Okay, good morning everyone, and thank you for joining us today here in sunny and windy Stockholm. I'm Carsten Dilling, Chairman of SAS AB. I'm joined today by Anko van der Werff, President and CEO of SAS. As you have seen today, SAS has filed for Chapter 11, a legal process for financial restructuring of companies in the US. Before I go into more detail about the process, I want to be clear that SAS is continuing to operate as usual. This is a well-thought-through decision made by the board of directors of SAS. For many years, SAS has been burdened by an uncompetitive cost structure. This has prevented the company from reaching its full potential. Furthermore, for the last two years it has been the most challenging in the history of the aviation industry, and the future remains unpredictable for us. In response to these difficulties, the company announced SAS FORWARD in February of this year. SAS FORWARD is the right plan for a full-scale transformation of the business. It is designed to strengthen SAS' financial position and to reposition the company for long-term competitiveness. Over the last several months, Anko and the management team have been working very hard to implement SAS FORWARD, and they have made important progress in those efforts. As part of SAS FORWARD, the team has identified a vast majority of the SEK 7.5 billion In reduced annual costs. They have also continued to invest in the digital capabilities and capacities of the company and our sustainability efforts. The company has also received support from the Swedish, Danish, and Norwegian states, and the team has met with potential new investors and had discussions with multiple stakeholders, all to improve the company's financial strength. However, a lot remains to be done, and SAS needs to address its challenging financial position and make significant cost reductions in order to become competitive. The ongoing strike makes this challenging situation even tougher. We simply need to do much more and do it much faster, and here the Chapter 11 filing is a legal process to accelerate the progress of SAS FORWARD. I want to be clear about what the process is. Chapter 11 is a very well-established framework for financial restructuring. It is commonly used in our industry. Many large international airlines based in and outside the U.S. have successfully used this process over the years. A U.S. Chapter 11 process is different than the restructuring processes in other parts of the world. The process will provide SAS with legal tools to reorganize its capital structure, reduce costs, and complete financial restructuring under the supervision of the U.S. court system. This will accelerate key elements of the SAS FORWARD plan, including reaching agreements with key stakeholders, restructuring the company's debt obligations, reconfiguring our fleet, and emerging with a significant capital injection for SAS. At the same time, SAS can continue its operations with its board of directors and management team still being in charge of the company. The board has explored a number of different options, and we concluded that Chapter 11 is the best way to achieve SAS's objectives, and the SAS FORWARD objectives have not changed. We still want to achieve a SEK 7.5 billion cost cut, and we need to strengthen our balance sheet and convert a lot of debt into equity. Now I will turn to Anko for some additional remarks about what this means for the team moving forward. Anko, please. Thank you, Carsten. Good morning also on my behalf. We've been the leading airline in Scandinavia for more than 75 years, and SAS FORWARD was launched to continue our legacy and in response to the challenges that of course Carsten just mentioned. Today really marks the next step in that process. Today, we are accelerating our SAS FORWARD plan. I want to emphasize that we are fully committed to making this process as seamless as we can, first and foremost for our customers. As Carsten said, we will be flying throughout the process of Chapter 11, of course, for our employees and certainly also for our partners. Like I said, first and foremost, our customers, our flight schedule, bookings, and all customer service are unaffected by this process. We will, however, see flight cancellations as a result of the ongoing strike by the SAS Scandinavia pilots' unions. That is unrelated to the Chapter 11 process. Throughout, we will continue to pay our employees and providing benefits. We will continue working with our vendors and suppliers, and we will continue to provide the service our customers expect from us. We expect to complete the Chapter 11 process in 9-12 months, and we'll continue to provide updates as we make progress. To summarize, we are confident that this process will enable us to become stronger and an even better airline for our customers and a much healthier business partner in the years to come. As we undertake this effort, I'm incredibly proud of our team, the hard work, and of course, appreciate their continued dedication in making our airline competitive. I also truly believe this is the best way forward for SAS, for our employees, the customers we serve, our business partners, and of course, all our communities across Scandinavia. We also hope this process demonstrates the need for all parties to contribute to make SAS financially stronger. A strike is the last thing the company needs right now, and we, therefore, urge the SAS Scandinavia pilots' unions to end their strike and engage constructively as part of this process. We'll now open up for questions. When did you decide to file for this? When did you make the decision? Sorry. We made that decision this morning in a board meeting right before the message was sent out. All right. Is it a direct consequence of the strike? No. You can say our SAS FORWARD Plan has been through a phase now where it has been, you can say, out of court, open, voluntary discussions and negotiations with different stakeholders. We knew all the way that it might become relevant for us at a certain point of time in the plan to kick off an in-court process, which we are doing today. When you then ask about the link to the strike, of course, the strike had put pressure on our liquidity forecast, so it kind of pulled that milestone forward. When were you planning to file for Chapter 11 if there wasn't a strike? That is something we cannot say because that would depend on how negotiations would develop in the different tracks. How long have you been planning this Chapter 11 process? No, I mean, we have worked since, actually since Anko came on board to establish the SAS FORWARD Plan. It was launched in February, and then we kicked off the work streams around the different stakeholder groups. In parallel to that, we have, of course, planned what are the options and scenarios as things are developing in the different tracks. It has been part of the whole preparation all the way through that we could end in this stage. Everything happened after February? Because the pilot union- I think there was some remarks yesterday that you started this already in November of last year. No, that is. Okay, let me take that. That's absolutely untrue. We have been very vocal and on, for instance, the 31st of May when we had our second quarter results, we have also said that there was a lack of progress for the SAS FORWARD program. If that would continue, then at some point we would have to end up potentially in court, right? I remember us also having that discussion, Jacob. Very clearly, as Carsten says, the strike accelerates that, right? So where we have been, I think, very transparent, very open to people saying, "Hey, this is, right, what may happen. This is something that we are considering." For instance, with our fleet deals, the fleet restructuring component, this may happen. If people then still don't come to the table, then yeah, at some point you do have to take this decision to go and take it to, unfortunately, an in-court process. The strike accelerates that, and we were not planning on doing that today or tomorrow or next week. The strike accelerates that because the board and management now do have to protect the company. Your headquarters here in Sweden, why aren't you filing in Sweden? Yeah, we, together with our advisors, have been through all the options of filing. We could have filed in Ireland, U.K., Sweden. You know, when you look at the financial actions we need to take and the stakeholder groups, we have ended up concluding that the U.S. framework is the right one for the company. Yeah. There's maybe a couple of advantages to that. One of the big advantages is that you can do this. It's really targeted to a number of contracts, to a number of things you want to achieve, and they are very well served in that process in the United States. Very practically speaking, there is something which is called, for instance, a stay order. I'll give you one example for why this is beneficial for us. The aircraft, they stay with us, right? Everything stays as is planned until we really take a different decision. Once again, very important, Carsten started with this, it's bankruptcy protection. This is not about bankruptcy. This is about financial restructuring, and in that phase, in that court, you can do this with keeping the operations going, right? In some of the other jurisdictions, you would have had more severe impact on your operations potentially. That is not the case under Chapter 11. We can keep on flying. Our EuroBonus is active. Our passengers and of course our employees, right? Everything works as normal while we take care of the financial restructuring piece. The unions' first reaction this morning was that the company is using them and that the strike is sort of a convenient means in the Chapter 11 process to kick the process off. Do you want to comment on those? Shall I take it? Yeah. Again, absolutely untrue. We have been very open and very transparent. This is what we need in terms of burden sharing. Let's break the SAS FORWARD plan down. We need to raise SEK 9.5 billion. We need to find investors for that. It's very clear that the Swedish state has said, "We will not be a long-term investor. We will not participate in that." It's very clear that the Norwegian state has said, "We will not participate in that capital raise." It is also clear that the Danish government has said, "We will participate, but only if you implement SAS FORWARD, and secondly, if we," in my words, right? "Play second violin. If there is someone else coming into the process and takes the lion's share of that investment." We are looking for investors, and we have therefore been very clear that those investors will only come in if we do our part. That SEK 9.5 billion of investment will really only come in when we do the things Carsten mentioned, the SEK 7.5 billion of cost reductions and the SEK 20 billion of debt-to-equity conversions of the balance sheet. Why otherwise would people come in? That is what really this is about. We therefore have always been very open. It may need that in court process if, for instance, the lessors or others do not want to cooperate with us out of court. That had nothing to do with the unions. Where the strike comes in is that the date has been brought forward because the company now needs to be protected against further liquidity loss. In a short perspective, how will this affect the current situation with the strike? I think it's difficult to say. As we have touched on here, the purpose of the Chapter 11 process is overall financial restructuring of the company, so it's to increase our financial preparedness, get you know the right gig of getting fresh money in and so on. It's kind of a focused financial reengineering process, whereas our discussions in the mediation room around our pilot CBAs is a quite different track. Of course, I mean, we didn't want a strike where SAS lost a lot of money. We didn't initiate a strike. We have actually been willing to sit at the table finding solutions day after day for the last long many months and therefore you know we are ready to go into the room again. We are ready to do it bilaterally, country by country, or in a concerted action, Nordic or Scandinavian. You know, we just need our planes to get on the wings again, so we can serve our customers. We are not taking advantage of our employees. We are trying to get our employees to work and pay them for working. We would never use pilots or any other employee groups in the financial exercise, so to say. We just want to get on the wings again, and we are ready to take that dialogue any minute. Just a quick follow-up. Did you just say that you're open for negotiations, country by country? Yeah. If that's a way to reach the results, we can do it Scandinavian. We can do it country by country. Okay. If there are no further question, we continue with a separate interview. Thank you. Thank you.