Good morning, everyone. My name is Karoliina Malmi, and I'm happy to be able to welcome you all to this press conference on Bittium Corporation's financial statements 2024. I'm here today with our CEO, Johan Westermarck, and he will walk you through our topics today. At the end of the presentation, we have reserved some time for Q&A, and you should find a box to type your questions on the bottom of the screen. But without further ado, I will let Johan to start. Thank you, Karoliina. Good morning to everybody. Let's first start with a few statements. Some of these statements made in this material relating to future circumstances, by their nature, forward-looking statements involve risk and uncertainty, and Bittium Corporation disclaims all obligations to update such forward-looking statements. Let's start with the summary of 2024. First, we can see that net sales grew, operating result, and cash flow improved significantly. Net sales for the full year 2024 were EUR 85.2 million, which was 13.2% year-on-year growth. Net sales in Q4 2024 were EUR 33.2 million, increase of 29.2% year-on-year. Operating profit in 2024 was 8.6%, representing 10.1% of net sales. Operating profit for Q4 was EUR 6 million, representing 18% of net sales. Cash flow improved significantly in 2024, and I will get back to that later in the presentation. And then on our journey from an R&D house towards a profitable growth company is proceeding as planned. And we're looking to the different business segments, Defense & Security. We had a good, strong growth last year in this Defense & Security business segment. Medical business segment was still affected by extended schedules in regulatory approval process, but at the same time, we have done our homework. We have strengthened the regulatory organization to meet these new requirements better. And today we are in much better shape than we were a year ago. Engineering Services business affected by the challenging market situation. R&D investments decreased year-on-year. And order book grew significantly, was EUR 45.1 million, increase of 63.4% year-on-year. And we have the growth strategy in place, which we are now implementing. And let's take the next slide and have a look at the growth strategy. The four basic pillars in our growth strategy are strengthening sales and commercialization to enable growth, ensure the delivery capability to enable scalability. Three, focusing R&D investments on further increasing the competitiveness of our offerings and services. Four, continue to strengthen our core competence, secure embedded technology, and this is where we want to continue to be the best in the world. Then financial review. First, let's have a look at the group annual financial development. Last year, we were able to change. The few previous years, we have been declining in the top line. We saw growth, which was 13.2% year-on-year, ending up in EUR 85.2 million. Operating result improved significantly, being EUR 8.6 million and being 10.1% of net sales. Then let's have a look at the quarterly development. Q4 last year was strong for us. We had a growth of almost 30% year-on-year, and also the operating result grew significantly, being EUR 6 million and being 18% of net sales. R&D investments decreased, being EUR 13.5 million, equaling to 15.9% of net sales. EUR 5.6 million was capitalized. Depreciations for R&D investments were EUR 5.6 million. And total R&D costs and depreciations in the P&L was EUR 13.5 million. And our focus in R&D was, according to the strategy, improving our competitiveness and mainly focus on tactical communication systems and radios and medical technology products and software. Cash flow, which improved significantly compared to last year. Net profit plus minus adjusted accrual basis items EUR 18.9 million, change in net working capital EUR 7.1 million, interests and taxes EUR - 1.5 million, net cash from operating activities EUR 24.4 million, net cash from investing activities EUR - 6.7 million, net cash from financing activities EUR - 4.3 million, net change in cash and cash equivalents EUR 13.4 million. Assets and liabilities: non-current assets EUR 82.8 million, which included property, plant, and equipment EUR 17 million, capitalized development costs EUR 50.5 million, and other assets EUR 15.3 million. Current assets EUR 82.4 million, which included inventories EUR 24.8 million, trade and other receivables EUR 35.8 million, cash and liquid assets EUR 21.8 million. Equity and liabilities: equity EUR 112.8 million, liabilities EUR 52.3 million, which included trade and other payables EUR 25.6 million, interest-bearing debt EUR 20.9 million, other liabilities EUR 5.8 million, and we had a net gearing of - 0.7, which is on a really good level, and equity ratio 69.9%. Next, we will go through the development of business segments, and we will start with the Defense & Security business segment. The whole year, there was a really good development with the Defense & Security. Growth was 42.3% year-on-year. If we look at the quarterly development, last quarter, Q4 last year was strong for us, which was 47.3% higher than year-on-year. Several product deliveries were made in the last quarter. This business, the geopolitical uncertainty is something that has led the states to increase the modernize the defense forces, which is good for our business. Partnership agreement with Finnish Defence Forces was signed last year. Finnish Defence Forces started the serial procurement of Bittium Tough SDR radios. Internationalization strategy is proceeding as planned. Demand for our ultra-secure phone, Bittium Tough Mobile, increased. And then our software solution, Bittium SafeMove Mobile VPN, is now quantum- Safe. And then let's move to the next business segment, medical business segment. Here we see the top line. It was a decrease compared to last year, 12.6%. And quarterly results, quarterly turnover, we can see that there was a growth in Q4, which was a positive signal, and that was 2.3% year-on-year. And what was impacting our medical business segment was the stricter requirements in regulatory approvals. And this is something that is really going forward, and these approval requirements are tightening significantly and have been tightening. But we have done our homework. We have strengthened our regulatory affairs organization, and we are today, as I mentioned earlier, in a much better situation to get this done as fast as possible. Cooperation with Boston Scientific Cardiac Diagnostics continued well. Respiro sales, we have clearly focused on getting out on the European market first. And then we have a new version of EMG device developed. And this is based on another device that we have modified to meet for this EMG requirements. Engineering service business segment. Here we see the tough market. We had a decline of 15.6% year-on-year. Last quarter was a bit better. It was still lower than last year, but we saw a little bit more positive sign in the last quarter last year, so net sales decreased. However, operating result remained positive, and I think that is a really good work from the business segment. Customers are cautious to start new development projects due to the challenging market situation, and we expect this challenging market situation to continue the first half of this year. Part of the engineers in this Engineering Services were allocated to Defense & Security business segment to support the strong growth in the defense business segment. Despite the current challenging market situation, we see that 5G implementation, IoT solutions, is there and it will grow, so the underlying market should be there. We want new customers in telecom and industrial markets. Then the outlook for 2025. We are on track towards profitable growth. We have the growth strategy in place and the implementation is in full speed. We have a strong customer base, satisfied customers, and these work as a strong reference supporting our growth. We have world-class solutions, and we will focus on further improving their competitiveness. We have committed high-skilled people, and we will continue to strengthen the organization to make sure we are the best in the world in secure embedded technology. And then we have the mega trends supporting the growth. In defense, the geopolitical uncertainty, which I mentioned earlier. In medical business, the aging population, remote diagnostics opportunities. So this is what we see as an underlying trend that supports our business. And then we have the 5G and IoT development supporting the Engineering Services. So we are on track towards profitable growth. Our financial outlook for 2025 is net sales between EUR 95 million and EUR 105 million and operating results between EUR 10 million and EUR 13 million. More information about it can be read on the company's internet pages. The investor calendar will come out with annual reports 15th of April. We will have Q1 results coming out 29th of April, AGM 7th of May, Q2 August 8, Q3 October 24th. Now it's time for questions and answers. Karoliina. Thank you. Thank you, Johan. There are a few questions, and the first one is about the segment-based reporting structure. Has that had any effect on the internal decision-making or how you allocate the resources? The answer is yes. Let me specify a bit. First of all, the segment structure that we have in place, the whole idea is to have more independent business segments, understanding customer needs, being able to provide the best possible service towards these customer needs, and this is independency. We will have as much as possible resources in the business segments, the three business segments that we have, and we will have a really lean group organization, which is what we did the change in 2023. This is how we are structured, and keeping in mind that still we have the core competence, this secure embedded technology, wireless knowledge is the same with all. We can see that we had the possibility to share resources, like I mentioned in the presentation, Engineering Services. When there's a tough market situation, we have a good demand in defense. We can support the business segments can support each other. Yes, thank you. Now you talked about the new strategy and implementation of it. How does the company plan to adapt to potential market changes or any kind of challenges there? I think this is something that it's a really good question because as we see, there can be some disruption. Some changes can happen fast. And what we have done, we have strengthened our business development organizations. We have hired Erik Ahnger to be heading our business. And this is also to follow clearly, support the business segments in understanding the market changes in technologies. If there's something we need to do, we have the best possible information to always guide our R&D, our investments, where we are going to changes in the market or customer needs. Yes, thank you. How does the Ukraine hope for future peace may affect Bittium? First, of course, we all hope that there is peace in Ukraine. That's for sure. Otherwise, if we see the defense sector, the investments that we see have been taking place now for a few years, our estimate is this will continue for several years forward. Building up countries' defenses, Europe globally is something that it will not change with this hopefully peace in Ukraine. My answer is that we don't see any significant changes, impacts on our business. Yes, thank you. How do you see the development in different business segments in the future? Defense, let's start with the defense security. I think there is a good market out there. We have really good tactical radio solutions, the architecture, and we have really good references, being one Finnish Defence Forces, which is a really strong reference globally. So I'm really positive towards the development on this for the defense business and security business. Medical business, we have some regulatory issues, but as I said, today we are in a much better situation than we were a year ago. Things are proceeding. And I'm positive towards the medical business and the underlying business, our products and services and the mega trends supporting it is there. Engineering Services, markets situation is challenging. And maybe back to the previous questions, if there is a peace in Ukraine, hopefully the economy is going to pick up and that will for sure have a good impact on our engineering service businesses. So the answer is that we expect growth in all business segments. Okay, thank you. So the next one, what are the most important assumptions that you have made regarding your 2025 guidance? The assumptions is that we have done. Let's go a little bit backwards. When we started two years ago, we went through control of the business, how to get better control. Then we worked really on the profitability, having that in place. Last autumn, they did the growth strategy and really went through how do we build up the growth for the coming three years and even further. This is the, so there is thorough work behind our guidance for this year. This is the summary from our growth strategy and how we see things will develop. Thank you. How do you see the cooperation with Boston Scientific? Do you assume that it continues like in the past? We have no reason to believe. Myself being strongly involved with Boston Scientific and the cooperation is on a really good level. There is no reason to believe that anything will change. Thank you. What are the significant regulatory approvals that you are currently applying for and when do you expect to receive them? There are some regulatory approvals that we are pushing forward. We have learned so far that we will not give the exact date on something because the requirements might change. I'm convinced we will get there. Hopefully we will get there this year and we are up and running, but we are well positioned. We have an organization that can answer, push the process forward. Again, once we're in there, other suppliers have the same road to do as we have done. Thank you. A question to, could you comment on the Tough SDR delivery volumes in Q4 as well as your expectations for the year 2025? Do you expect significant deliveries to other international customers? As I mentioned, Finnish Defence Forces have moved into serial purchases of SDR radios. We have good development, as I said, with international customers, and the amounts of SDR radios, we had a press release. I think that is what I can tell at the moment, so we are going forward as planned and it looks good. Looks good. There's also a question about, by any chance, if you could comment on the seasonality of the product deliveries in 2024, similar than in 2025, so similar than in 2024, or will it be more equally balanced or? I would say that we will most likely, we look at the history, Q4 has always been strong. Second half has always been strong for us. First half a little bit slower. I'm not going into much detail, but saying that hopefully we can get a little bit more even these volumes, but the history shows how it has been. And most likely we can see that the similar trend also in the future. Okay, thank you. And finally, there are quite many questions regarding you leaving the company. So thank you, Johan, for these two years. And if you could provide any additional comments or background regarding the CEO and that you are stepping down on this position. I think first of all, it has been a great journey. The people in the company, I'm still amazed of the know-how in the company. So really big thanks to the whole company, the people working in the company, the management team. I think the company is really well set for the future growth. And I will not comment more on my decision. Okay, but thank you and thank you, everyone, for participating so these were all my questions here online and thank you, Johan, very much also. Thank you.