Good morning, everyone, and a warm welcome. Welcome to Wisdome Stockholm. Today is a very special day for Stora Enso, and above all, for Bergslagets Skogar. I am Jutta Mikkola, Head of Investor Relations in Stora Enso. A year ago in London, we promised a focused new forest company, and today you will get to meet it. The main part for today is the very first Capital Markets Day of Bergslagets Skogar. Later, Hans Sohlström, the President and CEO of Stora Enso, will tell you what Stora Enso looks like after the merger, and he will walk you through the next steps. Finally, we will have lunch together, and there you can continue the dialogue with the management of both companies. Without further ado, back to Josefine. Enjoy the day. Thank you, Jutta. Now, let's begin where Bergslagets Skogar begins, in the forest. While the world changes, cities expand, roads stretch further, and the pace of life accelerates, the forest continues to grow quietly, patiently, whether anyone is watching or not. Forests provide for many human needs: wood, fiber, water, biodiversity, beauty, and places for peace and reflection. Every generation has desired to understand it better. For nearly a thousand years, that has been our commitment. We have built a new independent forest company on centuries of forestry heritage, with roots in Falun dating back to 1288. Today, from the heart of Sweden's forest economy, we are focused on creating long-term value from forests for our stakeholders, society, and nature. Built on science and advanced forestry practices, we manage our forests as living, evolving systems to support their resilience and productivity over generations, because we believe productivity and resilience grow stronger together. We know forests for what they are today, but we are just as inspired by what they can become tomorrow. The combination of a strong forest heritage and future-focused innovation gives us a distinctive capability to create and grow value from forests, expanding the possibilities of one of society's most important long-term assets, together with customers, partners, communities, and experts, for generations to come. We are unlocking the full potential of forests. A warm welcome to Bergslagets Skogar's first-ever Capital Markets Day. My name is Josefine Bonnevier, and I am Head of Investor Relations at Bergslagets Skogar. It is wonderful to see so many of you here this morning, and a warm welcome too to those of you who join us on the webcast. I must say, I cannot think of a better place than this, a wooden dome made of Swedish timber, to show you the big picture. This is a big day for us, a brand-new company hosting its first-ever Capital Markets Day. Today, we want to show you who we are, what makes us different, and above all, introduce you to the people behind Bergslagets Skogar. Our ambition is simple. When you leave here today, we want you to know three things. The forest is a real asset that grows. It provides steady cash returns. We are all about the forest. What is in store for you today? First, our CEO, Tuomas, will show you how we are building a new independent forest company. Then Martin, our CFO, will show you what that means in numbers. After a coffee break, Johan and Annika will take you into the forest itself, our operations, and our sustainability work. After that, we would love to hear your questions. Most importantly, today is for you. Please come and find us at the coffee break or over lunch. The whole team is here, and we would love to talk to you. This is the team you will meet today. They know all about this forest, and they cannot wait to tell you more about it. Let us get started. To open up our very first Capital Markets Day, I am delighted to hand over to our CEO. He has spent his whole career in forestry, but is also a private forest owner himself. For him, this is not a job, it is personal. Welcome to the stage, Tuomas Hallenberg. Good morning, everyone. Only a few weeks ago, my family and I, we moved from Helsinki to Falun, Sweden. We are still living in the middle of piles of carton board boxes. By the way, they are made by Stora Enso. Quite literally, I can say that I moved directly to this new role, and I am very happy to do it because today we are going to start something new. Welcome to the very first Capital Markets Day of Bergslagets Skogar. My name is Tuomas Hallenberg. I am the very first CEO of the company. I spent my career in forests, like we heard, being an industrial forester. Most recently, I led Stora Enso Forest Division. I am very proud to lead Bergslagets Skogar, and let me tell you why. Five things makes Bergslagets Skogar very special. One, we are about a real asset that grows. Trees grow no matter what is the economical cycle. Every year, our forest is bigger than the year before. 137 million cubic meters standing stock, and growing. Two, scale in the right place. 1.2 million hectares. Europe's largest listed pure play forest company. Right in the heart of Swedish forest industry, traditional central Sweden. Our customers on our doorstep. Three, people and technology. Generations of forestry know-how now combined with newest data and newest tools. Four, cash. This is a capital-light business. We don't have mills to feed. The forest grows, and we turn a part of that growth into cash by selling harvesting rights. Five, more value from every hectare. This means better seedlings, better timing of operations, and also better land optimization. There is a lot to unlock. To summarize, Bergslagets Skogar, we are big, we are well-placed, we are growing, and now, for the first time, free to focus. That last part, free to focus, is something new. Let me explain. When I meet investors, they often ask me, "Tuomas, what is actually changing?" My answer is, "How we think about forest." On the left is the past. Forest was a part of industrial strategy in Stora Enso. We call that the short forest. We harvested when the mills needed wood, and we were part of a supply chain. That is understandable, logical, of course, being a part of big industrial group. On the right is the future. The forest is the strategy. That's why we call it the long forest. Now we can time every forest operation, planting, clearing, thinning, for the best growth of forest and for the best value in the market. We have our own board, our own management, and our own capital allocation, and fully external commercial focus. We are starting fresh. Even our systems, our IT team started from scratch. The platform is new, and we have no legacy. Just modern tools built for a forest company today. For you, it means something simple. For the first time, you can own Swedish forests directly, transparently, at a scale, and on stock exchange. Let's look at these five reasons one by one. Let's start with the asset itself. Reason one, forest is a real growing sustainable asset. Most assets, they do one or two things for you. Forest does three. It grows, it protects, and it pays. It grows every year, whatever the economy is doing. It needs very little capital, planting, clearing, keeping our forest roads in shape, and that is all. The forest grows more than is harvested, and it stores carbon as it grows. It protects. Good forest land is rare, and ours is one large estate in a secure country. It moves differently from bonds and equities. Over the long term, wood prices have kept pace with inflation. It pays. Every part of the tree has a buyer. Now, we are free to time every operation for the forest and the market, not for a supply chain. The returns come from three places. Forest is growing, then cash from forestry and our adjacent businesses, and over time, the value of land. Let me show you each of these. First, it grows. Johan, our Head of Forestry, once took a group of visitors to a forest and asked them to close their eyes. After a while, Johan asked, "What did you hear? What did you sense?" People answered, "Well, yes, wind, some birds." "Partly correct," said Johan. "This is our factory up and running." We work with Mother Nature, its production processes, and she works every day. Look at the numbers. Over the last 100 years, the standing stock volume of Swedish forest has doubled. At the same time, Sweden has harvested, and we know that Sweden has a very famous industrial sector in forestry. Sweden harvests around 100 million cubic meters per year, and we, in Bergslagets Skogar, we supply roughly 3 million cubic meters of that. The forest grows more than we harvest, and that is what I mean when I say sustainable by nature, sustainable by design. That is a feature of forest. It goes beyond. The growing forest, they take carbon dioxide out of the atmosphere. Wood replaces fossil-based materials and can be recycled. We manage our forest for biodiversity, because a diverse forest is a more resilient forest, a forest that is at the heart of bioeconomy today. Second, it protects. It all starts with scarcity. On the left, global demand for wood grows around by 1/3 by 2050. More people, more cities, more wood replacing steel, concrete, and plastics. On the right, productive forest land is shrinking. Demand up, limited supply. In that market, we own one of the largest forest estates in Sweden, a low-risk Western country. The second part of it protects is for portfolio managers in a room. Today, it is hard to find real diversification. Bonds and equities don't move as independently as they used to. Commodities, they swing a lot. What else is there? Maybe gold, crypto possibly. Here is another answer. Real trees in the ground in a stable democracy. Over 20 years, Swedish forest returns have had low or sometimes negative correlation with equities, property, and bonds. A listed pure play forest company is something new. Until now, there has been no simple way to hold this asset in a portfolio. Over the long term, wood prices and land values have tracked inflation very well. Year to year, of course, prices move, as everyone in this room has seen this year. This is a long-term business and long-term asset. Over the long term, the link has held. That is what I mean by it protects. Real asset that brings balance to a portfolio over the long term, and now, for the first time, at this scale, a listed one. For an industrial forester, this is a picture I love. It shows clearly the Nordic forestry. Nothing is wasted. The thick part of the trunk becomes sawlogs, and those go to buildings and wood products, and that is the most valuable part of the tree. The thinner wood goes to pulp, paper, and packaging, and the tops and branches can be used for renewable energy. In Sweden, this is a market worth around SEK 53 billion a year. One thing I want to be very clear about, we do not harvest ourselves. We sell harvesting rights. Our product is a forest that has been planned and it is ready to harvest, and it is then our customers who will do harvesting, and they take care of the logistics from the forest to their mills. So where do the returns come from? Three places. At the bottom, the value of forest land rising over time. In the middle, the forest growing in volume. At the top, the cash we earn from harvesting. So over the last 30 years, Swedish forest has returned around 7% a year. Now, a personal reflection. In my career, I have seen land prices go up fast, and I have seen them going sideways. The bottom layer is set by the market, and we do not control it, and we will not promise it. But the other two layers, how much the forest grows and how well we time our harvests, that is our job. That is exactly where this management team will spend its time. On top of that, adjacent businesses, they add an extra stream of income. Think about this, a property company needs to buy new buildings to grow. Our forest, it grows on its own and without investments. So that is reason one. Forest grows, forest protects, it pays. Now, reason two, why our forest? We own about 1.2 million hectares. That is nearly the size of Montenegro. On that land stand 137 million cubics of standing stock, enough to build about 10 million wooden family houses. That makes us the biggest listed pure play forest company in Europe. The scale matters. It gives us spread across ages, species, and local markets, and it gives us choice in when and where to harvest. But the size is not enough. Location is everything. Our forests are in mid-Sweden, so good soils, good growing conditions. Our gross standing stock growth has been 4.3% a year, and that is higher than the one of our peers. Why is this then a sweet spot, the center of Sweden? Further north, trees grow more slowly. Further south, they grow faster, but the land ownership is more or less scattered. So in mid-Sweden, we have both, strong growth and large connected areas that are efficient to manage. So, we are in the traditional heartland of Swedish forest industry. Within about 200 km around our estates, one can find dozens of sawmills and pulp mills. Sawmills in our area use about 17 times what our forest supply in sawlogs. Pulp mills use about 21 times what we supply in pulpwood. In fact, the demand locally exceeds the supply, and that means that the companies have imports at the higher cost. We start with a take-or-pay agreement with Stora Enso. That gives us security from day one. Over time, those volumes will step down, and there will be more volume to be sold freely to the market. We get the security at the start and growing freedom over time. This is where we sit in the value chain. Nurseries, forest management, selling harvesting rights. That is it. We have no sawmills, no pulp mills to run. Why does this matter to you? First, less exposure to fluctuation of end product markets, like paper, timber. Second, low capital needs. Third, freedom. We do not have mills or supply chain to feed, and every decision is about the value of the forest. That focus is our mandate. Increase the long-term value of the forest. We already run a productive estate, but we see a clear room for improvement and to do more. We can harvest when the market is right. We can get more sawlogs from every stand and managing land more actively. On 137 million cubics, even small improvements add up to a lot of value. That is reason two, scale in the right place, with full focus on forestry. Now, reason three, the people and tools. People have been caring for this forest for more than 700 years. That knowledge is in our people today. Silviculture, Swedish tree breeding program, local knowledge from every compartment, from every valley. What is new is how we now combine it with data and the newest tools. Let me give you three numbers. We grow around 50 million seedlings a year in our nurseries. Thanks to Swedish tree breeding program, the new seedling generation has 30%- 35% higher growth potential than the traditional seedlings. We also scan actively our forests by laser, drone, and satellite. One example, satellite data has halved the field visits we need to plan thinning operations locally. With the same tools, we have found around 10,000 hectares of productive forests in areas we used to classify as unproductive. It is all about analyzing the change. Our knowledge and new tools, that is the combination where we make the difference. After the break, Johan, our Head of Forestry, and Annika, our Head of Sustainability, will take you more in details in this. Johan knows almost every compartment in our forest. Annika worked as a professor of forestry before she joined us. I can tell you will be in good hands. Reason four, how all of this turns into cash. Our cash model, it is very simple. In four steps, the forest grows. Our commitment is that the standing stock growth is 1% a year net after harvesting. We sell a part of that growth as harvesting rights at the right time. Our costs are mostly flexible. They move actively, so we keep most of what we earn. We need very little capital to keep our business up and running. That cash goes to shareholders and into making the forest even more valuable. Finally, reason five, more value from every hectare. The biggest opportunity is in a core. It is the forest. There are four main levers that you can see on the left-hand side. First, better seedlings and silviculture, meaning trees grow more, faster, stronger. Two, better land. Turning unproductive land into productive one, and swapping or buying land to build more connected entities. Three, a better mix, more sawlogs sold at the right moment at the right price. And four, digital tools that make every operation more efficient. Beyond the core, we have adjacent businesses. We have seedling sales for other forest owners. There is also Falu Rödfärg, the famous red paint factory in Falun, the production of which started as early as 1764. Not to mention recreational rights and land for wind and solar power. Today, they are around 10% of our business. They are an important addition, and some of them have real long-term potential. But the main course in Bergslagets Skogar, that is the forest. So, five reasons. A real asset that grows. Scale in the right place. And generations of know-how with the newest tools. A model that turns growth into cash. And more value to unlock from every hectare. So Bergslagets Skogar is a big, well-placed, growing, and free to focus. Now, let me hand over to a person who keeps our numbers in line, and he has got 25 years of experience in forestry and finance, our CFO, Martin Ros. Martin. Thank you, Tuomas. Tuomas has shown you why this forest is special. I will now talk about some numbers. But I will show you what it is worth, but also how it pays. And this business is really based on two engines. I want you to remember that, two engines. It is an asset that grows every single year, and it is steady cash flow every single year. And both of them can come back to you as shareholders. And here is what makes this rather unusual. Until now, if you wanted that kind of return, a real asset that grows and pays cash, you mostly had to invest privately, perhaps forest funds or direct private ownership. But from the listing next year onwards, you can own a share of this forest at scale. All right. So, what can you expect from us? It is going to be, and it is all about resilient total shareholder return. Stability and predictability. It is about the flexible business model. And I will show you what I mean by that in a while, but it is in how we harvest, how we sell, and our cost structure. And then strong cash flows. I will also talk about that later. But really high cash conversion, about half of sales. And we will be very disciplined when it comes to capital allocation. We will have full focus on the forest, and we will maintain a disciplined capital allocation and a solid balance sheet. This all supports delivering stable and growing shareholder distributions. So, put it all together, and that is the foundation for resilient total shareholder return, a return that keeps on coming through good years and difficult ones. But let me take you through it one by one. Let's start from the asset itself. On your left, look at the 100 trees. That's our forest today, 137 million cubic meters of standing wood. Every year, those 100 trees become 104. Over the last five years, our standing stock has grown by more than 4% a year. That's biological growth. Remember, nature does the work, regardless of economic cycles. Of those four new trees, we harvest around three, and that's what turns into cash year after year. The fourth tree, it stays in the forest. It keeps on growing, and it gets bigger and more valuable. Again, one asset, two ways it pays. It grows in value and it generates cash. Now let's add some time. In forestry, we plan in really long cycles, up to 100 years. The chart behind me looks forward to 2080. The bars, they show our harvesting. In recent years, about 3 million cubic meters per year, and this year, 2026, is the exception. Late last year, there was a storm called Johannes in mid-Sweden, and we are now harvesting more to take care of damaged forests. Going forward, we see a sustainable harvesting level of around 3 million cubic meters- 3.3 million cubic meters per year in the near term. Look at the line above. It's the forest itself. Here's our commitment. We will grow our standing stock by 1% a year net after harvesting. Remember, that's the fourth tree in my previous slide, and it's what keeps this asset compounding decade after decade. Because harvesting is planned over long cycles, we have room to adapt. We can harvest a little more or a little less when it's right for the forest and for the market. Let's have a look at the balance sheet. We do account for forests at fair value. It's based on what forests actually sell for in the Swedish market. Today, that's around SEK 63 billion. As you can see, it has grown steadily, mainly because the forest itself has grown year after year, and the standing stock has increased more than what we have harvested. On the right-hand side, I think it's in a blue color, it's an illustration of the day of listing. Take that forest value, subtract a net debt of around SEK 9 billion, and you get a net asset value of SEK 54 billion. That's roughly SEK 69 per share. SEK 69 per share. Just as a reference point, last year, 12.4% of this forest holding was sold at exactly that book value. It's all about growing value, right? How do we grow that value per share? We do have a full toolbox. Tuomas has been describing it very well this morning, and this bridge shows it. Start again from the left, the core of our business, the forest that grows. We harvest part of it, and that turns into cash flow. In the middle, other value-creating actions. For example, optimizing our land base, buying well-located forests, and perhaps selling more scattered parcels. Johan Djurberg, our Head of Forestry, he will tell you more about how that works in practice after the break. On the right-hand side, forest land prices, and that's the market. We don't control it, and we don't plan for it. Over the long term, as you said, Tuomas, it has been positive for Swedish forests. Our job is everything to the left of that. It's growth, harvest, steady cash, and smart land management, and that will drive net asset value per share. Now, let's have a look at the top line, revenue. This gives you a sense of our wood sales at around SEK 2 billion per year. Within that, of course, prices and volumes, they do move. Key part of our flexibility comes from how we optimize volume to market conditions. Take this year as an example. Remember the storm Johannes? There was a lot of extra wood entering into the market, and prices fell. We harvested more to deal with our storm-damaged forests, so volume helped us to compensate partly for that price. That was the right call for this year. It's not what we expect going forward, because as an independent company, we decide when to harvest more and when to let the forest grow. Also, please have a look at the mix. More than 60% of our turnover comes from sawlogs. Remember, that's the high-value part of the tree, which carries a real structural premium over pulpwood. Every new company needs a solid starting point, and one of ours is an 18-year take-or-pay agreement with Stora Enso. There are three things I want you to know. It safeguards Bergslagets Skogar revenue day one. It's always based on market terms, and the contracted volumes step down over time, and that gives us a growing ability to sell to other customers. The same map, have a look. That's the opportunity. I mean, we are surrounded by sawmills and pulp mills, and Stora Enso will remain a very important customer for us, but we fully intend to build a broad customer base around it. Over time, we expect to serve many more customers in mid-Sweden. Now, as CFO, my favorite part, cash. Again, starting from the left-hand side with our sales. Our cost structure, it's mostly for looking after this forest. It's planning activity, forest management, roads, and that leaves a very high adjusted operating profit. Then we reinvest a little, replanting after every harvest around half a percent of the forest asset value that supports that long-term asset growth. Here's the result on the right. Close to half of every Swedish krona we sell becomes free cash flow, and that is rare. One more important thing about these costs, most of it is external services. It's contractors who plant, build roads, help us with forest management activities. That means that our cost base is flexible and scalable. If we, for example, choose to harvest less in a year, our cost will come down too. Fixed costs are limited. I will also want to mention that we will have some extra standalone costs from 2027, next year onwards, as we separate from Stora Enso. The model stays the same, very little capital tied up. What do we do with all that cash? We have some real choices. Here's a bit of the same story, but again, over time. On the left-hand side, again, stable high margins, around two-thirds of sales, and on the right, free cash flow return, meaning the free cash flow compared with the value of the forest. Last year, it was at 1.7%. Our long-term ambition is 2% free cash flow return. Remember, that 2% it comes on top of the asset growing. So cash return plus asset growth, those two engines again. First, let me start with the balance sheet on the left-hand side. At the time of listing, we will start with a net loan-to-value of around 14%, and our target is to stay below 20%. That keeps us robust and investment-grade-like. Secondly, our priorities are very, very clear. Our forest needs very little investments, and most of what we earn can go back to you. Our dividend policy is stable and growing dividend, paying out 80%-100% of adjusted net income. That is an undertaking right now. It is how we intend to run this company from day one. Let me try to bring it all together for you. These are the six areas we will hold ourselves to. Again, growth, 1% net standing stock growth a year, while also increasing climate benefit. A 2% free cash flow return, while also increasing our biodiversity benefit. Again, a net loan-to-value below 20%, and stable and growing dividends. Together, they add up to resilient total shareholder return. So an asset that grows, steady cash flow, and a sustainable company built to return it. Before we go and have a break, let me also introduce our next speakers after the break. Johan Djurberg, our Head of Forestry. He is really one of the most experienced foresters I know, both when it comes to wood trading, but also forest management. After the break, he will show you more about how we run our business in practice. Annika Nordin, our Head of Sustainability. Career as a professor in forest science. She will show you how our ambition in business and sustainability really goes hand in hand. First, and also for those of you joining us online, we will have a coffee break. I mean, we are all here, so we are happy to engage and talk with you. I would like to see you all, also online, back here in 30 minutes. Thank you. [Break] Forestry is measured in decades, not quarters. That long-term perspective shapes every decision we make. We manage the full forest cycle, from regeneration and growth to biodiversity, harvesting rights, and future land use. Our forests grow more than they are harvested, and the wood delivered from our forests is certified. Through active management, we continuously renew the resource, integrating biodiversity, climate considerations, and responsible stewardship into everyday decisions. Our aim is clear: to strengthen productivity, resilience, and value over generations. Our assets are located at the heart of one of Sweden's most important forest regions, with established operational and logistic networks already in place. The result: stable, high-volume supply that customers can rely on year after year as the foundation of their long-term wood sourcing. Better intelligence drives better returns. Our forest data brings together satellite imagery, LiDAR, and operational data, giving us tree-level insight across the estate. When this technology and science is combined, we can plan more precisely, improve harvest accuracy, and predict both volume and quality with greater confidence to our customers. At the same time, we increase efficiency and reduce environmental impact. This is how long-term stewardship becomes operational strength, through knowledge, through precision, and through scale. The outcome is predictable supply, resilient forests, and sustainable long-term value. We are unlocking the full potential of forests. Welcome back, everyone. I hope you enjoyed the coffee and had a chance to meet with some of the team. So far, you have heard how we are building a new independent forest company and what that means in numbers. Now, it's time to take a look into the forest itself. Here to guide us are Johan, who leads our forestry operations, and Annika, our Head of Sustainability. Welcome up to the stage, both of you. Thank you, Josefine. I prefer to take people out to the forest, the real forest, when I'm talking about forestry and forest operations. Well, I cannot do that today, but I'm very glad that many of you will follow us to the forest tomorrow. My name is Johan Djurberg, Head of Forestry at Bergslagets Skogar. I've been in this business for about 18 years, working with different parts of the value chain. My interest for forest and forestry started at a very young age, spending time in my family's forest. I'm Annika Nordin. I'm Head of Sustainability. I have similar childhood memories from my family's forest. After that, forestry school and academic career in forest science, and now for six years here. Johan. You have heard this a couple of times this morning. Bergslagets Skogar will create long-term value. With tree breeding and active forest management, we will grow more. With better data and land management, we will increase the value of our land. We also see new income streams beyond the trees and our foundation, forest expertise and forest intelligence, with sustainability at the core. During this session, Annika and I will tell you more about how we run Bergslagets Skogar in practice. You have seen this slide earlier this morning. This shows our core. In the nurseries, we grow the trees that you will see in our forest in the future. In my hand, I have thousands of seeds. Seeds that will become the future trees of Bergslagets Skogar. Trees that will grow much better than the trees that we harvest today. Annika will come back to this. Forest management. How we manage our forest to combine growth and production with social and biological values. In the film that you saw a few minutes ago, you actually met one of our colleagues, Frida. Frida is working as a site planner at Bergslagets Skogar. She was marking the boundary of an upcoming harvesting. Before she did that, she also made a nature value assessment, which is a standard procedure when we do the planning. Working as a planner, it is complex. You need to have a lot of knowledge. You need to be very good at roads, water, biodiversity, and of course, harvesting operations. But the final result, well-planned harvesting rights, our main offer. Bergslagets Skogar will focus 100% on the forest and our customers. On the slide, you also see the adjacent businesses, and that we will come back to a bit later on. As you know by now, Bergslagets Skogar operate in a highly attractive wood market. Customers on our doorstep, knocking on our door. Bergslagets Skogar will sell harvesting rights according to about 3 million cubic meters a year, as you can see on the left-hand side on this slide. Within 100 km from our assets, the wood consumption is about 41 million cubic meters, sawlogs and pulpwood. If we look at the total catchment area, the same number is about 55 million cubic meters. I have been working with wood supply within Stora Enso, but also outside for more than one decade, mainly in this specific area. I know that in this geography, the demand is bigger than the supply. I know that in this specific area, the challenge has been purchasing wood, not selling. Said that, I would say that Bergslagets Skogar have a very solid and very interesting customer base for the future. We are offering harvesting rights to our customers. That means that we are offering sites that are well-planned and ready to harvest. Being responsible for wood supply for many, many years, I know that Bergslagets Skogar will create value for our customers. I know that we will be an important part of their supply chain. By selling harvesting rights, we will, as one example, create flexibility to our customers. The customers harvest a specific stand that fits into their supply chain at that specific moment. Maybe support the assortment mix. Or maybe the site has the right ground conditions that is needed at that specific moment. As one supplier once told me many years ago, "Johan, you should know one thing about wood supply and forestry, and that is, it is an outdoor sport." Meaning that a lot of factors can impact what and where to harvest. With big volumes, well-planned harvesting rights, we will create flexibility and support an efficient supply chain. We use sustainable forest management, and 100% of the volume is certified. Bergslagets Skogar is a supplier that customers will rely on for years. How do we do this? Forest expertise and forest intelligence. Let's open this up a bit more. No one is better to do that than you, Annika. Thank you, Johan. As said, before I joined Bergslagets Skogar, I was for many, many years a professor in forest science at the Swedish University of Agricultural Sciences. I think I can say with some confidence that Sweden is actually one of the best places in the world to learn about forests and forestry. One reason is the long tradition of collaboration between science and practice. It can be that a problem is identified in forestry practice, research is started, and as soon as research has a solution to the problem, that solution finds itself straight back to forestry practice. This also anchors all levels of forestry education to the reality of the forest business sector. Nothing makes me as proud as when meeting my former students out here in the forest business sector. I can see for myself they have deep forestry expertise. They know how to use the latest technology and data. They are aware of the legacy of previous generations of foresters, and they have a deep understanding of the forest as a living system. That knowledge that belongs to our people, that is the first foundation of our company. The second foundation, that's data. In Sweden, forest data dates back for more than 100 years. In 1923, Sweden did its first national forest inventory. Back then, lots of men, because at that time all foresters were men, they were sent out in the forest to walk along evenly distributed straight lines. Each time a man encountered a tree, he measured and recorded it. It took many men and several years before anything could be said about the state of Sweden's forest at the time. Today, the situation is dramatically different. Women can be foresters, for example. We still do forest inventories, ground-based inventories. In addition to that, as Tuomas mentioned, we collect forest data in so many more ways. We can use satellites, airborne laser scanning, ground-based laser scanning, aerial photographs, drones, and even forestry machinery to collect forest data. We use modeling powered by artificial intelligence and machine learning to combine different sources of data and to make data into solid decision support. For instance, we use scenario modeling to optimize forest management for desired outcomes and balance between forest's different values. All this with better data and more data that makes us more precise and more efficient when we do our forestry. It means we get better and better at doing the right thing in the right place at the right time. We still do walk the forest. Remote sensing technologies, they are really good at seeing the trees, but still, many organisms of the forest can only be seen by those walking in it. Now, an example of how knowledge and data can be combined. This is where the future forest begins, in our nurseries. In the picture, you see Linnea. Each day at work, together with her team, she tends more than 1 million seedlings in one of the greenhouses. Altogether, in the three nurseries, we grow around 50 million seedlings a year. All these seedlings, they originate from the Swedish tree breeding program that has been running since 1936. Tree breeding, that is to identify trees with desired traits and to cross them with each other. A desired trait has always been high growth rate. But over the last few decades, also other traits have been included in the tree breeding program, and those are traits that make trees more robust to climate change. For instance, it can be that trees are more resistant to dry climate, dry weather, and it can be that they also become more resistant to infestations by pests and pathogens. New technology and innovation is very much at play in tree breeding and also in the production of seedlings. For instance, today, many tree seedlings can be made from the same seed, and also we can use new gene editing tools to sort of speed up traditional tree breeding. In Bergslagets Skogar, we grow more seedlings than we need for our own forest, so we sell seedlings to the market and supply to private forest owners in the area superior seedlings that are robust to climate change. Back to you, Johan, for some more examples of value creation. Thank you, Annika. With forest intelligence, Tuomas mentioned one example this morning, we can identify pre-commercial thinning with satellite images combined with a data model. Another example is that we have been able to identify productive forest land that were earlier classified as non-productive. With non-productive means that the forest grows very, very slowly. We have done this with laser data and a data model, a model that has been developed with our own staff within Bergslagets Skogar. This will increase the value of our land. More of our existing land will be used for harvesting. But at the same time, we have also identified areas with high biological values, areas that we will not harvest, areas that will become set-asides. So far, we have identified about 10,000 hectares, and the potential is much bigger than that. Another example how we can increase the value of our land is what you can see on your right-hand side. We call it land swaps. We sell scattered areas and purchase productive forest land in our core areas. Between 2023 and 2025, we made about 80 transactions. The result? More valuable assets and an increased efficiency in our operations. On this next slide, I am trying to show what I just said. If you look at the left-hand side, you can see a green area, a light green area that we purchase, and it fits very well into our core asset. On the right-hand side, you can see these red areas which we sell out, scattered areas far away from our core asset. This is one example. But Annika, isn't it so that biodiversity also increase the value of our land? Yes, you are right, Johan Djurberg, and I will try to explain why. For me, sustainable forestry is very simple. It is about keeping the forest healthy and productive for now and in the future. In Bergslagets Skogar, we focus on two things: biodiversity and climate. Both are important for the planet. Both are important for business, for customers, for certification, and for keeping the long-term value of the forest. Let me show you each. Biodiversity is integrated into every forestry decision. Each time we harvest, we leave trees, the so-called retention trees. These are not just any trees. These are the trees that make the most good for nature. We can see that they have, for example, lots of different species of mosses and lichens on the trunks or in the branches. Or we can see that they would form wonderful housing materials for birds. All that we can see, but we also consider what we cannot see, what is below the ground. Underground, trees are linked to fungi, so-called mycorrhiza. Mycorrhiza is a living network of tree roots and fungi that stretches out in the forest soil. The fungi and the trees, they exchange with each other. Fungi provides to trees better access to nutrients and water, and trees provide to fungi carbon. By leaving the trees behind, the retention trees, the fungi can survive in the harvesting site, and the fungi move straight into the roots of the new tree seedlings, giving them a head start. I think this is a wonderful example of how science has been turned into everyday forestry practice. Another example now. It is about restoration work, systematic restoration work, that over time has brought good results. This is about the white-backed woodpecker. This bird is critically endangered in Sweden. Its home in old growth deciduous forest that is rich in dead wood and often close to water, that has almost disappeared over the last century. This is a problem for the white-backed woodpecker, but also for the more than 200 other red-listed species that prefers to live in the same kind of forest. Since the 1990s, our company has been setting aside and restoring forest for these species. Today, we own and manage around 6,000 hectares, and management is very important. Natural succession would turn these forests into spruce-dominated forest, so we need to remove spruce, we need to create dead wood, and we need to promote the deciduous trees. I would like to share one story. We did an extraordinary effort, I think, to actually restore a woodpecker forest. This was in Värmland, to the west in Sweden, and we built a pontoon bridge over the big Värmland river, Klarälven, big river. We did this to be able to harvest and transport really big coniferous trees from an island in the middle of the river. Today, that island holds a perfect woodpecker forest. In 2024 and 2025, I think also, around 14 breeding pairs have been spotted in Sweden of this bird. It may sound little, but this is the best in 30 years. This is not only thanks to us. Also other actors have done similar efforts to restore and protect woodpecker forest. Together, we can now enjoy the positive results. We are proud to be part of this success story. Climate. A few words on climate. Here, good climate work goes hand in hand with good forestry. If you look at the graph and the red line, you see annual carbon uptake over age of the forest. That is annual growth of forest over the age of the forest. You can see that forest grow best when it is young, and then that growth levels off as forest age. If you look at the green dotted line, you see average carbon uptake, that is average growth over the lifetime of a forest. If you harvest the forest too early, that is to the left in the graph, then you risk to cut the forest off during its best growth years. As an independent company, we can time harvesting for ourselves, and we can push harvesting to the right, which means we don't harvest forest until growth really starts to decline, and we can hit the sweet spot when annual growth intersects with average growth. This may create additional revenue opportunities. In E.U. policy development, now there seems to be some tailwinds in the Carbon Removals and Carbon Farming framework towards a voluntary carbon market that will function in Europe, and that will recognize verified forest carbon removals. This by recognizing and rewarding additional carbon sequestration in forest that is a permanent increase in forest carbon stock, which, as Martin pointed out, is our target. Back to you, Johan, for some more insights on adjacent business opportunities. Thank you, Annika. If we start on the left-hand side of this slide, existing businesses that we have already today. Annika mentioned earlier that we're selling seedlings to thousands of other forest owners. We also have land use rights, for example, hunting rights. Then we have the famous Falu Red Paint, or Falu Rödfärg. If you live in Sweden or if you have been traveling in Sweden, I'm sure that you have seen many red wooden houses. I am very convinced that many of those has been painted with our paint, the original Falu Rödfärg. The paint that has been made in Falun since 1764. If we look at land development, wind and solar power, already today, 1 terawatt hour is produced on our land, and the long-term potential is about 20. The business model, we lease the land, developers build and operate, Bergslagets Skogar keep the land and earn a steady income with limited capital. Then if we look into the future, Annika, now I will more or less repeat what you just said, but of course, there can be new income streams from carbon credits. With an increased standing stock, as Martin described earlier, Bergslagets Skogar will capture more carbon. Future opportunity with tailwind from the work that is ongoing within the E.U. Let's summarize this. Bergslagets Skogar will create long-term value. With better seedlings and active forest management, we will grow more. Better data and increased biodiversity, and smarter land management, we will increase the value of the land. We also see extra income beyond the trees. This is enabled by the people who know the forest, the data that sees the forest, with sustainability at the core. Thank you very much for listening, and over to you, Josefine. Thank you, Johan, and thank you, Annika. Wow, from 700 years of knowledge to data that enables us to see every tree. I am sure this has sparked plenty of questions, and the whole team is here to answer them. Sorry, that happened to us. Okay. Questions? All right. Questions are welcome from the room and from the webcast, where you can type them in the Q&A box at any time, and we will take them as we go. In the room, just raise your hand, wait for the microphone, and please tell us your name and where you are from before your question. One question each, please, so we get to as many of you as possible. While you think, let us start with a question we often hear from investors. What will you actually do differently from day one? Tuomas. Thank you. Thank you, Josefine. First of all, when starting with an independent company, like I said, we will have a freedom to focus. That applies timing when it comes to silvicultural operations, best seedling material, and timing of harvesting, when to do the thinning, first thinning, second thinning, final felling. So we will maximize the growth of forest. Then not only the traditional knowledge and know-how what we have, we will have data-driven tools and support to do many things in a new way. Of course, I want to mention this land use, what Johan just mentioned, that land use will also support this. So company will have a strategy of its own, a board of its own, management, and also its own capital allocation, which makes a difference. Thank you. Thank you. It is Linus Larsson with SEB. I would like to start off asking about your harvesting plans and the trajectory of growth and harvests, and you touched upon it in your presentations. For instance, you are targeting 1% growth of standing stock, and I presume that is a long-term target, or should we even see it as a short to medium-term target? How does that affect your actual harvesting levels? For instance, in 2025, effectively, you grew your standing stock a lot more because your harvesting was 65% of growth only. Martin, would you like to start? Yes, sure, I can start. Maybe still starting with the big picture. 1% net growth every year after harvesting, and that's based on a 10-year rolling basis. That's how we see it, and that's also the line and the graph I was sharing and talking about earlier. During the past couple of years, we have been harvesting around 3 million cubic meters per year. Remember the exception, and I think that's partly what you're referring to. Late last year, there was a storm called Johannes, and this year, 2026, we are taking care of storm-damaged area basically, which means that we are harvesting a bit more. Going forward and in the near term, we expect that the harvesting level will be around 3-3.3 million cubic meters in the next coming years. Anything you want to add, Johan, on that? No. As you said, Martin, we will harvest about 3-3.3 million cubic meters, but at the same time, have this net growth. Yes. Oskar Lindström from Danske Bank. I wanted to ask about whether or not you see share buybacks as part of your toolbox in creating returns for shareholders, and whether you will seek a mandate from the EGM for buybacks. Martin. Thank you. First of all, remember, our core task is to increase the net asset value per share, and that's, we have our full focus on that. Growing the asset, harvesting to deliver cash returns, but also optimizing and making every hectare worth more. When it comes to ways of distributing to shareholders and potential buybacks, that's of course something I think it's important to have in the toolbox, but it's something we will come back to later. Thank you. Hi, Andy Jones from UBS. Couple of questions. First of all, on the wind opportunities. Can you give us an idea as to if you get permitted land for wind leases, what that does in terms of the uplift in the value of the land? I mean, what's the potential there? Given the permitting issues in Sweden, realistically at about 20 terawatt hour target, how much of that do you think could actually be unlocked in the next, say, 5 to 10 years? Would you like to start, Martin? Yeah, thank you. I can start, and Johan, please feel free to complement. I can't give you time and a potential, I think, in the next five years. What I can tell you that the potential of 20 terawatt hours on our land, that is a real potential, and we know it. I think, Tuomas, you used the words, "We know every site and every valley." So we have people and knowledge in the whole area of mid-Sweden, where we're also an active landowner. For that reason, we can actively develop also the availability of making wind power on our land sites, because we know the system. We know the local questions. We want to increase the likelihood of wind power and decentralized renewable energy being built on our land base. We think the 20 terawatt-hour potential is really and it is real, but we will not today give an exact timeline for that. I think when it comes to value, being part of developing those projects and making sure the likelihood increases, there is a significant value in renewable energy and wind power going forward. In Bergslagets Skogar, we also have a good knowledge on the wind energy and also solar. We have a portfolio of projects consisting of many cases in the different phases. Currently, there is a 1 terawatt-hour of capacity up and running installed in company lands. Referring what Martin said, that we have identified realistic, interesting potential up to 20 terawatt-hours. It is important to realize that the way we see it, the focus is on land leases and partnering. But we want to, of course, continue this portfolio development as we see that there is a lot of future potential in wind and solar both. Remember that this is not competing with the forest and forest management at all, which is, of course, a great opportunity. Let us break in with a question from the webcast. Annika, this one is for you. Swedish forestry is criticized for clear-cutting. How do you show your biodiversity benefit is real and not greenwashing? Important question, and what we aim to do is to really be able to measure biodiversity, to make it real and measurable, so see that we can really deliver increased biodiversity benefit over time. As I said, also when harvesting for regeneration of the forest, we have very many different tools in our toolbox to make sure that we can protect and enhance biodiversity. Then we are part of restoration programs that go across Sweden, like the white-backed woodpecker. Also, coming back to what you told a bit earlier, Annika, the seedlings that we are planting today grows much better than the trees that we harvest, which means that these trees will be a much better carbon sink in the future, and that is, of course, very good for the climate. Yes. In the back. Yeah. Thanks. Joni Sandvall from Nordea. Maybe question on forest maturity structure. You mentioned maybe longer growth period and to maximize the growth of the forest. Can you give any comment on the mixed development, let's say, next 10 years? Because we know that you are receiving better cash flow from the logs. Johan, would you like to start on that one? Yes, I can start. In Sweden, it is strictly regulated when you can harvest a tree, which means that we need to take that into consideration. In the presentation that you showed, Martin, we see that we will have a sustainable harvesting level, about 3 million-3.3 million cubic meters per year for the coming years. Yeah, I think also what you can take with you, I did share, remember, a graph up until 2080 with assumed harvesting levels that this forest, while growing 1% per year, can also increase the harvesting outtake and the cash flow generated from that. I think that gives at least a picture of the age structure of our asset and our forest. Modeling. As I said, forest modeling is used for modeling forest management to optimize it for desired outcomes, so we are quite sure of how to model the forest and what the outcomes will be. Ephrem Ravi from Citi. Given your objective of growing net asset value per share, doesn't the 80%-100% payout ratio restrict your flexibility in terms of acquisitions? Is that a part of your strategy at all? If I can squeeze in half a question, is your operational area clearly defined as central Sweden, or is the rest of Sweden or even rest of Europe, is that part of your operational footprint in the long term? Tuomas, would you like to start? Yeah. Thank you, Josefine. First of all, in Bergslagets Skogar's strategy, first two years, we will focus on stabilizing the business and developing it. This means, I don't come back to this silvicultural things and decision-making, the full freedom to focus, but that means organic growth. That is our focus. Then, of course, this being said, we take into consideration the opportunities to increase shareholder value. No, and maybe I can complement. It was one and a half questions, I think. No, but on the same theme. Also, as Johan shared earlier, we are an active land manager. During the past three years, we have conducted 80 or so land transactions, and we will continue to optimize our land, meaning selling and buying and optimizing and increasing the value. That was the middle of the net asset value per share I was showing. As you also said earlier, Johan, to get operational or customer value benefits, we don't put any restrictions on exactly the geographical area, but of course, the core is in mid-Sweden. Again, remember the map. That's the opportunity. Let's take another question from the webcast. Tuomas, this one is for you. How will you decide when to harvest more and when to let the forest grow? Sorry, please repeat. How will you decide when to harvest more and when to let the forest grow? This is a forester by heart question. This all boils down to the age, class, distribution, also what kind of soil types we have. In forestry, we call it the bonitet classification. So what kind of features a site has to grow the forest. The better land, the faster the trees achieve the limit of, for example, the 15 meters dominant height, what I mentioned in my speech. It's a question of combination of tree species, mixed forest, coniferous forests, and then site types. This boils down to the data what we have. So data-driven decision-making, the better data we have, more accurate analysis. For example, take an example, it is possible to analyze the change of forest growth in a very economical way and very easy way nowadays, because the data is available from laser scanning, from satellite data, drones, and also from the site. We can combine that and analyze that by using AI. This all boils down to the technological development to be combined with the biological processes. Yeah, like the graph I showed, we want to harvest before the growth starts to level off too much, and we have data so we can see when that happens on stand level. That is what Tuomas is saying, I think. Also, please remember the flexible business model. I mean, I talked about it, I shared it to you, and the cost structure that is very flexible, mainly outsourced services. We will, and we plan to be able to decide when to harvest and to sell, and when the forest to grow in an optimal and flexible way. To mention also, earlier we've been a part of supply chain and the industrial strategy. Let's jump into the forest. There's a case, there's a site, a stand at the age of 65, Scots pine, let's play. There's a need coming from the industry side. Sometimes there was a need that, okay, it's legal to harvest it, we will harvest it at the age of 65, even though from forestry point of view, the optimal might be like 71 years in that particular biotope. That is the freedom of choose. Thanks. Antti Koskivuori from Danske. Two questions on harvesting, if I may. First one on the supply agreement with Stora Enso. Just to confirm, you talk about flexibility of harvesting. Is it so that you decide the volume of harvesting and then Stora Enso takes their share of that, or how does that go? Yeah, maybe I can just continue. As it was, as I explained it, an 18-year take-or-pay agreement. The graph I was showing you earlier with gradual step downs, that's actual real agreed volumes going forward. Then it is up to Bergslagets Skogar to decide, again, coming back to the map, how do we best optimize our business model and who do we serve? Stora Enso will remain a very important customer, but it gives that step down over time, gives us the flexibility to serve where we can create most value for ourselves and for our customers. I don't know, did that answer the question or? Yes. Yeah, it did. Second question about the harvesting mix. I mean, earlier I presume that Stora Enso has been more interested on pulpwood than roundwood. Do you see a change in the mix more into roundwood now going forward? Would you like to start, Johan? Absolutely. I am coming back to the slide that you showed when it is the optimum time to harvest. If we follow that, we will make sure that we have as much value as possible, which means that we will have a big share of sawlogs in our forests. We will focus on creating value, for sure. Hi, this is Paco Ruiz from BNP. My question is, you are mainly selling the harvesting permits. Why don't you go downstream and try to manage also the harvesting in order also to create some value and probably protect, I mean, the growth of the forest better than doing by a third party? Maybe I can just start and then Tuomas, please feel free to chip in, because it links to what I said just a few moments ago. Remember this upstream value position, it is very flexible. We are selling a ready for harvesting site, and that makes us very flexible, capital light, and we can deploy resources in a very flexible way. But you are of course right that there are players and you can act a bit further down in the value stream. Something you want to add, Tuomas, on this? Well, I think you mentioned already that it is very important for us how we show today our strategic targets, for example. Being very effective in capital allocation, and that would change quite a lot when thinking of this second alternative you described. We are willing to commit what we have said today, and this model, we see that this is a proper way and suits very well for our location, geography, our systems, and our entity very nicely. Okay. Coming back to what I mentioned in my presentation, I mean, I have been working with wood supply for more than a decade, and I am sure that with our value proposition, we will be able to create good value for our customers. Because supply chain and wood supply, it is complex. I mean, as a provider of big volumes, many standards are well planned that will fit in very well to our customers' supply chain and create value. To add in still, what we said earlier about the exposure to the end product fluctuations, for example, I think, in that sense, our role currently is seen as an attractive one. Let us break in with another question from the webcast. This one is for Johan. Almost all your volume goes to Stora Enso at first. How will you build a broader customer base? Yes, as you saw in Martin's presentation, already 2028- Yep We will have the opportunity to sell volumes to other customers than Stora Enso. As you saw on the map that Tuomas showed this morning, there is a lot of customers, both sawmilling companies and pulpwood-consuming companies in this area. I am very convinced that the interest for our harvesting rights will be big going forward. As I mentioned, we already have customers on our doorstep, actually knocking on our door. Sorry. Andy Jones again. Just a question on the valuation of a company and how investors look at it. If the stock starts trading and it trades at a substantial discount to the book value that you report, what measures could you potentially take to correct that? I am thinking about maybe selling plots of land to try and prove that valuation, as you have done in the past with the 12% sale of a Swedish forest, or does that risk shrinking the company too much? What would be your response to the stock say trading on a 20%-30% discount to book? Would you like to start, Martin? Yeah, maybe I start. First of all, coming back to why we are here, what Bergslagets Skogar is about. We are planning for, and we in the management are growing an asset that grows in cubic meters, but also in value over time, and we are taking out some harvests, regenerating cash flow. Those two engines, I just wanted to come back to those. I really believe in those. It does really work. This is a sustainable business model built in a sustainable company going forward. That is important. Then there was a similar question earlier. I think the toolbox as such is wide. We are, and Johan shared it earlier, we are active in the Swedish land market with our focus to optimize our land base. But again, we made 80 or so land transactions in the past three years, and we will for sure continue to transact areas to optimize and improve our portfolio. I think that's how far I would like to go today. I mean, the toolbox is there. We know land, we know forestry, and we know this area of Sweden. Also, forest is something special, like I explained in my speech. So it's a one-of-a-kind asset class, and that means that I think we have a positive challenge in front of us to tell and show to the market how we create shareholder value, and we are fully committed to that. In the front here. Mic, please. Oskar Lindström with Danske Bank again. You showed in the chart that you had harvested more volume this year due to the storm Johannes at the end of last year, and that the increased volumes had also had a positive impact on your earnings. Should we expect you to harvest less in the coming years to sort of compensate for that there's a shadow effect? If so, what's the magnitude of the shadow effect and the length of it? No, I can start, and Johan, please feel free to fill in on forestry. No, I mean, as you said, the shadow effect, the plan I showed earlier, and we expect to take out 3 million cubic meters- 3.3 million cubic meters in the near term, that's already built in there. I mean, storms will happen. They happen more and more often, probably in the future, and that's already built in. Also, we do have the flexibility within this asset to sometimes take out a little bit less and sometimes a little bit more. It's already built in, so to say. But anything you want to add, Johan, on the storm-damaged forest? Because that's a lot of operational work where you and your team has been very busy this year. That's really the reason why we have taken out a bit more volume this specific year. But you should not count that that has any effect really on the future. No, what I can add is that the numbers that you saw comes from a new-made long-term harvesting calculation, which includes the storm or the impact from the storm, as you said, Martin. Yeah. Let's take a last question from the room. Linus Larsson with SEB. You talk about monetization of Carbon Removals, a novel business model in Sweden. I am a bit curious how far you would be willing to go. Would you do that on a bilateral basis, or would that be reliant on E.U.-wide standardization system in place? Would you be willing to do that at the expense of conventional forestry and harvesting? Annika, would you like to start? I can start. I mean, in the E.U., there is forest policy development at the moment, the Carbon Removals and Carbon Farming Regulation that is trying to establish a verified or a voluntary carbon market in Europe that is functional and that would recognize verified forest Carbon Removals. If that comes into play, I think we are in a good spot to enter such a market because we are building a net forest carbon stock. We increase the forest carbon stock over time. That is in our plan. If such a buildup of forest carbon that is real and measurable, if that can be traded in a voluntary carbon market, that is a wonderful opportunity for the company. But we are not there yet. This is ongoing policy development. There will be a delegated act coming out on improved forest management, and that will really set the playbook for this. I mean, the intention is to do this, of course, in balance with the harvesting. It will not really be one thing or another. Our hope is to be able to combine both then. Yeah. Right now, we have no plans to enter into any bilateral arrangements. That is, of course, possible, exists today globally. I think for us, it is key, and we have talked about it today, that a market is created. The true logic of a market will exist, and the carbon will be priced. This is a fantastic opportunity to combine forestry and the use of wood while at the same time increasing the climate benefit. That is what we are actively promoting and working towards, a functioning market. We are expecting the market to mature, but the question is still how that goes, but it is interesting. This all boils down to the fact that, of course, we will take into consideration all the added value opportunities when thinking of the good of shareholders. We have time for one last question, and we will take it from the webcast. Tuomas, you will take this. A year from now, what will you have achieved? Bergslagets Skogar, we want that we have succeeded in convincing the market. Of course, we want to have very satisfied shareholders and all these processes and describing this opportunity, the easy way to own forest, to bring this to the market. Also, of course, then as the CEO of the company, I want to be 100% sure that we deliver what we say. Thank you all for so many great questions, both in the room and from the webcast. If we didn't get yours, please come and grab us at the lunch. We will all be there. Please join me in a big thank you to Tuomas, Martin, Annika, and Johan. Before we close, I'll hand back to Tuomas for a few final words. Over to you, Tuomas. Yeah. Thank you. Thank you very much. Thank you for your great questions, because they show that you have engaged with our story. Let me bring a bit together this morning. We heard Martin Ros telling a bit how the forest turns into final financial value. First, 1% net annual increment, the growth of standing stock. Then return the 2% ambition cash to value. Very solid and strong balance sheet, and the stable and growing dividend policy. Then, of course, increased climate and biodiversity benefit. These are the key elements we are committed to. Coming back still to the five reasons. This is not moving now. Now. Five reasons. Forest is a real asset that grows. We have the scale at the right place, and we have a know-how now combined with the newest data and tools. Also, this is a machine that pays disciplined cash and more value to come. Before, these forests, these assets were one among many. From today, they are our strategy. We have one focused company. One leadership team, one goal: to make every hectare more valuable and to earn your trust by delivering what we say. Shareholder value is the king for us. Thank you very much. Thank you, Tuomas, and thank you all for being with us this first Capital Markets Day of Bergslagets Skogar. Now, I'm delighted to hand over to the President and CEO of Stora Enso, who will give you an update on Stora Enso and the demerger, followed by a short Q&A led by Jutta. Welcome to the stage, Hans. Ladies and gentlemen, it is really a pleasure to be here on the stage as we are now coming to an end with the first-ever CMD of Bergslagets Skogar. I was really proud to see the team here, up here, and we really have a lot of trust and faith in what Bergslagets Skogar will deliver to our shareholders. We have heard the compelling equity story delivered by Tuomas and his team, a focused forest company with high-quality assets, a clear strategy, and a strong foundation for value creation. I would like to paint a little bit the broader picture about practicalities of the demerger, and then also describe how Stora Enso is further strengthening its strategic direction as a part of this demerger. Today, we have heard what Bergslagets Skogar will be as an independent listed company. There is more to it. Stora Enso is more focused and centered on renewable materials, with a special focus on packaging materials, where we have invested heavily and where we see a lot of value creation and profit potential moving forward. We are speaking about two companies with distinct investment propositions. We have Bergslagets Skogar providing direct exposure to high-quality Swedish forest assets, and we have Stora Enso building on our leading position in renewable materials with sharper focus and greater profit potential and cash generation. Two distinct equity stories, but the same objective: higher long-term shareholder value. Before turning to Stora Enso, a few practicalities about the transaction. We have yesterday called to the extraordinary general meeting where you, our shareholders, can cast a vote on the demerger. This extraordinary general meeting will take place on the 15th of December. Before that, latest by the 24th of November, there will be an information brochure about the demerger also distributed. After that vote, our plan is to move forward so that we could register the demerger at the end of March, and the public trading of Bergslagets Skogar could start then in the second quarter of next year on the Stockholm Stock Exchange as well as the Helsinki Stock Exchange. The transaction is structured as a statutory partial cross-border demerger. There is not going to be any public offering. Stora Enso shareholders will receive shares in Bergslagets Skogar on a one-to-one basis within each share class. Of course, there is more details about the demerger and the details in the demerger plan documentation. Let me now turn to Stora Enso and our strategy, answering the questions of why, what, and how. First, the why. Our purpose is clear. We want to be the leader in renewable materials with a strong focus on packaging materials, renewable packaging materials, where we have invested heavily during the last few years and where we see a lot of value growth opportunities. Coming to the what, and here it brings me to the business model of Stora Enso. What really matters here is that in order to be successful in renewable packaging materials, we need to have strong biomaterials and wood products. It is really the integrated model that brings us the cost efficiency and the competitiveness in the marketplace. Our business unit are integrates, and our production facilities are integrates where we have renewable packaging material production, integrated pulp production, as well as sawmilling. This brings us economics of scale as well as synergies in the raw material sourcing. In order to succeed, we focus on four strategic priorities. That is, first of all, to lead in customer value through quality, service, and innovation. Secondly, to grow our business faster than the market, capitalizing on the strong investments into our business, on our strong asset base, on our long customer relationships, on our innovative products, and our offering to our customers. Our target is to grow organically about 4% per year over the cycle. The third target is to expand our margin, to expand our margin about 10% EBIT margin over the cycle. Here, we have a very disciplined, well-developed process of value creation work that is taking place throughout our organization. We have done this for a couple of years now, and we are getting better and better all the time. We have thousands of value creation initiatives ongoing that will take us to above that 10% EBIT margin. Then last but not least, to generate cash. Cash is king, and our target is to focus on cash generation in order to strengthen our balance sheet, to take down our leverage to net debt to EBITDA below one, as well as to ensure a solid, strong dividend payout to our shareholders. Sustainability is the leading star for driving demand in all our businesses, but also guiding the way how we are operating in Stora Enso. Last but not least, we come to the third question, the how, and that is really in the center of our strategy. It is about our positive performance culture, achieving together with our customers, with our employees, but also with our partners. Our achieving together performance culture is grounded in the four As of ambition, agility, analytics, and accountability. This performance culture ensures continuous improvement in our company, that we are working close with our customers in the markets, that we learn fast, that we take responsibility and action, that we make better decisions, and that we implement with speed and determination. All in all, to conclude, both companies have a clearer, stronger focus with distinct investment proposition for investors, shareholders. We are truly proud of the two companies that we are building, and we are excited about the opportunities ahead of us. Thank you. Thank you, Hans. That was great, and what a wonderful morning we have had today. There is some time for questions also from Hans and to Stora Enso and for the demerger. I would actually like to invite Tuomas, you back on stage as well. While our audience is thinking about the questions, maybe I will start with one, Hans, in the beginning. You already mentioned it, but just to confirm. After the demerger, the targets of Stora Enso, will they change? No. Okay. They will remain the same. The financial targets that we communicated in our CMD in November of 2025 remain unchanged. The ambition that we have communicated there, we are on good path to move towards those targets, and we will continue on that path also in the future. Oskar Lindström from Danske Bank. Just a quick question. Maybe you have mentioned this before and I have missed it, but the stake that you hold in the company that acquired the 12% of forest lands that you sold in Sweden, that will remain with you, or will there be a transaction whereby you will take over that? No. By you, I mean by Bergslagets Skogar. Yes, thank you for the question. No, that will remain with us. So, after this separation, basically what we have as forest ownership, we have 41% in Tornator in Finland, which is a non-listed company with forest ownership. We have that share in that 12% divestment that you mentioned in Sweden. Then we, of course, we have eucalyptus plantations in Brazil, Uruguay, and China. So that is the forest ownership that we then have after this demerger. And if I may just follow up on that, do you see that as a strategically important piece of capital allocation for you, or what is the long-term plan? No, it is not strategically important. If you are speaking about when we sold the 175,000 hectares, the 12.4% and the small stake we still have there, no, that was a part of the deal, and it was more the wish of the buyers that they wanted us to have a certain shareholding in that company. So, that was the reason for us remaining there as a minority shareholder. Thank you. Ephrem Ravi from Citi again. Are there any tax implications on Stora Enso from the demerger in terms of effective tax rate? I do not know how the Swedish tax system works. And also on the financing cost, because I suppose there is a lot of assets that are being kind of gone off with the demerger. Our CFO, Niclas, will take that. Niclas. Yes, hello. Niclas, come to the stage. I will appear. Yeah. All right. Yeah. We kind of knew that question was coming, so I'm all jazzed up to talk about tax. This is a demerger, and the intention from the beginning has been to make it as tax neutral as possible. Tax implications on Stora Enso, can't think about any particular tax implications. Then, of course, there's various tax jurisdictions. We have shareholders in 80 different jurisdictions, and that's then a local matter. But the tax neutrality has been kind of a driving force. And your second question? Financing costs. Financing costs, that's maybe more to Martin and Tuomas, but we've been working on Bergslagets financing. It's in place. There's been a great interest there. And financing costs, again, it's for Bergslagets to handle that going forward, but they will be pretty good, actually. They will actually be lower for Bergslagets than they are for Stora Enso, and Stora Enso is at a good rate, so that speaks for itself. Sorry, my question was, given a significant part of your asset base goes away, will your financing costs be affected at all? No, no, no. Repeat. Yeah. Given that part of Stora Enso's current asset base, of course, moved to Bergslaget, will Stora Enso's financing costs somehow change? No is the short answer. Yeah, maybe following up somewhat on a previous question, but for clarity's sake, the future Stora Enso in terms of forest integration, I am thinking of Tornator, it is a bit of a different strategic approach, but how are you thinking around forest ownership in other contexts than Bergslagets? Yes. I mean, we are doing this demerger because we see that we can unlock value to our shareholders and we can build better businesses through the strategic focus. But it's also clear that we see that we can operate very well without having 100% ownership or ownership in the forest. Just to give an example, in Sweden, in this region, we have learned that Bergslagets Skogar is harvesting and selling wood, about 3 million cubic meters. But we are, in fact, buying only in this region much more. We are buying in total some, if I recall correctly, is it 18 million cubic meters of wood in total in Sweden, out of which we use a part ourselves, and then we sell to third parties the rest. In total, in the Nordic countries, we buy some 34 million cubic meters, and we use about 22 million cubic meters of that ourselves. So, we are very much integrated into the whole wood sourcing and optimization, and also wood swap part in order to optimize the wood supply to our operations. I think that's also important to remember here. Hi. Paco Ruiz from BNP. When you mention all these take-or-pay contracts and the reduction of the dependency of Stora from being your main client, Bergslagets Skogar, is there a possibility that during the time, and mainly due to the synergies created during all these years, Stora continue to be the sole client of Bergslagets Skogar for more than two, three years? Well, it remains to be seen. I mean, our job is, of course, to optimize wood sourcing. Your job is to maximize the value of Bergslagets Skogar. So let's see what it will remain. Yes. They will be freely sold when thinking of the wind-down steps and volumes. They will be freely sold to the market. There are customers, and Stora Enso is among them. Of course, thinking of the geography, for example, our forest estates are located in central Sweden, where also Stora Enso has lots of capacity. But I want to underline that really a guiding star for this whole demerger has been from the beginning, Bergslagets Skogar has to be an independent listed company, focusing on maximizing share value for their shareholders, which, of course, in the beginning of the demerger are the same. Like I mentioned, free to focus and also free commercial approach. Good. I think I will wrap it up with one final question. What is the key takeaway you would want the audience here and the people on the webcast to remember after the day? This question is actually for both of you guys, so let's start, Hans, with you. The key message here is that we are creating two focused leading companies in their field. We want to be very clear that forest is a fantastic asset to own. It grows, it protects, it pays. Thank you. Everybody here, let's have a round of applause for Hans Sohlström and Tuomas Hallenberg and for the whole Bergslagets Skogar team. Thank you, everybody. It's been a great day. Thank you, everybody online as well. With these words, I think it's time to wrap it up and head for the lunch, where you can mingle with our management as well. Thank you.