Good morning and welcome to Schouw & Company's presentation of our Q3 results. Overall we had a satisfying and solid development in very difficult markets. All our companies, they continue to deal with uncertainties. I think that we have to accept that this is the new normal. Strong measures have been taken across the board to safeguard profitability and market positions. Our top line was down 4% to DKK 9.2 billion. EBITDA however increased 5% to DKK 878 million. We have had very strong focus on pricing and costs. The quarter was also impacted by DKK 54 million of one-off costs. Our cash flow was again very strong and came out at DKK 894 million. We kept our investments at a very modest level and also satisfying to see that our net interest-bearing debt and leverage now is at a very good level. Just also to conclude on the evaluation and work of on a potential IPO of BioMar continues. If we decide to make it happen, then it's expected to be in the first half of 2026. Moving on from the more general view and then to BioMar. BioMar performed very well in a quarter where they faced severe biological difficulties in Norway. Q3 is a very important quarter for BioMar. The top line was down 4% to DKK 4.9 billion. Volume increased 9% to around 470,000 tons. All segments delivered volume uplift. EBITDA however was up 10% to record high DKK 510 million for a quarter. We saw a very strong development in selected species and our tech segments also across the board. Solid margin control has been a very important driver for our EBITDA uplift. There's also a continued focus on our very broad product offering to all segments in the market. The joint ventures in BioMar also continue to deliver. We are building a strong position and profitability in China, working capital was significantly reduced to now DKK 1.65 billion. Guidance for BioMar is narrowed. We are close to the year end, so turnover now expected to be DKK 16.3 billion-DKK 16.7 billion. EBITDA now in the range of DKK 1.49 billion-DKK 1.53 billion. Still expected to be in the guidance we announced at the end of Q2 from BioMar. Moving on to GPV. GPV markets, they are still fluctuating, but we also see that they are preparing for a rebound. Top line with GPV was as expected, 3% down to DKK 2.15 billion, with a lot of key customers facing soft market demand across their geographies. If they face a soft demand, of course we will also feel it at GPV. EBITDA down 8% to DKK 178 million, but looking on a quarter- to- quarter, then we had a margin uplift. Also, we had a positive effect from reversal of inventories in 2024. All in all, solid, solid development with also one-off cost in the quarter for restructuring of the magnitude of DKK 10 million. GPV continue to future proof, they are doing a consolidation and right sizing of their factory footprint. They are really building on a strong pipeline line taking in new customers and also trying to offset supply chain challenges coming up from Chinese suppliers. Guidance is narrowed, top line expected now to be DKK 8.7 billion-DKK 8.9 billion and EBITDA in the range of DKK 620 million-DKK 650 million including expected one-off of DKK 10 million-DKK 15 million in Q4. Then moving on to HydraSpecma. They really continue the positive development and drive and deliver very solid profitability. Top line was up 10% to DKK 747 million. We saw very strong activity in the global OEM segment and also good to see that the renewable division again growing. EBITDA was up impressive 22% to DKK 97 million. HydraSpecma has really worked with solid margin management and commercial excellence across the board. Also in the EBITDA of DKK 97 million it's included a one-off cost of around DKK 10 million. HydraSpecma continues to plan for future growth. They are now starting building a 22,000 sq m facility in Tianjin in China expected to be ready in Q2 2026. They have also a lot of focus on driving innovation and solutions for the hydraulic market. Guidance uplift based on very solid performance. Top line now expected to be DKK 3.1 billion-DKK 3.2 billion and EBITDA in the range of DKK 380 million-DKK 400 million for the year. Moving on to Borg Automotive, Borg is really the company that has been most challenged throughout 2025 in the Schouw portfolio. They continue to face fierce competition and rather soft demand in all segments. Top line for Borg was down 14% to DKK 424 million, especially the brake caliper segment was down on volume mainly due to Chinese import, difficult to compete. EBITDA down by 72% to DKK 10 million affected from different things, lower sales and of course continued increase of production cost in Poland and then unfortunately we had to do a write-down in France of DKK 24 million due to unaccounted bonuses in the quarter. We need to continue to transform Borg to mitigate the development. We disclosed the last quarter the Refine for Future plan expected to drive a DKK 100 million uplift and the plan is in solid progress. It's mainly around our footprint and commercial excellence strategies. Also looking into a potential closing of the entire U.K. operation. Borg is downgrading because of the write-off because of one-off for the Refine for Future. Top line now expected DKK 1.8 billion-DKK 1.9 billion. EBITDA in the magnitude of DKK 60 million-DKK 80 million including one-off cost to Refine for Future of around DKK 40 million. The unfortunate write-down in France of around DKK 30 million for the year. Moving on to Fibertex Personal Care, they again deliver profitability uplift in a very challenging market. Top line decreased as expected 11% to DKK 420 million. We saw lower volume in Asia but positive also see slightly better than expected. EBITDA however up 33% to DKK 54 million. We had a positive raw material effect but also our print business really delivered solid margin uplift in the quarter. FPC is setting up for future. We are building a supply chain out of Malaysia trying to ship volumes into U.S. and Europe. We continue to innovate and develop advanced materials especially elasticated products. We also managed are able to give a guidance uplift. Top line DKK 1.6 billion-DKK 1.7 billion. And EBITDA now expected to be around DKK 180 million-DKK 200 million. Closing off with Fibertex Nonwovens where we continue to see our U.S., very important U.S. market, continue to see growth. Top line, however, down 1% to DKK 556 million but volume up 7%. The important auto segment still soft but still at a rather satisfactory level. EBITDA also up 23% to DKK 52 million and as mentioned, U.S. continues to deliver and also they deliver solid profitability improvement. Also, our added value products now delivering profit uplift and we see increasing share coming from these products. Fibertex Nonwovens, they are finalizing their investment plans. New line in the Czech Republic expected to be ready and starting off Q1 in 2026. Now we have a very solid capacity platform to build future on and expect also to continue to grow volume in the high value segments. For FIN guidance, narrow top line now adjusted to DKK 2.2 billion-DKK 2.3 billion and EBITDA expected to be in the range of DKK 200 million-DKK 220 million. Closing up with a view on our guidance list here. Full year guidance narrowed within our guidance band. EBITDA now expected to be DKK 2.85 billion-DKK 3.02 billion for the group and there we are included one-off cost of around DKK 100 million for footprint closing down, write-offs, et cetera. Really also preparing, scoring company companies and the group for future on that. With that remark, I will open up for questions. Emil, welcome. Thank you for taking my questions. First of all, congratulations with a very strong operational performance in BioMar this quarter despite some biological headwinds in Norway. I will start off with a question of a more general nature. In the report you mentioned that potential proceeds from a separate listing of BioMar are expected to be reinvested in the existing business with the possibility of expanding the portfolio to a new platform investment. Do you have anything in pipeline in terms of a new platform investment or are these just the main priorities as of now? Yeah. Thank you for commenting on that because I think it's important also that we are emphasizing that we continue to build on the strategy we have with Schouw & Company and that's to build a portfolio and platform of business to business companies. Looking at platform investments, we have of course always something in the pipeline. We are looking at the companies which can match the existing companies, business to business, certain magnitude and so on. Of course, we do not have anything specific at the table, but always working on that. Within the portfolio also, we still see rather interesting opportunities to build further and grow these companies. That, that's the strategy we build on. Okay, and with this, with the potential IPO during first half of next year, would this be something that we should potentially 2026 or are we looking further out in, in the future in terms of adding a new platform investment? Yeah, no, I think, Emil, what is very important is that we do the right move. We do not buy just for buying. We are very cautious on that. Of course, it would be super if we could add a new platform investments during 2026, but we cannot guarantee anything on that. I think we need to be cautious on the business case and the opportunities and so on. There are interesting opportunities out there. Makes sense. Thank you. Moving on with a few questions on BioMar then. The first question is on volumes and market share. You reported 9% volume growth year-over-year. Could you elaborate a bit more on how this developed across key regions? Regaining market share is a strong strategic focus of yours and I recall that you mentioned particular opportunities for higher volumes in Chile during the second half of 2020. Has this developed in line with expectations or is there anything we should be aware of? We have added new contracts in BioMar in Chile and we have added contract volume also to existing contracts. We have added and taken market share in Chile. Also in Norway, we have seen a good development. However, as you also know, there has been a volume decline because of biological issues, sea lice, et cetera, et cetera. We have had a volume uplift as we also mentioned, starting 2025, that maybe we have been too cautious on not taking volume due to profitability and so on. Okay, and then also a question on the shrimp segment because volumes is up 23% year-over-year, revenues up 10%, but this is basically growth rates that's almost on par with the first half of the year. It seems like you continue to gain strong market shares in this segment. Any comments on the, I would say, longer term outlook because I know you have high expectations for the segment. What is the potential here? I have moved more towards larger customers, but yeah. Any additional comments on that? Yeah, and I think you just mentioned it. We have deliberately moved to larger customers because we want to continue to grow and also to take off risk in this segment. If we really want to grow, we need to team up with the larger customers and we really see strong growth potential within the shrimp segment and also looking at some attractive long term contracts there. Okay, so seems like a good outlook for this business in order to continue to gain momentum in this space. Yeah. That is well aligned with our strategic priorities. So definitely, yes. Good. Moving on. Just with the last question on the HydraSpecma before I jump back in the line. Last quarter you talked about postponements in the renewable divisions and this quarter it is contributing positively due to the growth. These postponements, can we conclude that they are not continued into Q3? Is that fair to assume? Yeah, not at the, with the same magnitude as in Q2. We have seen postponements, but we have also seen increase and also improved efficiency and profitability around that. It is not, they are not postponing as much as they did in Q2. Yes. Okay, perfect. Thank you for taking my questions. I'll jump back in the line. Thank you very much, Emil. [Foreign language] Yeah, I hope you can hear me. I can loud and clear. First of all, congratulations with the network and capital performance. Not least to Carlos. It seems he is doing a great job in BioMar. Yes, absolutely. I fully agree. Thanks. A few questions regarding BioMar, the significant improvement within tech, is that a new sustainable level or how should we think about that? We have seen a new level of profitability, definitely. Also because the last years we did a lot of development, reorganization and so on. Of course, it is a project business, project sales. We are building more and more on recurring revenue, software and things like that. We will see a profit uplift. We have a very strong profitability in 2025. I am not saying we are going to have the same in 2026, but we really expect the tech to continue to deliver at a very high level. You mentioned strong this year, but should we just put into the model that it is volatile? Q3 were maybe a bit out of the ordinary or maybe a little bit help on this one would be. Appreciate it. Yeah, I think I can say Klaus, you know, also project business. Of course we expect to continue to grow. You will see fluctuations over the quarters depending on project, when will it be delivered and all by sudden you get an order for one quarter and things like that. We expect still strong profitability. You should expect to see variations over the quarters. Yeah. Okay. And then also BioMar, this double digit EBITDA margin you did in Q3 and I think this is also what you're implicitly guiding for Q4, should we expect that to continue into 2026? Without. Guiding for next year? Obviously yeah, we are not guiding. We have not finalized the budgeting to be honest. Of course we will do whatever we can to, to keep our margins and, and really work around recipe optimization and things like that. Of course you also know in, in the first quarter's volume is lower, scale is lower, etc. I do not think you will see the first quarters with the exactly same margins, you know, but we will really work on that. It is part of the strategy in, in BioMar that we improve our, our margins. We have a strong focus on commercial excellence and, and margin management and it pays off now. Okay, maybe to ask in a different way. What we saw in Q3 and what is guided for in Q4, is that more a permanent improvement or is there any, let's call it one-off profits in those numbers? I wouldn't say there are any one-offs. Of course, also the impact from the tech division should be mentioned because there has been a very strong profitability in the tech division. We don't have any one-offs, and we have a solid margin management program running, and we will continue doing that. That's our intention, absolutely. Sounds great. And then just my final question, and this goes to the GPV division. So you are taking down the high end of the revenue guidance, but you are increasing the low end of the EBITDA guidance. Maybe you could put a bit more color on that differ in the guidance change. Yeah, you will see a lot of operational efficiency in that. You also noted that we have done a lot of restructuring and factory footprints, etc. over the year. That's, now we see impact on efficiency, etc. on that. That's a key driver in what's going to happen in GPV. Of course, we expect also to build even more margin over the years because we have done so much on the factory footprint and closing and relocations and things. We start to see benefit from that. Sounds great. There must also be. Thank you so much, Jens. Thank you, Klaus. Yeah, Pierre also welcome. Hi, Jens. Jens, how much is it possible to tell today about the expected revenue or market cap of BioMar in case of a separate listing? Can you say anything about the expected multiplier or anything? It's a great question, Pierre, and I would. I wish I would because of course that's one of the key triggers for are we doing it or not? We do not have any exact numbers on that. Of course, looking at the value some of the analysts are putting on it, then maybe there's a guideline there, but we are not commenting on it yet. We are out there doing early sounding meetings, visiting, meeting a lot of investors and so on. It's too early, simply. Yeah. Okay, fair enough. Thank you, Jens. Thank you very much. Andre, welcome. Yes, thank you so much. Just a few questions from my side as well. In terms of BioMar and you maybe about talking, say a few words about what you see into the fourth quarter because in order to reach the high end of your guidance for BioMar, it looks that it should also be quite good for Q4. So what are you seeing here? First of all, of course I would like to reach the high end but I think we give a guidance spread and let's see where it is. Of course, as you know, also volume means a lot. Biology, Norway has. It has improved the sanitary conditions, etc. Less license on. Hopefully we will drive more volume in Norway. Also, of course, efficiency, logistics and so on means a lot. I think Norway key component in it. We have been doing great honestly also in what we call the selected species, particularly in the Baltics. If temperature keeps high, etc. at the sea, maybe we could see a small positive offset also from Baltic. In general, Andre, it's volume and it's biology and climate because we have our contracts and our margins, raw materials in place. That's great. Is it fair to say that Q4 and volumes in Norway have started a bit on the weaker side, or? I haven't. I'm not 100% updated on it. It's not growing a lot but I think it's more flattish and then normally it starts really to decline now in November, December and maybe because sea temperatures are rather good then we might see more volume in November than normal. Okay, that's very clear. Maybe just another question around BioMar or more specifically Movi. That's also something we like to ask every quarter. Is there any news that you have seen around this? What is moving behind the lines? We haven't seen any news. As I think if there were any news, they need to announce something in the market, and as we are informed, the process is still working and they haven't taken it off the table. I think so, yeah. We wait and see what happens. That's very clear. I realize you don't guide for 2026 yet, but maybe just some modeling questions. Is there anything specifically on CapEx you need to do next year as the world looks right now, or could it remain at the current low level? I would say there's not big things across the board. Of course we always look into for the time being as I said also we are not looking into huge capacity expansion. Could maybe be a little bit in BioMar in certain segments but in general no big capacity expansion. What we're looking into more is efficiency investments and that's not very big investments. I think we will see a very normalized investment level in 2026. That's clear. Then just last question on 2026 on the net financials because you have quite a lot of variable debt as far as I recall and now you have also been reducing debt. Is it fair to think that net financing spend is going down materially next year? Yeah, if we don't get any new, as somebody alluded to before, platform investments and so on, we'll continue to bring down our debts. Also expect really to drive a very solid cash flow both in Q4 and also into 2026. If we don't find any investment zone you will see our debts really going down. That's very clear. Thank you so much. Okay, thank you very much Andre. No more questions. Thank you to everyone listening and asking questions. Good day to everyone. Thanks a lot.