My name is Thomas Koponen, Director of Investor Relations, and with me today I have CFO, Indiresh Vivekananda. The online presentation will be led by Indiresh Vivekananda, CFO, following the commencement of the voluntary recommended public cash tender offer by Resilience Investment Holdings Ltd on February 5th, 2026. Investor and analyst communications during the offer period, including all IR calls, are being led by Mr. Vivekananda. As previously disclosed, CEO Padma Ravichander, as a member of a bidding consortium, and this arrangement has been made to ensure appropriate governance during the offer period. Ms. Ravichander continues in her role as CEO, responsible for the company's day-to-day operations. You may submit questions regarding the Q4 results in the comment section below. You are in a audio-only mode, and we have reserved 30 minutes for the webcast today. Without further ado, please, CFO Indiresh Vivekananda, over to you. Thank you. Thank you, Thomas. Good morning to all the investor friends. Let's start the presentation. I'll start with the highlights of the results for 2025. In the first slide, I want to share how we performed against the guidance, what we had earlier given, which was also refined at the beginning of the current year. We had said that we are going to grow in a constant currency revenue from mid to high single-digit percentage, and we achieved 8.2% in constant currency. The EBIT margin expansion, we had guided to be around 200 basis points, and we did 210 basis points. The free cash flow, originally we had said that about EUR 4 million. We refined it to between EUR 4.5 million-EUR 5 million, and we ended up at EUR 4.6 million as a free cash flow. The DSO days, we originally guided at 100–140, revised it to 130–150, and ended up the year at 146 days. CapEx to sales, we had initially estimated to be at 10%-12%. We ended up at 13.4%, mainly due to the new orders what we got in the year and the investment in product development that required. The dividend payment policy, as a guidance, we have 10% of our free cash flow as dividends, and as all of you know, there will be a proposal to the shareholders for their approval in the coming AGM. Reduce the foreign exposure to the frontier currencies, we had said 10%-15% over a period of three years, and we achieved 17% in 2025. Let's move to the next slide. I'll be happy to walk you through the historical performance, what we have achieved in the last couple of a few years, so that we get a more context to what we did in 2025. On the revenue, these are all on the absolute currencies, not on constant currency. That is how you can see we were about EUR 52.8 million in 2020, rose to EUR 72.4 million in 2025, giving us a compounded annual growth of 6.5%. The EBIT trend as well, 2020, we were at EUR 18.7 million, went up again, came down to EUR 18.3 million in 2022. Later, we having a consistent EBIT margin. Over a period of time, in absolute terms, my EBIT has grown up by 6.5%. Order book, we were at EUR 32 million in 2020, and comparatively, we grew to EUR 80 million in 2023, came down slightly in 2024 to EUR 79.6 million. Again, due to multiple large orders we got in 2025, the order book stands at EUR 107.5 million, giving us again a 27.3% of annual compounded growth. The free cash flow trend, which we have been very closely monitoring, we had a -EUR 4.8 million in 2022 whole year, and 2023, we ended the year at - EUR 7.7 million. 2024, while the whole year we were at EUR 1.8 million negative, this was mainly caused by a heavy loss in the Q1 of 2024 due to devaluation of one of the large currencies. That had an impact of EUR 4 million in Q1 of 2024. I'm happy to report to the investors that post that Q1 2024, for the seven consecutive quarters, we do have a free cash flow. In 2025, we achieved a free cash flow of EUR 4.6 million, which we have reported. Can we move on to the next slide? Here, I want to draw the attention of the investors, not just for last two years, but one year prior to that. The net sales in real currencies, we were at EUR 78.4 in 2023, reduced to EUR 71.6. We had a slight growth of EUR 72.4. While in the absolute numbers, it looks the growth is just 1%, I want to draw the attention, in constant currency, the growth was about 8%. We were heavily impacted in the last year by devaluation of USD against the Euro. That hit our revenues also. Reduced our growth to just 1% in real terms, whereas in constant currency, it should have been 8%. EBIT, there is a slight improvement compared to in the last three years, from 23.8%- 25.6%in absolute terms. As a percentage, last year we grew up by about 7%. Financial items, mainly the forex losses, what we get hit was slightly EUR 10.1, slightly lower than the EUR 11 million what we had in the previous year. The taxes was slightly higher at EUR 5.2 against EUR 4.5 in the last year. Net income, which is an offshoot of all the expenses and the revenue, was at EUR 10.2 million in the current year against EUR 8.3 in the previous year. The cash collection was at EUR 58.4 million in 2025, against EUR 51.2 million in 2024. Again, while in real terms it is 14%, and again, this also due to the currency devaluation of USD. Order received, we were at EUR 111.2 million. Again, backed by couple of large orders what we won in the current year, against EUR 71 million in the previous year. Order backlog, which is a consequential result of the new orders and the revenue that are recognized in a particular year, stood at EUR 107.5 million, compared to EUR 79.6 million. The earnings per share was at EUR 0.6 against EUR 0.5 in the last year, and in 2023, it was at, before the reverse split of the shares at EUR 0.04. The operating margin increase is notable at 35%. Exchange rate losses in financial terms, about EUR 3.8 million we suffered in the current year, mainly due to the weakening of dollar against euro. Positive free cash flow, EUR 4.6, is a reflection from a - EUR 1.8 in the last year. Orders backlog increased to 35% to over EUR 107 million. Can we move on to the next slide? Here I want to take just on the Q4 numbers, while in the previous slide I spoke about the whole year. Here, I'm restricting it to only a quarter on quarter, the Q4 of each years in the last three years. Q4 of 2025, I had a better growth, up to EUR 19.5 million, against EUR 17.6 million and EUR 22.2 million in Q4 of 2023. The EBIT has grew up substantially from EUR 7.9 million in Q4 of 2023 to EUR 12.4 million in Q4 of 2025. Financial items, while the dollar stabilized slightly in the latter half of the year, still I had a EUR 5.3 million loss in the one quarter. Taxes amounted to EUR 2.8 million. The collection was at EUR 15.3 million, compared to EUR 10.3 million in the Q4 of last year. Again, order received was at EUR 20.7 million, against EUR 24 million and EUR 33 million in the previous last quarters of 2024 and 2023. Order Backlog, again, a result of the orders minus the revenue recognized at the end of the year, remained at EUR 107. The EPS current year was at EUR 0.25 in the last quarter. Net sale, while it was 11% on the actual Q4 of current year versus last year, in constant currency, it was about 18% increase in the last quarter. Operating margin, in the last quarter, we had a good operating margin at 64%. Free cash flow in the last quarter was EUR 1.4 million, against EUR 400,000 in the previous year. Significant increase in Q4 EPS to EUR 0.25. Can we move to the next slide? Well, there are the hard numbers. I also wanted to share with our investors a little bit more about the customer profile, what we have, and a little bit about the business views. If I take from 2020 to 2025, we always were heavily dependent on the legacy customers. In this case, I would like to call out Claro and MTN, two of our large customers, as legacy customers. As you could see, they were contributing to majority of my business in 2020. Over a period of time, we have tried to diversify, get new customers. As you can see, year -on -year, we added four new customers in 2020 and eight new customers in 2025. As you can see, in the last six years, we have added 43 new customers since 2020. This also gives us a potential opportunity for our cross-sell and upsell as well. If you look at the customer longevity, you can see that I have more than 43% of the customers are less than five years, and 57% of my customers are more than five years. This also gives a view that majority of my customers, once they become our customers, continue to be a customer of Tecnotree for a long time. I'm sure that this 43%, which is less than five years, are the customers we added in the last few years, and they will move into the other bucket as the years go by. On the ARR and our revenue, which is also a good indicator of our business performance, has been going up and down. We are about 47% in 2020, and fell to about 35% in 2022. We have been making a conscious effort to move up our ARR as a percentage of revenue. In 2025, ARR constituted nearly 46% of my total revenue. High ARR revenues in 2019 from legacy customers. We started in 2022-2023, change in the revenue mix, relatively lower ARR. In the last two years, we have moved more into stability and growth of ARR from 2024 project completion in a new accounts and more to support. I want to call out that consistent focus and increase in ARR with business model transformation is the way we look at the future. Can we move to the next one? If I come to 2025 revenue highlights, I want to give some more numbers to the investors. FY 2025, my revenue was at EUR 72.4. In real currency, 1.2% year-on-year growth. However, in a constant currency, we were EUR 77.4, which gave a 8.2% year-on-year growth, which is a fantastic achievement as far as our business areas we operate in, where the growth in BSS market was anticipated around 2%. Q4 alone, we did EUR 19.5 million, which is about 11% year-on-year growth, and in constant currency, we could have been at EUR 20.8 million, at about 18.2% year-on-year growth. ARR continues to increase year-on-year, backed by DevOps and support revenues. Stable demand for the product portfolio is what we are seeing. Large-scale transformations are in progress, some of the large orders what we got in 2025. If you look at the revenue type, as you can see that between last year to current year, the licenses are slightly lower, deliveries are also slightly lower, but ARR as what has increased compared to last year to this year, which is a conscious business operation model we have adopted. In 2025 to 2024 revenue by region, as you can see, we had a stable increase in E.U. and Americas region, and almost same level of revenue from MEA and APAC coming into the company. At the OBL, the order backlog, as I can share, Europe and Americas has increased substantially from EUR 13 million to about EUR 25 million. MEA and APAC has also gone up from EUR 66.4 million to EUR 82.6 million. Can we move into the next slide? Now, I will also walk through the operating profit highlights, what we have. In 2025 guidance, we had given an EBIT margin expansion, between 200 basis point to 220 basis points, and the CapEx to sales around 12%. In reality, operating result of EUR 25.6 against EUR 23.8 million in the previous year, we had a 7.5% year-on-year growth in the operating result. Operating margin as a result of our revenue versus the cost what we had, was at 35.3% against 33.2% in the previous year, gave an increase of 2.1 percentage points. What are the EBIT drivers we have? One is ARR to net sales increased from 45.7% from 43.4% which gave our revenue more a stable outlook, driven by DevOps and support contracts. OpEx reduction as per the plan, which we commenced in Q2 of 2024. Headcount efficiency improved, with total personnel reducing to 704 against 758, while delivering higher revenue. CapEx to sales also, we reduced it by 4.8 percentage point to 13.4% against 18.2%. Slightly above the guidance, what we had given at the beginning of the year, due to investments which we had to make for delivering large transformation projects, which we secured during the year. As you can see, EBIT margin evolution, you can see that in constant currency, we grew by 7.9%. The EBIT margin overall was at 33.2% in constant currency, against 35.3% in real currency. The EBIT and the EBIT margin, just on the Q4, we were at 46.5% and against 13.7% in the previous year. The other point I want to bring it to the attention is the CapEx to the sales ratio. As you know, that as a product company, we need continuous improvement or continuous investment in our products. As you can see, it was 11% in 2022. We started developing the new digital platforms. In 2023, it was 14%, and in 2024, it went up to 18%. Last year, we took a decision to normalize it, keep the percentage of investment in the products as a percentage of revenue, and this year we have brought it down to 13% from 18% of the last year. Can we move into the next slide, please. Well, the numbers we have presented, I also wanted to bring to the attention of some of the issues we continue to face, and one of them is a very large DSO days, which we have been experiencing. As I can say, that in 2025, my total AR, accounts receivable, amounted to about EUR 32.2 million. Well, not due out of this, not due in any case, is a standard one month, which is very, very rarely achieved, is about 34%. More concerning is more than one-year receivables, which are sitting at about 31%. While all my customers are very large telecom operators, but delay in collection from them is a point of concern, which are combination of the geographies we operate in, the countries we operate in, the currencies we operate in, while all efforts are taken to normalize that. As I can show in the next slide, in 2023 Q1, my DSO days numbered 210. While our collections were cyclical, it came down a little bit to 153 in Q4. Again, in the next quarter, it went up to 202. Again, cyclical, it came down to 145, again, went up to 176, and brought down to 155, again, went up to 175. We have been making a conscious effort in bringing it down, in the last quarters, we are able to bring it down to 154 and 146 days. Can we move into the next slide? Tecnotree operates in multiple geographies and manages multiple currencies. We had said that exposure to the frontier country forex risk to 10%-15% by 2027 in three years. FY 2025 update was significant forex impact of weakening U.S. dollar against Euro in 2025. Majority of our revenue comes in U.S. dollar, and when I report the numbers in Euro, that affects significantly our performance. In 2025, we reduced our frontier currency exposure to 17%, a 10 percentage point reduction from the previous year. Strategic focus on tier one accounts and growth in mature and U.S. dollar-denominated markets continue as a part of Tecnotree strategy. On the other side, I have given the way the U.S. dollar has weakened against EUR. As you can, that substantially it has decreased in the last year, that has hit our performance significantly. Again, percentage of revenue in the volatile currency, as we said that in 2024, 27% of my revenue was coming from these volatile currencies, what we call as the frontier currencies, that reduced to 17% in 2025. Can we move into the next one? As a point here in the previous slide, when I say volatile currency, the U.S. dollar is not included in that, while it was very volatile in the last one year. Now, I'll present the summary of my assets and liabilities, which is the balance sheet presentation. My intangible assets grew up substantially, mainly because of additional investment in the product offerings, and also a new accounting principle for capitalizing the lease assets for a office what we have in India as per the IFRS, under the Right-of-Use assets. Trade and other receivable increased by 5.8% compared to the last year. Our cash and cash equivalent was driven by free cash flow generated in the operations. Again, in the non-current liabilities, you can see that there is a increase due to the same increase due to the IFRS lease accounting in India, where you recognize both assets and liabilities for the future rent payable in our books as asset and liability. The trade payable slightly increased to EUR 16.5 at the end of the year. The current interest-bearing liabilities came down to EUR 3.5 million. The other non-current liabilities also came down slightly, and the other non-current interest-bearing liabilities, as I shared, is due to the lease accounting for the India office. The compulsorily convertible debentures at the end of the year remained consistent at the same value. The rest of the numbers are as presented. Can we move into the next slide? Now, let's take a minute to look what are the 2025 takeaways. The three points I want to highlight as a financial performance for 2025 are: one, we do have a healthy financial performance. We were able to achieve our parameters based on the guidance what we had given, despite significant impact of dollar devaluation during the year. Positive free cash flow for every quarter of the year. This has been consecutively for last seven quarters, then order book at a all-time high. These are the three top takeaways for me in 2025. Can we move into the next slide, please? Let's spend a minute on what we have guided for 2026. In for 2026, it's a continuation of our strategy to drive higher returns and more free cash flow for our shareholders. We have given a guidance of low to mid-single-digit growth as a revenue growth in constant currency. In free cash flow, it is in real currency, we are anticipating to achieve above EUR 5 million in the year. Free cash flow guidance 2026, based on our company's current market outlook, exchange rate assumption, especially the devaluation of U.S. dollar against the euro, and reflects our best estimates at this point of time. Can we move? These were the presentations from my side. I will hand it over to our moderator, Thomas. If there are any specific questions, we can try to answer them. Thank you, Indiresh. In regards to the time remaining, we have received questions, and we have also received multiple questions with the same theme. I have combined three of the questions because it's the same theme, and that was the most often theme in these questions. If you're ready, let's go to the question and answers. In the report, what are the provisions taken for, and what are these including? Are there any more provisions or write-downs coming for 2026? Are there write-offs? Is this Iran-related, as last year's annual report mentioned write-offs on the EUR 10.6 million. Has that business been sold to anybody? The report now said EUR 3.1 million in sale-related receivables and EUR 3.1 million in accounts. In total, the report stated EUR 6.2 million in one-offs. Please explain. Thank you. Thank you, Thomas. That's a great question. Let me clarify. There are two parts into this. One, a write-off of a old business, discontinued business, which we discontinued in, way back in 2023, and the other one is a write-off of my accounts receivable. The first part, as all of us know, in Tecnotree, we did have a business operation which we discontinued in 2023, June. We had anticipated a lot of inflow from them, which was recorded at that time, the receipt from the customer, which was due. That particular geography underwent a lot of risk in both the geopolitical thing and also economic wind down. We did have a considerable discussions with them. We found many ways of trying to help them to and recover the money from them, unfortunately, we were not able to. The ground reality there is the situation is still very volatile. We are not sure when we are going to get back, while the efforts will continue to recover that money. As a prudent accountant, I felt we should write it off in our books to show a better strength in our balance sheet, and we did write off. Yes, this amounts to the discontinued business operations in the company. The second one also relates to certain customers who came to us on a business which we discontinued, which was not a focus for us. This came from the acquisition we made in 2022 December. That company did have certain receivables from industries which was not focused to the Tecnotree's focus in telecommunication business. There also, we tried to recover the money, and we decided, in the best interest of the company, there's no point in chasing the business which are not focused to our operations, hence, the receivable from those customers have also been written off. Thank you, Indiresh. What proportion of your order book backlog is annual recurring revenue? Is there a percentage that you can give? I can give a range. It's anywhere between 40%-50%. As you know, that our focus is on to get more into ARR business, which is more of an OpEx model to the customers, but still there are a lot of customers who still prefer to operate on a CapEx model. I can say that it's around 40%-50%. Thank you. How much do you expect the U.S. dollar to weaken against the euro? That's a great question. I wish I had an answer to that. Unfortunately, it's very difficult to predict. I'm sure that all of us know how the world economy operates today. Nothing is certain. We do certain things in certain countries. Again, there are court rulings, there are geopolitical things, there are currency things. There are a lot of things. As a finance person, personally, what I wish to do it, I keep a track of these movements very closely. As a company, we follow these trends very closely and try to anticipate to minimize the risk for us. That's all I can say. I do not have a hard number to say how much the dollar is going to devalue. In the Q4 report, there was a EUR 3.5 million new loan. What was this for? It's not a new loan. I think if you look at my report, it says that. The way we present in our financial reports, we take what is a loan at the beginning of the period, we take what are the repayments made out of it, and again, add what are the new loans that are taken. I think I had explained in one of our discussion that we do have these short-term loans, which are more like a bill discountings, which we take at the particular point of a quarter, again, repay it, and again, they are rediscounted. That is how you see additional, and I'm sure that you can also see in that table there is a EUR 4 million repayment as well. They are not new loans per se. And explain what is the unexpired lease value? Because that one grew in the reports as well. As you know, that we signed up for a five-year lease for our offices in India, which we got at a very good economical value. As per the accounting policy, any unexpired lease period for the future years, you need to compute based on a Internal Rate of Return and recognize both asset and liability for that. This is as per the IFRS. The same way we have computed that. Is the company expecting significant growth in Europe, as it has hired salespeople in Europe? Yes, that's the anticipation for the company to grow in all the regions. We do have salespeople in all the regions, and yes, there is a focus. We want to do it. This is a beginning, and we expect to grow in all the regions. We have given a guidance that my frontier currency exposure should come down to about 17% in three years, and we are aiming to do that. 35% growth in the order book, and why is the guidance for 2026 revenue so modest? One, as a finance person, I have to be very conservative. I have to guide what we know at this point of time. Again, all these contracts do not represent a revenue in one year. For example, one of the large contract we signed was for a multi-year business for us. I recognize revenue only to the extent what I achieve in a particular year, and hence, even though I have a very order book on my hand, I have to be conservatively guide what we know at this point of time. That is how we are moderate in our guidance. Do you have a dividend for this year? There is a policy, which is a declared policy, that 10% of my free cash flow should be distributed as dividends. Again, as you know, that dividend is something which our shareholders have to approve. We do have our upcoming AGM scheduled on 7th April. We submit it to the shareholders, and it depends on them to approve that. What factors are affecting the cash flow positively or negatively in 2026? Is it working capital, investments, profitability? It's a combination of multiple things. One is, how do you manage your current receivables and payables? That is one way of doing it. Increasing our collections from the business, that is the biggest driver of it. Reducing of our cost is also another factor. I say that any free cash flow are affected by the business income, the way you manage your receivables and payables, and also the way you manage the costs. All these are combinations which have helped us to turn our into a positive free cash flow for seven quarters. We are over time, but I'll take the last question. This is regarding the guidance outlook, and if you had made assumptions about the dollar value in the future and regarding our crystal ball. Can you say that out loud that we have made that assumption, or should we just state it in the free cash flow in constant currency? No. Our free cash flow is on, always on the real currency because that is what I believe the real money is. The basis of the assumption is as it is today, and as the things go on, as things become more and more clear, we'll come out with more guidance refinement at some point of time. They are all, as of today, what it is. Thank you. Those were all the questions for the Q4 webcast. For those wanting to meet Tecnotree, we will be next week in Barcelona for the Mobile World Congress. Please follow our LinkedIn for more information. I think it's in Hall 2. The specific exhibition number will be on the LinkedIn page. Thank you much for tuning in. In the next upcoming weeks, there will be an announcement regarding the annual report, expected to be in week 11, and also the AGM notice, as the annual general meeting is still scheduled for April 7th in 2026 in Finland. Thank you so much for listening, and have a good day. Thank you. Thank you, everyone. Have a great day.