses that actually benefits from turmoil and uncertainty. The rates that we have seen during this year, you can see them here, for Suezmax $57,300 versus a long-term average of slightly below $30,000 per day. For MRs it's $28,400 per day versus the 10-year average of $20.6. So we are enjoying a strong market. We will see what happens with the Strait of Hormuz. If there is a solution for Strait of Hormuz, there will be a pent-up demand to ship. That will probably result in the market staying strong, at least in the short term. Slide number 16. Stena RoRo continues, I would say, according to plan. During Q4, we sold Saint-Malo and Guillaume de Normandie according to purchase options that Brittany had. As I mentioned, we placed a new order for RoRo vessels, which is the first in quite some time. We have the Attica vessels and possibly also some plans for continuing this very successful business with other clients, meaning orders of new vessels. Slide 17. Stena Property. Very stable and they are improving their margins and increasing their EBITDA. As usual, very high occupancy rates. In Sweden, 98%, outside of Sweden, which is Poland and actually Houston, where we have some properties, is 94%. Value of the property portfolio, 59.7 billion SEK, a loan to value of 44.7%. As we have already announced, we added, by the acquisition of Kjellberg, quite a lot of residential units and some commercial space as well. Final business area, Stena Adactum, we saw towards the tail end of last year quite a strong demand, which has dampened somewhat during the first quarter. I will remind you that Ballingslöv, our kitchen and bathroom manufacturer, they have weathered the downturn in their business with revenue going down from its peak by some probably 30%-40%. They've done that with keeping, in principle, the same gross profit margin. I think that's quite an accomplishment. All in all, quite stable development as you can see from the chart to the right also for Stena Adactum. Their portfolio value is around SEK 16 billion presently. With that, I will conclude my comments and open up for Q&A. Thank you very much. Thank you. If you'd like to ask a question, please press star one on your telephone keypad. If you'd like to withdraw from the question queue, please press star two. You can also submit a written question using the Q&A chat box if you're listening to the call online. We'll start with a text question we've received from Daniel Ward with JPMorgan. Why have you drawn on the 2030 RCF this quarter? Drawings under other facilities appear to have increased too. Do you expect to get a contract for the DrillMAX for 2026? How long would you expect Stena's Bulk strong performance to persist once the Strait of Hormuz reopens? Thank you. Thank you, Daniel. For the RCF, there's no particular reason why we draw. At any time, we draw on the source of funding that has the lowest marginal cost. I think it's that simple and for the quarter, that was the lowest marginal cost. For the second question, the contract on Stena DrillMAX, I've already answered. I think, obviously, we're trying hard to get the contract in 2026, but I think it's more likely than not that we don't get that. As you saw, we have contracts for 2027 for Stena DrillMAX. Of course, we are doing our utmost to get such a contract before, but time is running out with that. When are bulk rates going down? I think it's almost like asking when is the stock exchange going to go up or down? The honest answer is, I don't know. Of course, if the geopolitical stress is less, then of course, with a lot of new buildings on stream, you can imagine that maybe 2027 has the possibility of not being as strong as what we see at the moment. Thank you. Let's move on to the next question via text. This one is from Prateek Phatak from BlackRock. What is causing a decline in EBITDA for ferry as volume declines seem small? Do you see any competition impact on volumes? Do you expect any turnaround near-term? Thank you. Yeah, I think we are a bit sensitive to the volume, and I think the downturn, as I said, about half of the downturn is related to volumes, and about half, more or less, one-off related items. I think we can explain the downturn pretty much by the volumes that we've seen in Q1. Thank you. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad or submit your question via text using the Q&A box if you're listening to the call online. At this time, we have no further questions on the call, so I will hand the floor back to Peter for any closing comments. I would just like to thank everyone for participating in the call, and looking forward to speaking to you again at the end of August with our Q2 update. Thank you very much. Bye-bye. Thanks, Peter. This concludes today's conference call, and you may now disconnect your lines.