Good morning, everybody, and welcome to Volvo Cars and the Q3 pre-close calls. Erik Kronqvist here, Head of Investor Relations, together with the other parts of the investor relations team. As per usual, I think we will wait a minute or so since I can see that people are still joining the Teams call. Okay, so it is one minute after 10:00 A.M., and I think we will get started. If I could kindly please ask everybody to mute themselves during the introduction of the call, and then when we have read our statement, we will open up for Q&A as usual. During the Q&A, I think the easiest way going forward is if you will use the Raise the Hand function within Teams, and then we will hand over the word to you. Okay, let us get started. As usual, let us start with the macroeconomic environment. The global macro environment has remained challenging through the third quarter to date, with continued low visibility across key regions and no clear broad-based improvement in consumer sentiment. In the Euro area, consumer confidence improved slightly during the quarter but remained subdued. The European Commission's August flash estimate showed Euro area consumer confidence at -15.5, edging up from July but still below its long-term average, underlining continued household caution around purchasing power and the broader economic outlook. In the U.S., consumer sentiment remained soft in historical terms and weakened again in August. The University of Michigan Consumer Sentiment Index declined to 51.7 in August from 55.2 in July, reflecting a continued pressure on household confidence, affordability, and expectations for the economy. In China, macro conditions have remained uneven, with continued fragility in household consumption and a high competitive auto market. Domestic car demand has remained under pressure during the quarter, with passenger vehicle sales declining sharply year-on-year in both July and August. At the same time, Chinese manufacturers continue to expand internationally, supported by strong export momentum, increasing competitive pressure in overseas markets, and that includes Europe, of course. Moving over to state of the industry. Mobility Global most recent forecast published in July, the Global Premium segment is now expected to contract by 5% in 2026, compared with a 4% decrease forecasted in April. The U.S. Premium segment is expected to contract by 6% in 2026, Europe to contract by 1%, and China premium market to contract by 14%, marking a sharp deterioration since April. Moving over to more specific Volvo Cars, starting as usual with the revenues. Reported retail sales for July and August showed a 13% volume decline quarter- to- date, with July down 8% and August down 19%. As communicated throughout 2026, we continue to aim for a balance between retail deliveries and wholesale volumes. FX remains a headwind, primarily driven by the Turkish TRY. Discount levels remain elevated. This is especially valid in China, where we see continued high discount levels in combination with low demand. Moving over to gross margin. Gross margin continues to be affected negatively by elevated discount levels. Freight costs are elevated, mainly driven by higher crude oil prices. FX remains a headwind, primarily driven to the Chinese CNY and the Turkish TRY. With lower volumes than in Q3 2025 and with higher depreciations, gross margins is negatively impacted. And as mentioned in the first half of the year, due to the delayed financial impact of higher raw material costs, Q3 is expected to be impacted to a greater extent than Q2 and Q1. Moving over to EBIT margin. As seen throughout 2026, depreciations and amortization have increased compared with 2025 and are expected to continue rising as we launch new and upgraded products. This trend is evident both year-over-year and sequentially. FX remains a headwind, primarily driven by the Chinese CNY and Turkish TRY. As we are in the process of launching new products, a continued lower capitalization rate than seen 2025 is to be expected. Following the debt-to-equity conversion in Polestar, the book value of our holdings is now above zero, and as a result, we will again recognize our share of Polestar's net profit or loss with a one-quarter delay. This means that we will start accounting for their net income in Q3. Our current holdings in Polestar amounts to 19.9%, and for Q3 specifically, this means 19.9% of Polestar's net income in Q2. Last but not least, free cash flow. Free cash flows continues to be affected by ongoing investments, including the SPA3 platform and the finalization of the Kosice plant. However, as mentioned in Q1 as well as in Q2, investments in H2 should be lower than in H1. That was all for me, and now we open up for questions. Again, if you would like to ask a question, please raise the hand in the Teams. We already have a question from Nikita at Deutsche Bank. Hi, Nikita. Good morning. Good morning, Erik. Thanks for taking my question. Just on cost savings, any comment here? Should we expect similar numbers than in Q1 and Q2 or anything I have to keep in mind? No, but I- Yeah. Okay. Go ahead. No, you go ahead. Okay. I think you can expect that the actions that you saw included in financial in quarter two kind of float into quarter three. Then, of course, in terms of actions, we are continuing to look at further cost reductions, but that will be a financial effect in the coming quarters. We should expect what you have seen so far. Thank you. Any other questions? Yes, Ross, please go ahead. Oh, yeah. Thank you for taking my questions. Actually, just one question, just looking at the bridge. Obviously, you called out a lot of negatives there. How should we think about the moving parts from a bridge perspective? Not asking you to give the margin level that you are expecting, but it would be helpful to understand how you see that progressing versus Q2 and given the consensus is around 1%, I believe, for the Q3 margin. But then specifically on the bridge moving parts, are there any positives to call out in terms of year-on-years for the Q3 bridge? Thank you. No, but I think, we are operating in the same environment in Q3 that we have been doing in Q2. So you will continue to see negative developments on volume and discounts, to some extent also maybe on car line mix since we are increasing BEVs. As you know, we have not yet set any material volumes from the EX60, so the BEVs that we have are B and C segment cars, which typically have lower margins. But other than that, we are still expecting higher volumes from the EX60 going forward, but quarter three should be similar effects from these different components as you saw in quarter two. Thank you very much. Mattias Holmberg? Hi, good morning. Mattias Holmberg, DNB Carnegie. You mentioned the increase in raw material cost, which seems quite reasonable for Q3. I am wondering, given the lead times, if you have any visibility on how that cadence could be into the fourth quarter. Do you think based on what you have now, that it is going to plateau, or might it increase further in the fourth quarter? Usually you have the one quarter delay when it comes to most metals, excluding steel and to some extent, copper. I think you could see more negative effects on copper and steel in quarter four and maybe also in quarter one next year. Otherwise, you should see the full impact now in quarter three. A final question from me on the EX60. You mentioned earlier in the year an ambition for 40,000 units produced. It seems like that might be running a little bit behind schedule. Could you help us understand a bit how the volume guidance on retail sales has been contingent on the EX60 and what are the big moving parts that could move the H2 retail sales figure, as it seems to have started off quite weak in the first couple of months? The EX60, as was mentioned during the strategy update last week, is in a ramp-up phase. Doing a ramp-up of a completely new model on a completely new platform is always somewhat challenging. Good thing is that we see improved volumes week after week here, as I think Erik said during the strategy update last week. In terms of what that means for full year production is nothing that we have commented on before and nothing that we want to comment on today. In terms of the other models and what that will sum up to is also nothing that we are commenting on here today, obviously. I think I stop there. Okay. Thank you. Sorry, Jose? Thank you. Thanks very much. Erik, morning. Just a few questions, and you have provided comments in the last weeks when you were meeting investors around this topic. The first one would be on inventory and working capital. Any comments that we need to be mindful of in terms of working capital for the third quarter? No, nothing that we have said or discussed. Good. On raw materials, on the actions to offset the incremental raw mats across the two buckets, pricing or cost savings, acceleration of cost savings, any comments there maybe? You can go back to the capital markets day or the last weeks, but any comments to increment those, to offset those incremental raw materials? Typically, when you do cost reductions internally, it takes some time for that to flow through to the financials, but raw material can hit you quite quickly. So over time, of course, we're working to mitigate the effects from raw materials, but it usually is some time lag between you can achieve those mitigating actions. Yeah. Got it. Third, on CapEx, how is CapEx supposed to be down in second half versus first half? Is this calendarization of the investment programs, or it's just in the light of the amount of programs you have, it's a little bit difficult to see that CapEx down second half as the first half. What we said is that in H1 this year, we had investments in the Kosice plant that's going to go online in 2027. Of course, then as we progress in 2026, those investments will be smaller and smaller until we have year one in Kosice. So what we've said is that investments in H2 will be lower than H1. Got it. On your electric vehicle mix that you are seeing in the reported one July and August, are you seeing also, like other car companies, a very large acceleration in electrification in Europe? Any comments from the management team, whether they think this is sustainable or not going into maybe Q4 or Q1 next year? We have been quite clear that we have strong order intake on the EX60, and we still have strong order intake on the BEVs that we currently have. So we are very optimistic about the increasing BEVs going into next year as well. Got it. Final one on free cash flow for the year for 2026. Any comments on the guidance or on the cadence second half versus the first half? No. We did an updated statement by the Q2 report, and that still stands. Which was what? What was the updated statement? That we will reach the forward-looking statement in the Q2 report in regards of free cash flow was that we aim to reach breakeven. That is it. Right. So you are still in that camp of reaching breakeven. Okay, super. Thank you so much. Any other questions before we sum up? No, it does not seem like that. Thank you very much for showing interest. As always, if you have any follow-ups, please do reach out to the investor relations team and we will do our best to answer them. Take care. Thank you. Bye.