Good morning or good afternoon all, and welcome to the Stena Q2 2026 investor call. My name is Adam, and I will be your operator today. If you would like to ask a question during the Q&A portion of today's call, you may do so by pressing star followed by one on your telephone keypad if you have joined us via the phone. Alternatively, if you are joining us online, please use the Q&A text box provided. I will now hand the floor to Peter Claesson to begin. Peter, please go ahead. Thank you, Adam, and welcome everyone to the Q2 2026 financial update from us here at Stena. Hopefully you have access to the slides. As usual, I will run through those pretty quickly and then open up for Q&A. Let's start with slide number three with our five business areas, ferries, offshore drilling, and shipping, and then property and Adactum. In the bars below, you can see the revenue and the EBITDA split for business area for the last 12 months. During this period, revenues from operations excluding net gains on asset sales and changes in fair value of investment properties amounted to SEK 53.4 billion. EBITDA from operations excluding other came in at SEK 12.7 billion. With that, let's go into slide number four with the profit and loss statement for the half year. As you can see, it's isolated a very strong quarter, and also the half year figures is very strong. You can see that revenue is up by SEK 3.2 billion to SEK 28 billion. We have sold a couple of vessels during the time period, resulting in net gain on sale of assets of SEK 918 million, an improvement or a higher figure by SEK 462 million. Also, in our property business area, we have finished projects that lead to a valuation uplift of SEK 356 million in the period. EBITDA SEK 7.1 billion, an improvement of around SEK 1.6 billion. You can also see that we have a sharply improved financial net. Financial net - SEK 1.2 billion, an improvement of SEK 320 million and an earnings before tax of SEK 2.274 billion versus SEK 485 million in the same period in 2025, an improvement of almost SEK 1.8 billion. Slide number five, you can see an explanation also operationally to why we show good figures. Ferry operations, a slight improvement despite some loss in volume from the existing business during the period. Offshore drilling, more days on contract, an improvement. RoRo, as planned, basically, we sold off a couple of assets during last year, and that means that EBITDA is lower and that will be kind of remedied with coming deliveries. Then you see Stena Bulk SEK 1.2 billion for the period, an improvement of SEK 562 million in a very strong, I would call it even hot, tanker market. Real estate grows by SEK 250 million, boosted by the acquisition of Källfelt last year to almost SEK 1.4 billion. Adactum approximately unchanged from last year, bringing up EBITDA from operations to SEK 5.840 billion, an improvement by SEK 835 million. And then you put on the net gain on sale of assets and the fair value of investment properties. We are at SEK 7 billion and a SEK 1.6 billion improvement. So all in all, a very strong period for Stena Group. Slide number six, the committed CapEx. We have primarily ferries in this order book. You can see below in the bars that the committed CapEx for new buildings on order as of June 30th is a total of SEK 3.6 billion. You can see the order, you can see the mix in time below in the bar. Slide number seven, our debt maturity profile. We have, as you know, worked a lot with terming out our maturities, and that means that we have a quite a good position, I think, in our capital structure with our first major maturity currently in 2030. That is our revolver that matures in 2030, and we have two prolongation options. This year, we will prolong it to 2031, and next year, hopefully, we will prolong it to 2032. The prolongation is by consent from our banks, which I do not see why they would not give. That will be turned out most probably to 2032. Then we have a couple of unsecured facilities with the first one actually maturing in 2027. We will look to term that out. Also after that, I guess sometime during 2027, we will also term out the SEK 2 billion unsecured line if we still feel that we need it at that time. But I think a very comfortable maturity profile as you can see from this slide. Next slide is our liquidity position, and it is very strong, SEK 20.4 billion, consisting of cash, unused credit lines, and holdings of security. You can see the mix in the circle there. With that, let us move into the business segment review and also starting with Stena Line on slide number 10. You can see that we are stable and growth has been sluggish in Europe. I think it is a strong performance by Stena Line that balances a slight loss in volumes on the core business. The reason why it is zero here is because it includes Wasaline, our latest acquisition of a one ferry route up in the north of Sweden, between Sweden and Finland. If you exclude Wasaline, we are down a couple of percent in travel and about 1% in freight. That has been made up by higher margins. Also, we have announced previously that we will close down the route between Halmstad and Grenaa, and that has had some one-off costs, but that will be kind of compensated by a better margin from the total operation. I think I will stop there and go to the next slide, number 11. There you can see the volume figures and as with the last slide, it includes Wasaline. Then on slide number 12, you can see the route network and then please note that the line between Halmstad and Grenaa was discontinued in April of 2026. Then moving on to Stena Drilling, and I think the good news there is that the market seems to be picking up. Market is a little bit tighter, especially for sixth-generation rigs in terms of utilization. We are very happy that we have a new contract for Stena DrillMAX. Maybe we had feared that we wouldn't get a contract this side of the new year, and I think that's a bonus that we get one which will start to commence in the fourth quarter. Also to report is that we will start the upgrade to a 20,000 psi vessel of Stena Evolution, and that will be done throughout this autumn. Contract coverage, slide number 14. We continue with Stena Carron. Stena Carron has been working for ExxonMobil since 2016 and is on a greenfield contract with enjoying pretty good rates in the market. Stena DrillMAX, Shell Namibia and then Energean in Greece and Energean in Israel, and then an option in 2028. Stena Forth currently working in Egypt, going to Namibia. We believe we have a contract, it is not signed, but we have agreed a contract commencing in maybe late in 2026 or beginning of 2027, and then running for two years. Stena IceMAX also various clients going forward, but looks to be fully occupied with the exception of the special periodic survey in 2027. Stena Don working for Energean, and that seems to be quite a long commitment. Stena Evolution is working for Shell for the foreseeable future. So it looks like 2027 will be a year when we are fully employed obviously subject to utilization of various options. We are positive and hopeful, and we really believe that these will be utilized and that we will see a good year in 2027 for drilling. Slide number 15, tankers. There you can see the performance in the market from the two categories that we are active in. Suezmax, SEK 64,300 is the average day rate versus a 10-year average of SEK 30,000. MRs SEK 31,200 versus a 10-year average of SEK 20,600. So incredibly strong market and an incredibly strong result from tankers, both operationally and also boosted by asset sales. Obviously we depreciate our vessels pretty fast. That goes for the whole fleet of Stena. That's also a reason why we can generate substantial net profits from asset sales as well. Stena RoRo, as I said in my initial remarks, a little bit of a dip in ongoing earnings due to the divestments that has been made. As I also said, that will be kind of compensated by new charter vessels coming in. Although not before 2027. They've also placed an order for a new RoRo vessel, but there we don't have a client ready, and that will probably be chartered out in a little bit of a shorter term by Stena RoRo. Moving on to slide number 17, Stena Property, and I think the biggest reason why we saw an improvement in cash flow EBITDA is the acquisition of Källfelt. This is a stable market and very high occupancy rates. In Sweden, 98%, and outside of Sweden, 95%. The property value amounted to SEK 60.5 billion by the end of Q2, and a loan-to-value of just shy of 44%. There our internal target is to have 40%, and that will be reached within the next 12 to 18 months. Final business area, Stena Adactum, and there, as you know, it's a mix of companies with the largest one being Ballingslöv which is a kitchen and bathroom manufacturer exposed, of course, to consumer sentiment. I would say it's stable. We haven't seen the big rebound that we had hoped for yet, but we believe that is coming. Some portfolio adjustments. Gunnebo Group, they divested a business unit. We own Gunnebo together with the private equity company Altor. The transaction is subject to regulatory approvals. But I would say it's quite a successful sale which generates liquidity to Adactum and the group. With that, I think I will stop, and we are ready here, the Stena team, to take your questions. Thank you very much. As a reminder, if you'd like to ask a question on today's call and you've joined us via the phone, please press star followed by one on your telephone keypad. If you're joining us online, the Q&A box can be found to the top right of the screen. Participants are asked to limit themselves to two questions per person. That's star one or the Q&A box. We will begin with some text questions. We have two questions from Erik Wolf at JPMorgan. We'll read these one at a time. "What drove the property revenue and EBITDA increase year-on-year and quarter-on-quarter? Were there any new acquisitions? Yeah, I'll answer that then first. Basically that's what I said, that the acquisition of Källfelt is the most obvious reason. Then also, obviously, we've been able to have rent increases as well, and that also helps to boost the margins for property. Erik's second question reads, "Should we factor in any upcoming margin impact from the Stena Line pay increases that have been announced in the press, i.e. labor cost? To be honest, I haven't seen what Erik is referring to, but I would say that there is a program of cost-cutting and savings being launched. I don't think that in isolation would mean any margin erosion. Robert Ward from Fidelity has two questions. I understand you have sold three tanker vessels year to date. Is this an active strategy to reduce the fleet size, or are sales more opportunistic? Yeah. I would say it like this: it is more opportunistic. We are taking the opportunity in a red-hot market to cash in a little bit. Also, we would like to remain in the business, so I think maybe we are down to a number which cannot be reduced from this level. But it was good to use the opportunity to get an opportunistic net profit. How much of the EBITDA increase in ferries related to Wasaline? Were the measures introduced such that you were able to offset the impact of lower passenger volumes? I don't think we've disclosed that, but maybe a third was related to Wasaline. Shubham Agrawal from BlackRock asks, what was the potential plan on the CapEx structure side? Do you plan to come to capital markets? Well, our plan is as usual, that we should have a healthy liquidity, and that we should have no near-term maturities. As I explained during my initial comments, I think we are there on both of those targets. Will we go to the market? Basically, that depends on the price, and I think currently we find many more cost-efficient, for us, solutions in our funding. I think we are not planning on going to the market in the near term. As always, we don't rule it out either. As a reminder, that's star one or the Q&A box. Our next question comes from Jonas Shum from Clarksons Securities. Jonas, your line is open. Please go ahead. Hey, Peter. Thank you for hosting the presentation. I have a question on the rig side. You mentioned you will do the upgrade on Stena Evolution this fall, and it seems that it will be out of commercial operations over a period of 4-5 months. I was just wondering, how should we think about the unit earnings during that period? Yeah. Hi, Jonas. Jonatan here. During that period, the vessel will not earn revenue, but the costs will be covered. OPEX will be covered, but you will lose the revenue side of it during those. Okay. So break even then. On your financing side, you mentioned that you had these options for the revolving credit facility that matures, that you can roll it over a year at a time, and that it has now matured in 2030. You were mentioning that you could potentially roll it into 2032, but in 2031, you have SEK 12.2 billion of bonds outstanding that comes to maturity. I was just wondering, are there any contingencies in the revolving credit facility that makes it necessary to address that bond maturity if you're going to get that revolver into 2032? I don't think so. I think our banks have full confidence that we manage our maturity. We have, as I said, we have two options, and I expect that we will have a final maturity of 2032 for the revolver. Okay. Thank you very much. Thank you, Jonas. No further questions at this time. As a reminder, that is star one or the Q&A box provided. We have no further questions, so I will hand it back to the management team for any closing comments. Then I would just like to thank you for participating, and we will see you next time at the end of November. Thank you very much. Bye-bye. This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.