Welcome to Solwers full year 2025 results webcast. My name is Jasmine Jussila. I'm Chief Communications Officer, we are here today for the first time with the new CEO, Johan Ehrnrooth. Hello, everyone. Johan will present the CEO review and the outlook for the ongoing year 2026, and then the financial review will be presented by CFO Teemu Kraus. Hello. During the webcast, you can ask questions through the webcast chat. In the end of the presentation, we will go through your questions. We have some person also in the studio. Let's discuss in the end. Before we jump into the CEO review, let's have a look at what kind of company Solwers is today. Solwers is a group of consultancy companies that offer architectural design, technical and other consulting, as well as project management services locally close to clients. We have 29 subsidiaries across three countries, Finland, Sweden and Poland. Our growth strategy is heavily based on acquisitions. We have a concept of light integration, which means that we don't fully integrate the acquired companies, they get to keep their own brand name and identity, mostly also the organization. This is also one of the reasons why the companies want to join Solwers group. By joining the group, they also get some synergy advantages from wider service portfolio, common projects, and sales and marketing. Solwers, as a group, acts as a growth platform and developer for its companies. Here you can see the geographic spread. We have 30 locations in Finland, Sweden and Poland. In Finland, we have 14 companies. One of the biggest ones include Lukkaroinen Architects and Finnmap Infra, obviously working in the infrastructure. In Sweden, some of the biggest ones include Licab, also in infrastructure and project management, then Industry Services, ELE Engineering and WiseGate Group. In Sweden, we have 14 companies, and one recent company was acquired in Poland. Here you can see the historical revenue development. Solwers is a growth company. We were listed in the First North Growth Market in 2021. We have grown over 20% annually throughout the history. A little bit of the projects. We have over 4,000 active projects. Around 50% of them are below EUR 10,000 in sales value, which tells that much of the revenue comes from small projects. Over 70% is running price work. We have also over 200 frame agreements. Now I'll hand over to Johan and CEO review. Go ahead. Thank you, Jasmine. 2025 was a year of both successes but also challenges in a divided market environment. If we look at the main numbers, revenue grew by 2.9% to EUR 80.6 million, and this was driven by acquisitions. Profitability was under pressure. The EBITDA was EUR 4 million, corresponding to a 5% margin of revenue. The profitability was impacted by cost inflation and limited pricing power. As such, the billing rate remained solid at above 81%. The challenges was more to increase the price to cover increased costs. Our order backlog improved. We had a positive cash flow, and at year-end, we had 716 employees. If we look at our main countries, Finland first, as such, the performance was satisfactory. It was not at the level which we are targeting, but it improved throughout the year. The competition is still intense in the market, and this limits the opportunities for price increases. Last year, our specialized engineering companies performed relatively well and infrastructure improved throughout the year. Architectural design and building services remained under pricing pressure last year. If we look at Sweden, also there, the specialized engineering companies performed well. Infrastructure services were stable. We had challenges in our companies serving the industrial sector. There was tough competition in the market. We had profitability challenges in certain projects. This also prompted for corrective actions in those companies. In Sweden, the price competition is still tough. About a year ago, we communicated our plan to enter Poland as our third market and then at the end of the year, we announced our acquisition of Szwak & Spółka, a financial consulting firm in Poznań, in Poland. Having such a company supports our possibilities then to enter the market further. Szwak is as such characterized as a company who is good at adopting new IT solutions and automation-based work. As such have a strong corporate culture. Solwers now has three financial services companies in each Solwers country. In the end of last year, we also acquired Odigo. This is an engineering company in southern Sweden, which now operates as part of WiseGate. Odigo serves the industry in southern Sweden, also including defense. This strengthens the offering of WiseGate with the automation and industrial consulting expertise. If we look at some project highlights from recent times. Recently we announced our involvement in the Tampere underground infrastructure, a new access road is being planned to the underground parking facility, P-Hämppi. Finnmap Infra is there acting as principal designer and this is a collaboration project with Sitowise and Ramboll. Last year we also announced our biggest highway project so far, Highway 12. This is also a project of Finnmap Infra and we are cooperating there with Skanska. This is a long-term project which has started already and is scheduled for completion in 2029. In Sweden, our Licab experts are participating in the North Bothnia Line project, so this is a new railway line between Umeå and Luleå. Finally, Lukkaroinen last year announced their involvement in seven new daycare centers in Turku. Lukkaroinen is responsible for the principal design, architectural design, and also interior design. This is also a long-term project completion by 2029. The key priorities for 2026 is clearly improving the profitability, but also strengthening the organic growth. Some of the drivers by which we intend to reach these focus areas, we have a new leadership structure. Several Swedish companies received new leaders last year, they all have a clear mandate to focus on performance. We have investment in commercial focus, we have appointed sales and marketing leads both in Finland and in Sweden to strengthen the cross-selling. We are seeing some promising progress in that. We are looking carefully at our pricing, especially in the underperforming units. We are planning to continue acquisitions at a moderate pace. Our cost and capacity discipline continues, we will continue doing capacity adjustments aligned with market conditions. Last year, after half one, we announced a cost savings program, on a year-to-year comparison. We have so far reached EUR 0.3 million and the measures continue. Teemu, please, the financial. Thank you. Let's start from the main KPIs and the revenue. During the second half of 2025, revenue development remained challenging. Market conditions continued to be weak, especially in housing-related segments, and pricing pressure persisted. For the full year 2025, revenue increased moderately, being 2.9%, and growth was largely acquisition-driven while underlying market demand remained subdued. Infrastructure and specialized engineering performed relatively better, whereas architectural design and building services continued to face pressure. Overall, while revenue growth for the year was positive, it was clear that the operating environment limited organic growth potential. Going forward, our focus is on strengthening organic growth alongside selective acquisitions supported by improved commercial focus and cross-selling across the group. At the beginning of 2025, revenue development was still relatively stable, supported by the order backlog coming into the year. As we moved in the second half of the year, revenue development was more uneven between quarters. The last quarter was burdened by some adjustments in revenue due to the revenue recognition. This slide shows how our revenue is distributed geographically. As you can see, Finland continued to represent the majority of group revenue. Share of Finland increased during 2025, whereas Sweden revenue declined during the year, particularly in industrial and housing-related business. Poland is a new country service portfolio, and the revenue contribution is small in 2025 as the operations were consolidated only from December. The full year impact is very limited. Having revenue across multiple countries and service areas helps balance demand fluctuations between markets. EBITDA. Turning on EBITDA profitability remained under pressure on a full year basis in 2025. However, it is important to note that, in the second half of the year, EBITDA improved compared to H2 last year. This reflects the initial impact of corrective actions and better capacity alignment. This illustrates how EBITDA developed over the course of the year. At the beginning of 2025, EBITDA was clearly weaker, reflecting the challenging market environment and limited pricing power. As the year progressed, we saw a gradual improvement supported by better capacity alignment and initial cost measures. In the second half of the year, EBITDA strengthened quarter by quarter, with the latter part of the year showing a clear improvement compared to same period last year. Infrastructure and specialized engineering supported this development while overall cost discipline improved. Solwers' EBIT is calculated from EBITDA, deducting depreciations but adding back right-of-use assets depreciations. In the second half of 2025, EBITDA showed an improvement compared to the first year half. Nevertheless, full year EBITDA remains below our target level, which is 12%. This slide shows how EBITDA developed quarter by quarter during the year. At the beginning of 2025, EBITDA was at low level, reflecting the weak market environment and margin pressure we had discussed earlier. During the middle of the year, profitability remained under pressure, although the rate of decline started to stabilize. While EBITDA for the full year remains below our target level, the quarterly trend clearly improved during H2. Despite challenges, we are moving to the right way. Looking at the headcount first, the number of employees increased slightly in 2025. This mainly reflects acquisitions completed during the year. Organically, the focus was on capacity adjustments and aligning resources with the market conditions. Turning to equity ratio, it declined during the year, reflecting weaker profitability and the balance sheet impact of acquisitions. Despite this, the equity ratio remained at the satisfactory level and provides a stable foundation for the business. Our midterm target is more than 40%. A few comments on the other performance indicators highlighted on this slide. Our net profit for the year was clearly impacted by the weaker operational result and higher financial cost, reflecting the challenging market environment during 2025. As a result, earnings per share also declined year-over-year. Billing rate remained at solid level during the year, reflecting good operational execution despite the challenging market environment. Net debt increased during 2025, mainly reflecting the weaker profitability environment and the acquisitions during the year. We jump to the profit and loss, as already commented the revenue, I will jump to other operating income. The level in 2025 mainly reflects items that are not part of our core operating performance and can vary from year to year. A waterfall chart here shows how initial value changes step by step through positive and negative components. As shown, the shift in other operating income from 2024 is mainly non-core in nature and comes from change in contingent considerations. Turning to our materials and services, these costs developed broadly in line with the revenue during the year. The cost level is largely driven by subcontracting, which provide flexibility in a volatile market environment. The increase you see here in cost of goods is partly explained by one of the acquired companies whose business model includes a higher share of material usage compared to the rest of the group. Subcontracting continued to play an important role in our operating model, providing flexibility to adjust capacity in line with demand. In external services, we saw a clear decline during the year. This reflects the cost savings measures implemented. On a full year basis, personnel cost developed broadly in line with the size of the group. The year-on-year development reflects a combination of acquisitions completed during the year and active capacity adjustments in response to the market environment. During 2025, personnel expenses per employee remained under control despite inflationary pressure, salary increases, and a challenging operative environment. Overall, the development shows improved cost discipline and provides a better foundation for margin improvement going forward. In 2025, depreciation increased year- on- year, mainly reflecting IFRS 16 lease accounting and amortization of acquisition-related PPA items. Financial income developed positively, mainly driven by unrealized foreign exchange gains. Currency movements supported the result during the period. Senior loan interest expenses increased, reflecting both the higher interest rate environment and changes in the financial structure. Unrealized foreign exchange losses decreased, improving the net impact of financial items compared to the prior year. Income taxes. Taxes decreased compared to 2024. This was mainly driven by lower current income tax, reflecting again, weaker taxable results of some entities. In addition, Solwers benefited from tax effect of foreign exchange differences related to the net investments in foreign subsidiaries. Finally, changes in deferred taxes also contributed the year-on-year decrease. Turning to balance sheet. Overall, the balance sheet remains solid, although leverage increased during the year, reflecting weaker profitability environment as well as acquisitions completed. Goodwill increased alongside our acquisition-driven growth model. Cash levels at the year-end were adequate, supported by positive operating cash flow. Interest-bearing loans increased, reflecting replacement of a contingent considerations with bank loans. This resulted in a higher net debt and some pressure on our covenant ratios. Going forward, our clear focus is on improving profitability, strengthening cash generation, and gradually reducing leverage, which will further support the balance sheet and covenant position. The operative cash flow was positive, EUR 3.5 million, less than last year, EUR 4.3 million. Also, the net cash flow from investment activities represent our acquisitions. During the financial year, Solwers breached EBITDA net debt financial covenant due to weaker profitability and challenging market conditions combined with certain liabilities transition from non-interest bearing debt to interest bearing debt. The breach was not related to liquidity or cash flow sufficiency. The company have had constructive discussions with its financial partner. The lender have granted a waiver for the breached covenant. Solwers continues to focus on improving profitability and strengthening its financial position to ensure full covenant compliance going forward. Covenant is about to expire at the end of June 2026. Solwers is in line with its plan to reach original covenant level. Our dividend policy remains unchanged. We have previously targeted 20% of annual profit, dividend of annual profit. Given, the profitability level in 2025 and our focus on strengthening our balance sheet and financial position, the board has proposed that no dividends will be distributed for the year. Okay, thank you. That's, was all from finance. Thank you, Teemu. Let's continue with outlook for next year. If we look at the general market outlook, demand is based in infrastructure and specialized engineering. The tough competition and limited pricing power persist in Finland specifically. The market bottom has most likely passed. We are not seeing a strong recovery. It will be rather slow and cautious. Infrastructure outlook is clearly stronger than construction. The pricing pressure remains, so a broader recovery is expected no earlier than in 2027. In Sweden, as such, the demand on the industry is stable, but the competition for work there is intense and remains so. Defense and infrastructure projects as well as energy infrastructure support the activity on the construction side, especially housing and commercial construction recovery remains weak. Poland is strengthening its role as European logistics and infrastructure hub. There are significant infrastructure investments going on and despite some near-term industrial softness. For Solwers's outlook, we expect to improve the EBITDA compared to 2025. The year did start under challenging conditions. The month of January was in practice very short. We expect that the performance improves as the year progresses. We maintain our midterm financial targets. Revenue growth about 20% per year. EBITDA margin about 12% and equity ratio about 40%. Jasmine, please. Thank you. I would like to remind all the investors that we are publishing four reports in a year, one half-year report and two business reviews in Q1 and Q3. The annual general meeting will be held on 17th of April, and the official notice and invitation will be published later. We have two analyst houses following us, Nordea and Inderes. Let's now go to your questions. Let's start from here. We have Inderes present here. Mic is coming. Olli Vilppo from Inderes. Teemu, you said in the presentation that Q4 revenue was affected about this recognition of revenue. Can you tell in practice what it means? Well, we have been sharpening our processes, and due to that change, we have found that there was some small mistakes that needed to be adjusted. What kind of effect does it have in percentages? It is hard to tell exactly, but I think that we would be something around last year Q4 without these corrections or adjustments. Okay, that's clear. Then, this cost savings program. In Q3, you told that you have a gain at EUR 0.3 million savings in a quarter, and now you told that it's the same number for the whole year. What has happened in Q4? When we look at the fixed cost, we are EUR 300,000 less year-to-year compared to last year. Some of those savings are not visible in the figures due to the fact that it is distributed unevenly to the year halves. We generated some savings in H2, and also, there are some factors that drive in an opposite direction. As a conclusion, we are pretty close to the target that we had, it is not completely visible in fixed cost savings. One question related to this from online. Did you have any one-offs in Q4? On top of those revenue adjustments, there were some small items, still something related to listing activities, for instance. The full year target is still over EUR 1 million savings? I think that, 12 months, target is, over EUR 1 million of savings. Okay. Last question about the guidance. Are you targeting to improve the absolute EBITDA or the margin? We are targeting to improve both. Okay. Thank you. Okay. Some more questions online. Johan, you mentioned in your presentation that there has been changes in the Swedish management. Have you taken costs for management shuffle in Sweden? No. Okay. Maybe a little bit more about the management changes. Can you say a reason behind them? There are multiple reasons. There are changes in several companies and a part of them has to do with the where the persons have been in their career, and it has been time to move on, like retire. There has also been changes which has been active changes from our side. It's a combination of both. A question perhaps for Teemu. What do you estimate organic growth to have been in Q4 and full year? I think that the full year growth is very close to zero. We have some advantage of the currency deviations and some advantage, of course, from the acquisitions, but the organic growth is very close to zero. The quarter figures I don't unfortunately have here in my hands. Okay. A question for Johan. As a new CEO, how do you look your M&A track record historically? This is something that we are analyzing still and it's mixed in the company. Going forward, it's important that we take good care of our acquired companies and ensure that we invest and renew in those so that we have good performance in all of those. Continuing with the acquisitions, are you still able to conduct M&As despite the covenant issues? Naturally, it, that gives some restrictions, but it does not completely restrict it at all. We do still see an opportunity. We have cash, and there are various possibilities still that we can utilize. Well, profitability and organic growth were some of the focus points. Have you considered launching larger group-wide cost saving program in order to boost profitability? The cost saving program is valid for all our companies, and all our companies have a focus on that. As such, it involves all the companies. Thank you. That was all. Any more questions from the audience here? No? Thank you. That was it. Thanks