Good morning, everyone, and welcome to this webcast on Bittium's financial statements 2025. My name is Karoliina Malmi. I'm Head of Investor Relations, Marketing and Sustainability at Bittium, and with me here today are our CEO, Petri Toljamo, and CFO, Petri Hiljanen. A few forward-looking statements quickly, you know, just to mention, they by their nature involve risk and uncertainty and may differ from actual results. About the agenda, quickly we start with some highlights of 2025, then, CFO will walk you through our numbers from last year, and, then we continue with business updates, and, finally, outlook for this year and, time for Q&A at the end. However, you are able to place questions at any time by clicking the button on your screen, and we will address them at the end. But without the further ado, I will let our CEO, Petri Toljamo, to start. Thank you, Karoliina. So I'll start with the highlights of 2025. Shortly, I think we had a pretty good year. First, I think that we are able to say that on CMD in September last year, we defined a new growth strategy, where the theme is that accelerate international growth. I think this is proceeding as planned. Second, our order intake grew to EUR 153 million, roughly from EUR 100 million from previous year, and as well as the order backlog grew to around the EUR 78 million from the EUR 45 million, and this is very significant and sizable amount of the orders we managed to secure on the last year. Then number three, I would say that Bittium's market position in Defense market strengthened significantly. We have been able to make headway on the international markets, and I think that we have very relevant position, thanks to our advanced leadership on the technology side. And 4th, if we summarize the year, the net sales grew 40% year-over-year, while the operating profit was 16.3%, and EBITDA was EUR 32 million, which reflects to 27.2% of the net sales. Then I'll hand over to our CFO, Petri Hiljanen. He will go through in detail the financial part, and I'll get back to us then. Thank you, Petri. So, let's first walk through the Q4 financials, the highlights there. So, our Q4, we delivered record high sales. We reached, the sales reached EUR 54 million, and it grew about 63% year-on-year. And this is now, this year is clearly a breakthrough in Bittium for Bittium in international markets. So we got new new good new customers open up new markets, so this is, you know, a good result for us in that sense. Also, we need to keep in mind that the Q4, the comparison period 2024 was already quite strong, so relatively, the strengthening has been quite phenomenal here for 2025. Growth was fueled by defense product sales, and at the same time, medical and engineering services remained about the same level as last year. As you can see from the graph there, so at least for the sales, it's typical for us that the quarterly fluctuations are quite substantial, and this is also the case for 2025. Our operating profit reached EUR 15.4 million. There's an increase of 9.4 million from last year, quarter four 2024, and the operating margin was thus 28.6%. Then there, as mentioned earlier, so high volumes and unfavorable product mix contributed to this increase in profitability. EBITDA reached EUR 23 million, and last year it was EUR 8.6 million, so it's a hefty increase there for EBITDA level as well. Full year 2025, as Petri mentioned, so it was 40% growth in top-line sales. It reached EUR 119 million, and as I said earlier, the growth was driven by product sales in Defense and Security segment. Engineering and medical, they remained pretty much at the same level as 2024. Full-year operating profit, a key measurable for our business, was EUR 19.4 million, at the margin of 16.3%. One should keep in mind that there's also close to EUR 1 million of one-time cost included in the operating profit. This sales structure, as we can see, it's heavily driven by the product sales, which is very much in line with our long-term strategy. Full year EBITDA reached EUR 32.4 million, and it's about 27% of our net sales. Some words about the R&D investments. So, we continue to invest in the core technologies. However, the relative percentage fell a bit from the historical numbers, and also it's a little bit less than the strategic target. It was 12.9%, but it's explained by the high sales in 2025. But anyway, so, we're committed to the strategic targets to develop our products and offering. There's related to the investments, there's also some indeed higher depreciations that we took on the Defense and Security business products, and historical development cost, and that's also explaining a bit on the increase of the R&D expenditure. Some key items, takeaways from the cash flow. Cash flow was negative for full year. It was a little bit less than EUR 1 million negative. Last year, 2024, was exceptionally high. There were one-time items related to historical projects. Now, as we go forward with the growth, our growth, sales grew so heavily, and it also drove the accounts receivable to quite high level, which of course then increases net working capital, decreases our cash flow. We also took measures to secure inventories for future deliveries. So those are the primary reasons for higher net working capital. Some words about balance sheet. So Bittium's balance sheet is very strong. Our equity ratio is 71%, and then it's... And also we are net debt-free. So those are the key items that are providing us fuel for future growth initiatives. Then again, from business and operations side, there's definitely items related to net working capital that are, you know, have been increasing, but then again, they are supporting our short-term business activities as we go forward towards 2026. All right, so I will hand over now to Petri. Thank you, Petri. So after this final sale part, I cover then the business segments, starting with the Defense and Security. So on this business, on Defense and Security business side, I think this overall, we grew last year 45% year-on-year. Now, this year, we managed to grow 65.8% year-on-year. So if we look this overall Macroeconomy side, I think this uncertainties and changes in global political environment continued. And now what we are however seeing now is that, after the Ukraine war, this there was a kind of peak to purchase the guns and ammos, and then, of course, the vehicles and infrastructure. Now, we are clearly seeing that this investments defense funds are being kind of focused more and more in the future on in the modernization of the military communication systems. Like mentioned in the highlights, our market position has strengthened through the technological leadership in the military communication. 2025, for the Defense and Security, was the record year for the order intake, EUR 121.8 million, an order backlog of EUR 70.9 million. We received new orders from the Finnish Defence Forces and Austrian, Croatian, and other customers as well. We signed also a frame agreement with Swedish Armed Forces, and also, we signed a sizable licensing deal with Indra for our Tough SDR Radio Technologies. The quarterly development on the fourth quarter, we grew, defense segment, Defense and Security segment 90% year-on-year, and this is a very high number, and even if we if we had a tough compare on the fourth quarter 2024. So let's look in this, our progress on the international market. So with Defense, Finnish Defence Forces, we have been collaborating since 1980-1989, and we are continuously receiving orders from them. If you look the other countries as well, so 2016, we started collaboration with Estonia, 2019, Austria, and we received a large order from Austria on the fourth quarter last year. So it basically proves that, this is not just a one or two, three-year type of the project. Actually, it will last pretty long while we are continuing to equip the, that specific country in question. Croatia, 2022. 2024, we signed a framework agreement with BAE Systems, and we opened last year an office in London. 2024, we also signed two framework agreements with Lockheed Martin, and like mentioned, 2025, we signed framework agreement with the, with the Swedish Armed Forces. However, there are no POs yet, but naturally, we will expect those to arrive at some point. Then there's this mystery country from Europe, which we have not been able to disclose. We signed that 2025 for the Special Forces, and now in December, we signed a licensing agreement with Indra Group for the Bittium, Bittium's SDR technology. Just to as a recap for this Indra deal, so we signed in December licensing agreement with Indra, and based on the current forecast, the total value of the agreement is estimated to be over EUR 120 million. Out of that, EUR 50 million first purchase order was received last year, and that caused a positive effect on our final sales outlook for 2025. In January this year, we received second purchase order valued at EUR 20 million, and this is related to technology and production transfer projects. Now, with this licensing, we will help Indra to develop and manufacture different kind of handheld vehicle and manpack radios, with the main focus on Spain, with the potential to expand that to selected countries as well. The key point here, however, is that the Bittium will continue developing and supplying its own tactical communication products and radios for its customers globally. Few words about the medical. So at CMD last year, part of the strategic change, we decided to focus our focus on the medical side. We had four product lines. Now we are going to focus on two, namely cardiac and the sleep, and this what we have been now strengthening after this change, and we have clarified the roles and responsibilities within the organization. And if you look the numbers, revenue remained flat year-over-year, but the overall operating results for 2025 was positive when excluding the non-recurring items we had on the second quarter. Since the second quarter, the second half was positive on the operating result point of view. Then with our key customer, Boston Scientific from the U.S., we continued the collaboration and we signed a new agreement in June with them for the next three years period. Also, this cardiac side, sales outside of the U.S. remained moderate due to the fragmented market. With the sleep apnea product family, we have been working with multiple pilots in different countries, and the focus is now to find and sign agreements with the strategic partners for sales. On the fourth quarter, medical business grew 4.3%. Then on the engineering service, in general, I think that ongoing customer projects are proceeding well. However, many customers are postponing their product development investments due to uncertainties in the market. What is positive for us is that roughly half of our revenue comes out abroad, outside of Finland. That has helped us to overcome maybe the kind of challenges, especially in Finland. In 2025, from the numbers point of view, we were flat 0.5% year-on-year. We have said that the profitability was affected by the investments what we are doing, as we are renewing the focus based on the latest strategic change towards Embedded AI and defense market. And in order to prove that point, 2024-2025 gross margin levels were at the same level. So this is what we have been investing in, kind of purposely, to make sure that we are able to shift the focus more embedded AI and defense market. Our cooperation with TerreStar continued well for the satellite terminal concept, and also with this embedded AI, we launched the cooperation with the Qualcomm, a company called Edge Impulse, and also as the Bittium made an investment to Marshall AI, which is serving also the other business segments as well. They are also proceeding well with the engineering services as well. And now the main focus for this business is to grow the defense business market, and they are in the funnel, multiple opportunities we are trying to close at the moment. Let's then look the shares and the shareholders. Share price last year grew 371% year-on-year. This is really remarkable. Number of the shareholders has also increased. We have now total 27,895 shareholders. Fund ownership is 6.9%, and by the end of the last year, foreign owners was 6.7%, but what we can basically now say, we are at the 10% level. So this seems to be clearly growing. Just to recap what we said for the strategy, our really the focus main theme is to accelerate international growth. We have divided four pillars, pillars to support the growth strategy. First is accelerating international sales and developing strategic partnerships for growth, and this is applying for all our business segments. Second, we really want to be the technological forerunner to seek competitive advantage from the technology, and we have said that we are going to strengthen the software AI capabilities and our investments to the Marshall AI is one proof point there. Third, we plan to expand to new markets and the verticals, especially in the Defense and Security, exploring also this inorganic growth opportunities, and this is where we have been pretty active, nothing to be announced yet at this point. Fourth, we want to make sure, when we are scaling our operations, and our tools and the systems, we don't want to double the cost while we are growing. With that, that's why we have to really transform ourselves to data-driven, scalable product operational mode, and this is also proceeding well. To go for the outlook for 2026, so we estimate that the net sales in 2026 will be from EUR 140 million-EUR 155 million, while we were at EUR 119.3 million in 2025. Then on the operating profit side, we estimate our operating profit in 2026 will be from EUR 26 million-EUR 32 million, while in 2025, we were at 19.4%. What we have also said here, that operating results will be affected by the depreciations related to the license income from on the Defense and Security business side, which will be received in 2026. Also, we are saying that the net sales and operating profits are expected to be weighted towards the second half of 2026, like it has been in the previous years as well. Also, the timing of net sales and operating profit between quarters may significantly be influenced by the individual orders or deliveries. Just to remind, in September, we revised and upgraded our long-term financial targets. So on the revenue growth side, we plan to grow from 20%-30%. Of course, if you look at 2025, we managed to grow 14.1%, exceeding our long-term financial target. Operating profit level, we have said that our long-term target is to be at 10%-20%, and we were within that frame in 2025, receiving 16.3%. And this update is driven by the strong growth in defense markets, which has accelerated the development of the Bittium Defense and Security business. Then let's look the investor calendar. So what we are doing this year, we will have the AGM in Helsinki on the 22nd of April. Also, the first quarter results will be published on the 29th of April, second quarter and the first half on the 7th of August, and third quarter on the 29th of October. Just to summarize where Bittium is now, if you look what we have been able to achieve and what is our position in the market, first, we are seeing that there's significant short- and long-term growth potential in all of our business segments. We have strong mega trends driving market expansion, and we are present in large, rapidly growing markets in all of our business segments. Like we heard from our CFO, Petri Hiljanen, we have strong balance sheets, and we have had very consistent financial development, which will provide further fuel for us to continue the growth. We have world-class next-generation products and services, technological leadership in next-generation software-defined defense communication, and we are working with the very solid and diversified tier one, a blue-chip customer base, and we have very committed and highly skilled people, which is putting us in excellent position to accelerate the international growth, as is our strategy is based on. So I would say that now it's the time for the Q&A, and I'd like to invite the CFO, Petri Hiljanen, with me to provide answers. Thank you, Petri and Petri. So here are a few questions. So current Q4 2024 report says that Bittium is now in active discussions with more than 10 different countries about various tactical communication modernization needs, and the potential for projects varies from a few tens of millions EUR to several hundreds of millions EUR. What is included in the current financial guidance? So the current customers, their potential, extra orders, or is it also based on new customers and their orders? That's a good question, but I would say that I think the start for this year is different than the start of the previous year because we have very strong backlog that we were able to start this year. There are assumption that the existing customers, in addition to the backlog, will provide further orders for us, and we have said that we will target one new customer for the Defense and Security market per year. Of course, this is something that we have assumed, and while there are multiple opportunities, those opportunities are not. T hose are more upside than the just the kind of assumption that it would be included in the normal forecast. So I feel pretty confident for this year's revenue targets. That sounds good. Thank you. So can you clarify the logic and magnitude of this license income related to depreciations, which you expect to affect this year's result? Okay. So I think in overall, the EBITDA level for us were excellent for 2025 and also what we plan to do to 2026. We have done some discretionary depreciations, which are related on the licensing income for the Defense and Security market. For beyond that, we have not opened that in the detail. Okay. Thank you. There is a question about the Indra EUR 50 million order from last year. How much of that was recorded for last year and activated for the future? So we have not opened the exact number to 2025, but what we can say that there some portion of that has been recorded for 2025, and it will be also recorded for the 2026 and also most likely for 2027 as well. Okay. Then can you talk about U.K. tender of SDR radios or what it is all about? Yeah. So this U.K. is just one of those many tenders we are going to participate, and actually we did submit our answers for this tender. We opened up the new office in London last year. We hired a senior kind of a salesperson there, and naturally this U.K. is in high priority focus for us. But I'm not sure if I have any detailed information, because I think there will be many other companies quoting that as well. And this is just one of those many top priorities for us trying to close this year. Yes. You mentioned now this year, because there is another question about the timing and schedule of the tender. Is there anything you could share about that? I don't know all these details, but I would say that we hope that some decision will be done during this year. Okay, thank you. Then coming back to depreciations and EBITDA, actually, so can you comment on the level 26? So, regarding the EBITDA also, is there a big difference? So we have not provided the guidance for the EBITDA. 25 EBITDA was excellent, and we are, of course, seeing growth in EBITDA, but so far we are setting the guidance for the operating profit level. Okay, thank you. Quite many same similar questions here, also about the any potential wins, such as deals related to Bittium and BAE framework or gaining new countries as defense customers included in the 2026 forecast, or is it just the base level? So basically, this you answered this already. Yeah, and, and of course, we are trying to win new countries to get upside. Of course, they are quite long kind of sales cycles still in this business, even if those have shortened. So even if we were able to close more than we expect in order point of view, I think the revenue might still be recorded for 2027 and not just for 2026. Yes, of course. Detailed question: How much revenue do you expect from Indra in your 2026 guidance? We have not disclosed that number, but like I said, there will be some portion recorded from this licensing part, as well as we got this EUR 20 million PO for multiple years, which is covering the support to transfer the technology, and the production technology to Indra. So there will be some revenue recognized for 2026, but we have not disclosed the exact numbers. Yes, thank you. The amount of new orders is EUR 153.3 million, and the revenue expected value for 2026 is EUR 140 million-EUR 155 million. The orders necessary to achieve the expectations have already been placed. Are there any expectations for the year 2026, bit low? I would say that, this EUR 155 million, what we have in order book, is not everything for the deliveries to happen in 2026. Some of those will go 2027 and beyond. But like, like I said, I would say that, we have moderate assumptions what we need to achieve for this year. Good, thank you. So far, the final question goes to Bittium Tough Mobile 3. So the launch plan was postponed to 2027. How come? That's, that's correct. There has been some delays, as it, it is typically with these kind of high new technology, cases. So there are some delays on, on the program which will impact, and that's why we have said that, most likely that we plan for the 2027 launch for, for this Tough Mobile 3. Okay, okay, one more question. So, how large deal would you expect from Sweden based on this framework? I think it's very difficult to estimate any numbers for that. But of course, typically, these kind of new countries start first with the smaller orders, and if these pilots or trials are going well, of course, then there's a tendency that they will order in the bigger amounts. Yes. Then a question for medical segment. Can you provide any new information regarding medical clinical studies you're doing or new products in the development? So first, I would say on this new product development, I mentioned this frame agreement with Boston Scientific, that includes a development of a new product for the Boston Scientific. And what we have also said that we have started the development of next-generation cardiac products, and this is something which is still in our plans. We have said that we have to strengthen our kind of competencies and knowledge on both regulatory and the clinical sides. And we have strengthened the organization by bringing people which have a knowledge on those sides. And yes, they are in addition to the R&D development, there are some kind of programs ongoing, where we are investing on both the regulatory and also the clinical sides of our products. Thank you for these answers. Seems that that was the last one for today. Okay. Thank you. Good questions. Thanks. From my behalf, thank you for the audience as well. Good questions, and have a nice day. Thank you. Thanks.