Scandinavian Tobacco Group

and thank you for standing by welcome to the Scandinavian tobacco group second quarter results 2025 conference call and webcast at this time all participants are in listen-only mode after the speaker's presentation there will be the question and answer session to ask a question during the session you need to press star 1 1 on your telephone keypad you will then hear an automated message advising your hand is raised to withdraw a question please press star 1 and 1 again If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during live events. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Torben Sand, Head of Investor Relations. Please go ahead.

Thank you.

Welcome to the Canadian Tobacco Group's webcast for the second quarter and first half of 2025 results. My name is Aset Torbenshan, and I am Director of Investor Relations and External Communication, and I am joined by our CEO, Nils Frederiksen, and our CFO, Marianne Hrøjske-Bock. Now please turn to slide number three for today's webcast agenda. Nils will start the presentation by giving you a brief overview of the highlights of the quarter, followed by an update on our strategy. The focus will then be switched with Mills giving an update on developments in our core product categories, followed by Marianne, who will give you an update on the financial performance in our three reporting divisions. Marianne will then turn the focus to key financial developments for the group, including an update on cash flow and leverage. Mills will conclude by giving an update to our expectations for the full year 2025. After the pre-prepared presentation, we will conduct a Q&A session where we will be more than pleased to take any questions you might have. Before we start, I ask you to pay special attention to our disclaimer on forward-looking statements which can be found at the end of this slide deck. Now, please turn to slide number five, and I'll leave the word to Niels.