Hello, everyone. Welcome to Betolar's Q4 2025 financial statements release. Happy to have you watching our webcast. First, a disclaimer, as always, regarding the forward-looking statements. I'm Tuija Kalpala. I'm the President and CEO of Betolar, and I'm here with Mikko Wirkkala, our CFO. So today we will talk about our Q4 2025 highlights. We'll talk about financial review, so a little bit about our numbers and where we are at the moment, and then lastly, we have the typical question and answers session, and please feel free to submit questions online, so we can then take these questions here at the end of this webcast. But let's get started. So main events, and after the period events, in Q4 2025, we had several events. Firstly, I would say that the biggest one is this major order for infrastructure project that we received at the end of the last year. This was worth approximately EUR 1.4 million, and this is from two Finnish companies for an infrastructure project based on our own innovation. Also, we are super happy that we started trading on OTCQX in the United States, and this our shares started trading January 20th 2026, and this is the OTCQX international marketplace in the United States. And of course, this also means that we're now looking, looking forward, also looking at the US market more closely going forward. Then, thirdly, we have our side stream business that has been growing. We have talked about that in the previous times, and this is really related to the GGBFS, so slag sales that continued growing, especially in India. So in India, we have a subsidiary where this sales is happening. But during the period, we also started slag sales also in Finland, and we have been building our supply chain capabilities here in Finland. We continued with the metal extraction, a proof of concept, really focusing on commercializing our new metal extraction technology and advancing the development of our own industrial-scale proof of concept. We also had happy news, so Amel Furtat joined our management team in December as Executive Vice President, Circular Materials. So then, talking about the market, so Betolar operates in a growing global market where there is a demand for low-carbon, high-performance materials and alternative binders, and we see that this demand is increasing despite the long approval and adoption cycles that are related to especially these binders and cement replacing materials. We have been able to expand our presence in mining, industrial side streams, and infrastructure, and these are strengthening our position as these markets evolves. Sales side, good news is that our order intake has been steadily growing, and we're very happy about that, we can really see that things are really picking up. We were able to progress our sales across the key markets, supported by the slag sales in India and building this first supply chain in Finland. But we also had multiple new mining customer project in Australia and Canada. In Finland, we have the partnership with Nordkalk, and that also advanced on looking at the circular calcite. We also had this significant infrastructure order that is also strengthening our commercial momentum. On innovation side, we stayed very strong on continuing our innovation portfolio, especially with our breakthrough metal extraction technology that enables up to 99% metal recovery while producing circular cement. This is the new technology that we published a little bit less than a year ago. We have been also continuing developing our AI-powered Geoprime and optimized services. We had new research programs and pilots across several regions, further reinforced Betolar's role as a pioneer in converting these industrial side streams into high-value materials. So really looking at how we can convert waste materials or unused side streams into something that is valuable and can be used and utilized. Currently, we have 23 active patent families. We have 49 granted patents, and we have more than 60 pending inventions. So then looking at the mining and metals and our progress on this side. So we advanced multiple projects, delivering low carbon and cement-free shotcrete and rockfill solutions in Finland, Canada, and Australia. And really, we see that there is a growing demand for sustainable mining practices and solutions, and we have been able to help our customers finding solutions that are more sustainable and uses less cement. We have been focusing our efforts on commercialization of our proprietary metal extraction technology, and really looking at our own proof of concept, and how we can further increase our capabilities on this metal extraction. We also continued the project with the Anglo American Sakatti project in Finland, and with this project, the goal is to produce circular cement from these mines' mine tailings for their own needs, and that has been going very well and it continues. Construction and infrastructure, during the period, we did shift a little bit our focus more towards these kind of infrastructure constructions, where we see growing investments and sustainability requirements are driving the demand. On this side, we also secured this EUR 1.4 million order for a major Finnish infrastructure project to test and validate our innovation as part of a larger multi-phase program. We also continued with this optimized service and optimizing cement use and carbon footprint utilizing material database and artificial intelligence. We recently had some pilots that we did with these kind of new type of side streams using this optimized tool, and we were able to use 25% replacement for completely new type of binder material. On industrial side streams, as mentioned earlier, we did spend quite a lot of time and effort on building our and strengthening our international procurement, and building the logistics, and especially, we have been doing really good work in India, where we have our subsidiary to really grow this GGBFS sales, so slag sales, so ground granulated blast furnace slag sales, and this has... That has been steadily growing. Every month, we have been basically hitting the records, making records and selling more than on the previous month. So we are very happy about that, and doing similar things now in Finland. And we continued also this project with Nordkalk to really looking at this circular calcite, and how we can find new ways of utilizing this material on construction applications, and also mining. So, a little bit more about our capabilities and what we have been doing in Finland. So in Hamina, Finland, by the harbor, we have started receiving, storing, and dispatching GGBFS for cement-replacing end users, and this is a completely new business for us, and has been now growing as well. And this GGBFS enables up to 50% cement replacement, providing a proven and immediately deployable decarbonization solution for the construction industry, but also mining industry as well. So anywhere there is cement used, we can replace cement with this slag supply that we have now in Hamina. Also, this major infrastructure project is really to test and validate now our innovation. So we received this EUR 1.4 million order for this Finnish infrastructure project, and we see that the revenue will be recognized over the next 10 months, and this is just the first phase of a multi-phase program, and we are, of course, expecting that this will continue. And, of course, we also see a big potential in infrastructure-related projects as we see that the demand is rising, and we're very carefully looking at these kind of markets and assessing what else we can do on this side. And then, Mikko. Over to Mikko. Yes. Yep. Thank you, Tuija. Let's have a then look at our 2025 financial highlights. Starting from net sales, we saw a 24% increase in our net sales from 2024, and at the same time, that we were able to improve our EBITDA by EUR 2.3 million from last year. And the EBITDA increase was mainly driven by our cost actions, what we have been doing during the last one and a half years already. And that is driving the development there, that we are able to improve our EBITDA, and also what is helping us there is the top line growth, and on top of that one still, that we are using the-... the public grants what we are getting there and getting more other operating income, which is also helping us to improve our EBITDA. But then our order intake was record high, also EUR 2.3 million in 2025, and that is driven by the large orders what we have got last year. And the major order there was what Tuija just mentioned, that EUR 1.4 million euro infrastructure project. Then if we look more closely, then our numbers in the fourth quarter, so fourth quarter revenue was EUR 311,000, and this was 48% more than last year. Our EBITDA was still on the negative side, minus EUR 617,000, but going the right direction. But we had also these grants, we had bigger grants during the fourth quarter, which is then improving this number. Our cash and cash equivalents, including our short-term investments, was EUR 6.7 million at the end of the year. When we add the remaining grants what we have, our total liquidity and undrawn grants total to EUR 7.7 million at the end of the year. Our order intake during the fourth quarter was close to EUR 1.5 million, and we had this one larger project, what Tuija was going through earlier. Then our personnel, the average number of the personnel was 31. And then if you look at the trend from the past, you can see that we have been coming down on the number of personnel, and this is part of the actions what we have done to adjust our cost structure. Looking at the full year numbers next, our net sales was EUR 946 thousand, getting closer to 1 million EUR, and our EBITDA was EUR 3.7 million negative, and here we see the 2.3 million improvement compared to last year. Operating loss also the same magnitude of difference between the years of total operating loss was close to EUR 6 million there, and the same is then the profit or actually loss for the financial period for the entire year. Next, let's have a look at our financial position and outlook. As I was going through the cash balance, where we are at this moment, it's a little bit short of EUR 7 million, and we have roughly EUR 1 million remaining in different grants there. With this financial position that we are able to run our operations smoothly during this year, and even with not having a major positive impact in our cash flows, we are still able to operate until 2027. But of course, we are looking for growth, as we have set our guidance for the year 2026, and we expect our net sales to grow significantly compared to the previous year. We are backing this guidance with our order intake, which was very high during the fourth quarter there, and gives us a good head start then for the coming year. Then during December, our board of directors was updating our business and financial targets. If we first have a look at the business targets for the coming years. The first target is the implementation of our proof of concept for metal extraction technology and scaling that to an industrial level, and there we are using slags from the metal industry and tailings from mining industry. The second business target is that we secure commercial agreements related to the metal extraction technology, and we have the aim of achieving EUR 1 billion revenue in the long term. Third business target is strengthening and expanding the value chain of circular materials, especially in the acquisition and sales of blast furnace slag. We have also set the financial target to reflect these refined business priorities. The financial target, we do not consider that to be an earnings guidance for any single year. The financial target is to achieve the positive EBITDA by the end of Q4 2027. These were the financial highlights for the fourth quarter and for the entire year, and then we can move to the Q&A session. We have Tuija back here on stage with the questions. Yes, thank you. So we have quite a lot of questions here. Thank you, thank you for that. So it's always happy that we get many questions. So let's start with the first one: "Regarding the guidance, what are the main drivers for significant net sales increase?" So Mikko?... Main drivers for significant net sales increase? Yeah, the main drivers there are first of all the order intake, the large order what we have there, and you can actually see that looking at the number of different projects what we have been doing during the past years and during the last years. And you see the number of projects coming down, but this means that we have, we are focusing on larger projects, projects there, and so that we can focus on our resources efficiently, and then getting the large projects done, and also then leveraging our AI platform when we are implementing the projects. Then we have a second question, and I will, I will take this one. Question regarding the side stream sales currently in Finland and India, how scalable the business model is? How far can you increase material sales with current personnel and resources? This is a really good question, and I would say that the beauty of doing this kind of like, like very operational material sales, is that it doesn't really matter if we sell 1 kiloton or 5 kiloton, the workload is the same. So it's quite significant amount that we can increase our sales before it's affecting our resource needs. So we expect that there will be growth in this area, and it's not affecting that much on our resource needs. Then, looking at your cost and expense structure in Q4, is this something we should expect in 2026 as well, taking inflation into account, of course, or is there something which will drive cost and expenses up or down? And this is to Mikko. Yes, and we have been looking at our cost structure all the time, and we have been trying to find there saving items, and we have been then optimizing our cost structure. But when we're looking at growth, we are also then doing some investments there, not necessarily then investments then that what we're booking the balance sheet, but then that when we are building our Metal Extraction Technology. So there we are using money to scale that up, and that is why that when we are looking at our EBITDA number, which was which was... That the best one, that during the last quarters, during the recent years, so that we are still expecting to get cost there, where we see that those are benefiting the company there. Also, then when we are looking at our target, that our target is to be EBITDA positive by the end of Q4 2027, and that means that we are building the growth there, and that sometimes may mean that we are also having expenses related to that one. Okay, then the next question we have is regarding the timeline for possible metal extraction deals, and how is the pipeline, and would it be some kind of a piloting first? So on the metal extraction, we have the first deal from last year already. It's this Anglo American Sakatti project, where we're testing the mine's future mine's mine tailings, and looking at how we can, of course, extract the metals, but also looking at how we can make this kind of circular cement for this new mine's own needs. And this is something that we're doing right now. That was the first deal, and that's really related to this metal extraction, and of course, we're looking at selling more of these, and what we see is that there's a lot of interest on mine tailings. We have a lot of interesting discussions with potential customers ongoing, where we are looking at their mine tailings and seeing if there's anything we can do to generate value from that. So extracting the metals and of course then creating this or producing this circular cement. So this is something where we see a lot of potential, and we see that there's a lot of demand for this. So the expectation is that there will be more sales coming up for this soon. Then the next question is about our non-current capital loans that are EUR 8.2 million. What kind of maturity profile you have on this? And this is to Mikko. Yeah. Yeah, this capital loan is the majority of that one, that we have got that from Climate Fund back in the days, and we raised the last instance of that one in the beginning of 2025. The maturity profile for this one is that this need to be paid back on the year 2029. Okay. Then we have a next question, and as I said, there's quite many. So the next question is related to our sales pipeline look for first half 2026. And we have the order intake, as Mikko was mentioning, so that of course tells a little bit about the sales pipeline, but of course, we have several ongoing projects that we have, and we're all the time looking at and trying to grow the sales pipeline further. Then a question about our EUR 1.4 million order, and how is it progressing, and was there any revenue recognized already on Q4 regarding this, and how will be distributed throughout the 2026? And maybe me and Mikko, we can both answer to this question. So firstly, I can take the first part of the question. Yes, this is progressing well. We are working on it with the daily basis, and so far, so good. And Mikko, if you would like to take the rest of the question. Yes, the revenue recognition that we announced this new order, that was at the end of October 2025, so the project started immediately after that one, and then the revenue is recognized during the project time there. So the answer is that, yes, that part of the order that was recognized in Q4 numbers, and the remaining will be then during the project time for this phase, is then during 2026, during the project time. Perfect, and more questions keep coming. There's a good question about what kind of cooperation do we have with the Finnish mining industries, and especially in precious metals? And this is really good. So we are working, and in discussion with several mining companies, and of course, we're really interested in looking at these critical and strategic minerals, rare earths, and so on, and we're doing a lot of testing on our own right now regarding this metal extraction. So we have tested more than 10 different metals, and we continue this work, and really looking at also closed mines, and these mine tailings and different materials which have interesting residues of metals, and especially rare earths, and looking at how our technology can extract the metals, and how we can generate value out of these materials that hasn't been utilized before and considered as waste. So yes, we're working very closely with the mining industry to identify new potential on this. Then there was another question about this Anglo American deal that we have, asking if it's enough to prove this technology, or is it always project-specific proof of concept work that is required? So what we are doing on this, I would say, yes, this work continues with Anglo American, and yes, this will prove if our technology works for this. But also, what we are looking at is really to have our own proof of concept unit, and with this unit, we can then do larger scale tests, and we can. The same way, we can increase the readiness of our technology further. And we are hoping that we're working on this on daily basis and hoping that we could increase our capabilities regarding the proof of concept in the near future. At the moment, when we're doing these tests, we have to go outside Finland to do these larger scale tests that we're doing. So our aim is, of course, that we can do it in-house, and we can do it in Finland. So that's, that's what we're doing. Let's see if we have. Yeah, we have one more question here. "Congrats on the OTCQX listing in the US. Are you targeting the US market in business as well? For example, new sales for metal extraction or mining or infrastructure?" Yes, thank you. We're very happy, happy about this, and yes, we're also looking at the US market very closely. We see that there's a very interesting potential also in the US, so we have been so far working in Canada, and we have been talking with the mines in Canada, and now the next step for us is really looking at what potentials we could have in the US market. There's, of course, a growing mining industry. There's a lot of new mines, mine projects ongoing, and, of course, we see that our technology could help also in the US, and yeah, let's see how things go. I think... Let's see. I think that's all, but there's maybe one last question. There's all the time more and more coming. Can you bring added value for gold and silver mines?" is a question, and the answer is yes, we can bring added value. We have a lot of solutions for mines, especially underground mines. We have paste backfilling solutions that are cement-free. We have shotcrete solutions that are also cement-free, but of course, this metal extraction technology that we have is also something that we can utilize in the gold and silver mines. So thank you very much, and thank you for the really good questions and kind of active dialogue. So thank you!