Hi and good afternoon. On behalf of Hans Christian Andersen Capital, I'd like to welcome you all to this presentation of the Q3 2025 report from SP Group that was published yesterday. My name is Asim Skojbo and I have the pleasure of welcoming CEO Lars Bering and CFO Tilde Kejlhof. They promised to take us through the quarterly numbers and recent highlights, so a warm welcome to you too. Before I hand over, I'd also like to give a warm welcome to all of those of you who signed up for today's presentation. As usual, you can ask questions during the presentation in the chat room on your lower right corner. If you're not comfortable writing in English, you can write in Danish, and I'll help with the translation. Please don't hesitate to ask any questions you have for the management of SP Group. With that, I'll leave it to you, Lars and Tilde. Please go ahead. Thank you very much, Rasmus, and welcome to our Q3 presentation from SP Group. We are a global manufacturer of plastic solutions. 73% of our revenues come from customer-specific solutions where we work as a sub-supplier, and 27% of our revenue comes from our own products. This is own brands that are sold globally as small niche products. We have a global footprint with 30 factories, and we are a little more than 2,400 employees working with many different plastic technologies. 40% of our revenue comes from products that are used within healthcare. 28% is related to clean tech. 13% is related to food tech. We have approximately 19% coming from other industries outside the first three areas. If you take the next one, Rasmus. First, we have had a very exciting year. We had a first quarter that was record high. We saw a tariff bomb in the start of Q2 that was actually giving us problems, and we saw a lot of orders being postponed, and that continued into Q3. The main message from us today is that despite all that, we maintain our guidance for the full year, and we estimate that we will end the year similar to the record year in 2024. During the first three quarters, we saw sales reduced by 3.3%, but we also saw in the end of Q3 a strong growing order book for Q4. We also noticed that we have had nice growth in our sub-supplier business, but the slowdown is related to sales of own products. We have had success creating many new agreements for future business within healthcare and within clean tech, and we can see that this will contribute to the growth going forward. We have also made agreements on several new products within the defense area, and we have continued our streamlining and optimization in the group during the quarter. If you take the next one, Rasmus. We have started up a big project on expanding our capacity for medical device production in Poland. We are building 1,700 sq m of control environment in an existing factory. During Q2, in relation together with our announcement of first half year, we also expanded our share buyback with DKK 40 million. In total now, it is DKK 80 million. Finally, we also announced yesterday that we have hired a new colleague. Based on dialogue on how to develop SP Group, how to develop the organization, we found that we needed more resources. Together, we decided that the best way for this would be to find a new CFO and have Tilde take on some more business-related tasks in order to strengthen the organization and keep momentum on all the important stuff that we do. I must say it has been six very exciting years as CFO for the group. I warmly welcome Alan in the new position and looking forward to the setup. Yes, thank you, Rasmus. I said before, we have experienced a reduction of 3.3% in sales compared to last year. We have, in the first three quarters, sold for DKK 2,122 million. DKK 2.6 million, minus DKK 2.6 million of that was organic, and DKK 0.7 million was related to currency. This resulted in an EBITDA of DKK 417 million, a reduction of 6.7%. EBIT was reduced to DKK 270 million, a reduction of 8.9%. The major driver in all this was the reduction in sales of our own product, which ended up at DKK 563 million, a 16% reduction from last year. If you then put the numbers together, you will also see that the sub-supplier business grew in the same period with 2.3%, which for us is extremely nice and a good sign that our continuous focus on sales and customers really makes a difference. EBIT was reduced by 9.8% to DKK 229 million, and earnings per share reduced to DKK 14.8. The debt was reduced to DKK 723 million, a reduction of DKK 100 million compared to last year, and the equity is DKK 1.7 billion. We have had, during the first three quarters, a big focus on the investments in healthcare. Our factory in Atlanta is doing very well in terms of starting up. We lack revenue there, but there's good reasons for that. We still see strong growth opportunities for the healthcare also in the coming years. We are actually quite convinced that this has been a good decision for us to start up in the U.S. with establishing our own factory there. Within this year, we reached a level where we have invested DKK 200 million in this facility in the U.S. from when we started back in the beginning of 2023 and until now. We expect that we will invest approximately DKK 100 million more in the coming two years. This is not for the building itself. It is for putting in machines in the remaining part of the building. We also expect that we will have break-even in 2026 in the factory, and that is actually based on a nice growth in the sales. This year, we expect a negative impact of DKK 20-22 million due to the whole startup process. As I said before, we continue the expansion for the healthcare production in Poland. We need more space. We need more capacity. Therefore, we have started a conversion of a 7,000 sq m building, which is actually the building you see on the picture on the right side. In this area in Poland, we have five large factories, and the first one here is the one that we are in the coming years going to convert completely into medical device production. The first step is to establish a 1,700 sq m clean room that will be ready late Q1 next year. We will also, or we already have started the process of finding 30-40 new colleagues in Poland to help handling all the nice orders that are coming in now. Yes, please take the next one. As I said before, we have seen a slowdown in sale of own products. We do not see this as a structural thing. We see it as a postponement. There have been different areas where customers have postponed orders in Q2, and we have seen that starting to pick up again during September, giving us confidence in the quarter four. Still, it was our second best ever for our own products. We had a record last year with DKK 671 million. This year, we are doing DKK 563 million on own products in Q3. If you take the next one, Rasmus, if we see the first nine months by customer groups, 40% to healthcare. Healthcare is medical equipment, medical devices, medical packaging from Medico Pack, ergonomic solutions, safety solutions from Ergomat. Here we saw a drop in the sales of 4.9% in the first nine months to DKK 841 million. Clean tech that goes for 28% of the revenue, components for renewable energy, energy reduction, insulation products. Here we saw a little larger drop in sales, but we are also sure that this is going to pick up again. On the other hand, food tech increased, and we have seen nice growth there. We see products start up again, moving fast. Projects are being activated that have been postponed. If we go to the category other, that is also highly related to a lot of the sub-supplier business where actually some things are going well. This is all other industries outside the first ones, maritime products, specialist vehicles, and also parts for the defense industry. Here we have seen a growth of 3.4% to DKK 412 million. Tilde. Thank you. If we only look at Q3, then the top line was DKK 655 million. It was a decrease of 7.7%. EBITDA was DKK 126 million. EBIT was DKK 77 million, a decrease of 17%. EBIT was DKK 65 million, also a decrease of 17%. We had cash flow from operating activities of almost DKK 100 million. We spent DKK 40 million on investments, and finance activities was DKK 32 million. If we look at the full year, we had a top line of DKK 2.2 billion. It was a decrease of 3.3%. EBITDA was DKK 417 million. EBIT was DKK 270 million. EBIT was DKK 229 million. Earnings per share diluted was DKK 14.8 compared to DKK 16.3 last year. The cash flow from operating activities was DKK 328 million. We invested DKK 124 million. We used DKK 50 million to share back program, DKK 50 million for dividend to the shareholders, and another DKK 100 million for paying off debt. The net bearing debt was DKK 723, and the gain was DKK 1.3. The surveillance ratio was 55. If we look at the revenue, we had a small decrease on DKK 3.3. We are a little, if we look at the 12 months rolling, we are a bit behind. There was growth in food tech and other industries. There was reduction in healthcare and clean tech. We saw a nice little growth on two sub-supplier projects. If we look at the EBITDA, it was reduced by 6.7%. We had lower revenue and a changed product mix, and also a reduction in own products. The EBIT, we had a decrease on 9.8%, and it was kind of the same explanation with lower revenue and changed product mix. We also had a bit of a decrease or loss in the exchange rates. Yes, and then we come to the guidance for the full year. As I said before, we maintained the previous announced expectations. We expect a year similar to 2024. We guide that revenue to -3% to +3% with earnings of EBITDA at the level 19%-21% and EBIT at 11%-13%. And then we take the summary, Rasmus. First, expectations as maintained. We saw a lack of growth in Q3. Postponed projects within own products was the main driver. We saw a slowdown in sales to healthcare and clean tech, but we saw growth in food tech and other. We have seen growth in the sub-supplier projects, and our U.S. factory is still progressing as expected. And we see a nice and growing order book giving us confidence in quarter four. Finally, as we have announced, we will expand the team and have a new CFO on board from January next year. Very good. Thank you very much, Lars and Tilde. Let's take some of the questions. Maybe I should start with one we had earlier today when we did a presentation in Danish also, that if you are to read like zero growth in your top line or the revenue, the DKK 2.9 billion, I think you had DKK 2.1 billion now. You have to do around DKK 800 million in revenue in the last quarter of the year here. That could look a little bit ambitious, at least compared to the Q2 and Q3 revenue. Yes. It is for sure ambitious, Rasmus, but if you see our Q1 figures and add them, then it is similar. We were also at 800 in Q1. For sure, we believe this is possible again. Very good. Let's take a couple of questions also related to your new site here in Atlanta, as we also had on the earlier presentation earlier today. There is one here that is sort of how is the factory performing in Atlanta? I think you were quite positive when you took the rundown earlier with this slide, but maybe we could repeat a little bit on that, Lars. Yes, of course. The factory in Atlanta is running 24/5, so around the clock, five days a week. We have production; however, this year it is rather limited, and that is also why we will have a relatively large loss in the U.S. this year. The fact that it is low comes from the whole startup process. There is a lot of approvals. There is a lot of validation. There is a lot of training. All this put together gives a good year, a hard year, but also a loss-making year. We see that we will have revenue, nice revenue next year, and expect break-even on EBIT, meaning also profitable on EBITDA next year. Very good. There was actually a question related to this. Have you seen sort of any unexpected challenges with the factory in Atlanta, or has it mainly been the startup costs? There has been, first of all, when you start a big plant like this, buying a piece of land, building a house, there has been a lot of unexpected things in the whole process, but nothing so big that we have not been able to handle it and navigate in it. Very good. There is also a question. When do you expect to be at full capacity on your Atlanta site here? As I said, we are going to invest additionally approximately DKK 100 million in 2026 and 2027. I would expect the factory to be fully utilized in 2028-2029. It is a factory that is able at that time to have around 80-90 injection molding machines running inside and outside clean room. Very good. There was some question related to this slide. As we could see here on the third dot that you had a growing order book for Q4, there was a question here related to if you could elaborate a bit on your order book, the size, composition, percentage growth. The order book for us is many, many different things because we are doing business with many different industries. For some customers, we have frame orders looking a bit ahead in the future. For others, it is more day-to-day business. We can see on the totals that it has been growing nicely. What we have for Q4 is a lot up to ourselves to make sure that the orders are being delivered and get invoiced. One joke we have for the fourth quarter is always if there are some customers who are going to postpone orders around New Year. Sometimes we have seen customers that the last part of the orders that they have actually booked for December, they postponed that to the first week of January. In some years, this trend is bigger than in other years. We don't know that before we are in the middle of December yet. Good. There is a question. What caused sort of the order delays in Q3? Was that still related to the tariffs as we saw did hit you around the Q2 result? Yeah. It was the same effect that we had there. Personally, I probably believe that it would come back a bit earlier. In July, we had summer vacation and not much happened in August. In September, things start to look really nice again. Also, the September month for us was actually quite decent, but we had a terrible July and August. Very good. Related to this also, there's a question here. Have any larger projects been lost, or are we only talking postponements now? It's only postponements. Short answer. Yes. There is also a question related to one of the, I think it's the second last dot here, several new defense industry projects as you have here. There is a question here. Discussions of projects in defense, what is the market opportunity here and which markets are relevant for you? First of all, it's a nice growing industry. We have always done a little different parts for this industry, but now we see good potential for strong growth in this area, even though it's a niche area compared to the medical area for us. We see a growing possibility to use more plastics for this industry. Of course, it is also an industry that is covered with some very thick NDAs, making it hard for us to talk about what we are actually doing for this area. Good. Of course, it is plastic parts, and there's many ways to use plastic parts also in the defense industry. Very good. Thank you, Lars. There is a last question related to sort of your gearing as we have on this slide. Let me just see what the question goes like. This gearing is at the low end of range. Will you increase share buybacks or dividends if you do not find attractive M&A opportunities? I think that is a good proposal. Good. We will probably see when you report Q4, then I guess it will be sometime in March next year. We'll see the numbers from there and also with the guidance and whether we'll see more buybacks or dividends. Very good. That concludes today's presentation here. Thank you very much, Lars and Tilde, for the presentation. Thank you. Thank you to all of you who have spent the time listening in. Yeah. Also, a thank you from my side here, and thanks for the questions. We will conclude by that. Sorry. Thank you.