Welcome everyone to Appear's Q3 2026 presentation. My name is Thomas Bostrøm Jørgensen. I am the CEO of Appear, and with me today I have Per Øyvind Stene, who is our CFO. On with the show. Jumping straight in, Q3 highlights, we had NOK 171.7 million in revenue in Q3. That is down 6.2% compared to last year. But flat year-on-year if you take into account the Forex headwind we had this year. The gross margin for Q3 came in at 70.1%. That is down 3.8 percentage points, again, mostly impacted by Forex headwind and increased component prices. The Forex headwind component accounts for about two percentage points of that. The underlying EBITDAC came in at -NOK 1.7 million. That is, or equals a -1% margin versus 19.4% last year. This is really down to lower gross earnings and then an increased headcount and the restructuring cost of NOK 6.5 million that we took to handle some of the commercial restructuring that we have undertaken lately. Free cash flow came in at NOK -42.9 million. That is down NOK 153.8 million year-on-year. What makes up that number is around NOK 14 million in capitalized development. It is NOK 19.3 million in working capital change. And it is good to remember that this is against very high cash flow in Q3 after our best quarter ever in Q2 in 2025. The full year guidance for 2026, we keep in the interval of NOK 880 million and NOK 920 million as we communicated in the update in July, and I will be coming back to that a bit later in the presentation. The year-to-date highlights for the first nine months, revenue of NOK 593 million. That is down 3.8 percentage points compared to last year but up 3.1% if you exclude or take into account the Forex headwind. The gross margin for the year is exactly the same as the quarter. It is down two percentage points from last year, predominantly impacted again by the Forex headwind and some impacts from U.S. tariffs. The underlying EBITDAC came in at NOK 35.8 million for the first nine months. That equals a 6% margin down from 21%, so a very strong comparison for the first nine months last year. Again, a function of lower revenue and of course, a higher cost base based on the team size. And then for the year, fully loaded restructuring cost of NOK 9.1 million. And then our free cash flow for the first nine months is -NOK 125 million. That is down NOK 204 million compared year-on-year. This is, of course, impacted by lower than expected earnings in addition to cash investments in capitalized development, inventory buildup, and corporate tax. Now I am going to give you some updates, and I am going to start with taking us back to what I explained in the previous quarterly presentation around the cyclicality of demand in the live production technology market. The market that we operate in is. The value of the market is highly informed by sports rights, but the timing in the market, and so the timing of purchases and the timing of demand, follows the right cycle but it is highly informed by when large events happen. And to give you the same picture as we have or we operate around this, we are clearly now in an investment trough in Q3 just looking at what large events are there on the horizon going forward. Now, the good thing for us is that as we look forward, we clearly see a ramp-up going into 2027. We expect demand to significantly increase driven by L.A. Olympics in 2028, the UEFA Champions League ramp up, FIFA World Cup in 2027, and the Rugby World Cup in 2027. These are just some of the absolute top events, but the event calendar is very strong into and through 2027 and also onwards. We are going from an investment trough and building into a much stronger part of the demand cycle. In terms of performance in the regions, I think it is important to look at where are we having strong success. What we see is that where we have strong sales coverage, we actually manage to grow even when the cyclicality of the market is against us. In the Americas, year-on-year, we have grown 19.5%. If you look at where that revenue came from in Q3, you will see that 63% of that revenue came from our top 20 customers. These are basically repeat purchases to complement existing systems and expand existing systems, kind of verifying our land and expand strategy. Because of the strength of our commercial function in the Americas, we gained 26 new accounts as well, which definitely added to our ability to grow even in a down cycle. In EMEA, we had a decline of 29.6% year over year. If we look at where the revenue came from, even more than North America, 72% came from our top 20 customers. It shows that the customers there are buying as well, also through a down cycle. But we only managed to gain six new accounts. This is really about what we call sales coverage. I talked about this before, but we are working really hard to build up our sales coverage. What are we changing? This is more global than just looking at EMEA, but we are actively hiring senior in-market sales reps, and we are deploying a sharper territory focus, particularly in the large market, the large countries around the world. Then we are doubling down on our partner program because large parts of the market need to be served through a channel partner program. That goes for both APAC, Continental Europe, and then also for us to address new verticals in the North American markets. Finally, we have a very strong engineering and product function, and we are working very hard to expand our portfolio to be able to drive up the revenue through portfolio expansion, essentially. Just some other updates on sample deployments from Q3. We are a global business, and we serve our customers in relation to sports all over the world. If you look at the left here, it is an example of a deployment we did with Chilevisión and ClaroVTR. In Chile, we helped them deploy the first large-scale 4K distribution in relation to the World Cup. The next one here is also in relation to the World Cup. Our customer, Vivaro, provided connectivity services for a range of clients covering all the 104 matches, both in South America and North America and in Canada, and had a large deployment of X20s to support that. The third example is from Down Under. It is from Australia. It is the Thoroughbred Racing Productions. They basically are responsible for producing horse race content from up to 50 venues in Australia and have deployed the X5 and the X20 for that purpose. And then finally, as we announced not long ago, the DP World Tour in golf partnered up with Appear, leveraging our X5, to drive live coverage of the DP World Tour. This really shows the breadth of events where Appear is being leveraged for live production. Also, a little update from IBC. Every September, one of the world's largest media tech conferences happens in Amsterdam. Appear has always had a super strong presence. It was an extremely well-attended and very successful event for Appear. We had tons of customer meetings and also won a lot of awards. Industry recognition is important. We won a Best Video Processing Technology award with NBC Sports. We won a Best Sports Broadcast Innovation with FOX Sports. We won a Best of Show in Security for our media firewall, which it is really important in this day and age, and also Best of Show with our new compression module, the ECx400. I am also happy to say that we won the share of coverage among our peers in the industry. Appear is the company that was referenced the most in media as an outcome of our PR-related effort going into it, so very happy with that. Now, Q3 in a bit more depth. If you look at the development of the last 12 months revenue over the course of time from Q1 2022 to Q3 2026, we have delivered a CAGR of 28%, which we are super happy about. Now, obviously, the last 12 months, revenue is broadly flat. From NOK 769 in Q3 last year to NOK 778 in Q3 this year. But if you look at or take our guidance into consideration, we are clearly thinking that we will be able to bring the company back into the growth path going forward. Also looking at our revenue a bit, again, into geographic split. Clearly see that both Q3 and year-to-date, we have had significant growth in the Americas, 19% and 18% respectively. And the adverse and the other kind of developments in the European market, so - 29% and - 28%. Again, that is based on sales coverage that we are working to remediate. I am also happy to say that the APAC grew almost 70% year to date. That is from a smaller base, but we do expect APAC to grow faster than the other markets going into next year. Then if you look at the breakdown of our products, you will see, of course, that the service revenue has gone up 38.4% year to date. That is great for us. It is high-margin revenue. Both hardware and software, so that is the media processing platforms and the software and licenses are down, plus or minus 10%, but that is really impacted and influenced by the lower-than-expected sales. Now I am going to hand it to Per Øyvind Stene to take you through the Q3 and year-to-date financials. Thank you, Thomas. Yes, good morning. We are starting with the P&L for Q3. The revenues for the quarter were NOK 172 million. That is down NOK 6.2 million versus last year. Currency effects had a negative impact of NOK 11.5 million, which fully accounts for the year-on-year revenue decline. Gross margin for the quarter was 70.1%, 3.8 percentage points down from the same period in 2025. This was mainly driven by currency headwinds and higher costs. Our employee costs for Q3 include NOK 6.5 million of restructuring costs. If you look at the employee costs and include the capitalized development expenses, the total for Q3 was NOK 83 million versus NOK 69 million in comparable period 2025. Total operating expenses, also including capitalized development, came in at NOK 122 million, which is up 19% from NOK 103 million in Q3 2025. EBITDAC was minus NOK 1.7 million at a minus 1% margin, compared with NOK 32.6 million and a 17.8% margin in 2025. The result for the period ended with a loss of NOK 5.1 million, compared with a profit of NOK 28.9 million in the same quarter last year. Turning to the year-to-date numbers. 2026 started with a very strong first quarter. Then we have had two weaker quarters after that, and revenues for the first nine months of the year came in at NOK 593 million. That is 3.8% down from last year. The currency effects have had a negative impact of NOK 42 million in the first nine months of the year. Our gross margin has been fairly stable through the year, with a year-to-date gross margin of 70.1%. That is 2.1 percentage points down from last year. The variance is mainly explained by, again, currency headwinds, tariffs, and higher component costs. Total operating expenses, including capitalized development expenses for year-to-date is NOK 380 million. That is 18% up from NOK 322 million last year. This is mainly driven by an increase in headcounts. The average number of FTEs in the first nine months of 2025 was 199 compared to 236 for the same period in 2026. EBITDAC for year to date is NOK 35.8 million. That is at a 6.0% margin compared to NOK 122.4 million and a 19.9% margin in 2025. Those are unadjusted numbers. The operating profit was NOK 58.9 million, compared to NOK 157 million, and the profit for the period was NOK 41.2 million, compared with NOK 113.5 million. Moving on to cash flow. The negative cash flow in Q3 was, or free cash flow in Q3 was NOK 43 million, taking the free cash flow for the year to minus NOK 125 million. We see that the EBITDA of NOK 90 million is more than offset by increases in working capital and capital investments, with the main items being a buildup of inventories by NOK 41 million, tax payments of NOK 44 million, and capitalized developments, so basically investments in new products, of NOK 56 million. These have been funded with a drawdown of NOK 100 million from our money market funds and a reduction of cash with NOK 26 million, resulting in a cash balance at the end of September of NOK 34 million. That takes our available liquidity to NOK 385 million. We have NOK 351 million in money market funds in addition to the NOK 34 million cash balance. We have reduced our available liquidity, NOK 114 million from the beginning of the year, but the company still remains in a solid financial position. Our working capital went up to NOK 140 million. As a percentage of last 12 months revenue, it increased to 18% compared to or against our target of keeping it below 10%. Thank you, Per Øyvind Stene. All right, we are going to talk a bit about guidance and then the Capital Markets Day coming up. As I said initially, we keep our guidance for the full year between NOK 880 million, NOK 920 million, which approximates 10%-15% year-on-year growth. This is based on our current visibility on pipeline. We have a strong pipeline for the quarter. We do recognize that delivering on the low range equals Q4 revenue of above NOK 287 million. It is worth noting that this does depend on closing a small number of large opportunities and being able to deliver it in December, and that delays to this could move some of that revenue into 2027. The medium to long term, we guide on revenue growth between 25% and 30%, recurring revenue between 15% and 25%, the gross margin at around 70%, and an EBITDAC margin of 17%-20%. Finally, we are hosting a Capital Markets Day on December 7th. It is hosted at ABG, but everyone is obviously welcome to join. You will find the RSVP on this page. At this event, we are going to update our long-term strategic framework, how we look at the market, which market segments we are addressing today, and how we are looking to expand our product portfolio and our commercial reach in order to deliver the growth that we are building towards going forward. We are super excited. We will bring out a lot of our C-suite, some demo solutions, and hopefully also some customers at this event. We are very excited about this, and we hope to see you there. Thank you. All right, now it is time for the Q&A session, and it will take place via the Teams link that is provided, and everyone on that link can ask questions by raising their hand in the Teams functionality. The first question is from Øystein Lodgaard at ABG. Please, Øystein, unmute yourself and ask your questions. Thank you very much for taking my question. The obvious question here is, with the weak performance you have had in Q2, Q3, why are you now guiding for 55% growth in Q4? How confident are you in this and these contracts that you are talking about? Are they already signed, or is there a risk that they go to someone else? That is the obvious question. That is a good one. We have pipeline to get into the guided interval. As I stated, it is dependent on a few significant deals to be closed and delivered. These contracts are not signed, but they are very mature, or we would not have put them into our forecast. I would say our confidence to get them is very high. Timing, whether or not it comes in at the point in time where we are both able to sign the deal, ship, and rev rec the orders, that is the kind of uncertainty. Overall, our weighted pipeline takes us into the interval, although we are kind of guiding into the lower end of the interval based on the weighted pipeline. These contracts, what is the uncertainty there? They require a significant acceleration in growth. What is the uncertainty? Is it timing? Do you know the exact volumes? What is the main uncertainty on these contracts? The main uncertainty is timing. There are always inherent uncertainty in anything that is not fully signed. These are deals we are working on for a long time. They have been maturing for a long time, and it is with either very strong existing partners or entities that we have worked with, have been selected by, but we are in the process of signing off. That is where we are. Thank you. A question on the cash flow. Cash flow was weak now again in Q3. Can you say something about why the cash flow was weak in Q3, and what is the outlook for cash flow in Q4? Could there be a working capital release in Q4? Well, it is also very much linked to timing. So we built a bit of working capital in the quarter, but we are constantly chasing our debtors. If we get the positive cash flow from the contracts that are mentioned, that are part of course, the pipeline for Q4, it depends on when those are sent and shipped and delivered because, of course, there is a bit of a delay with the payment there as well. Usually, we see that the release on working capital comes in the quarter after we have a strong revenue quarter. The inventory you have built now during the year, is this mostly safety stock, or is there some potential for some inventory release towards the end of the year, or do you expect to keep the same level of inventory? We expect that there can be some release towards the end of the year. I think it's fair to say part of that is building up to the ability to ship and deliver to the volume that we are forecasting for Q4. Mm. Mm. Okay. Thank you very much for answering my questions. You're welcome. All right. We'll give it a couple of seconds to see if anyone else would like to ask questions. No, there are no more questions on the call, so I'll hand it back to you, Thomas. All right. Well, I think that concludes this session. Thank you for tuning in, and I hope to see as many of you as possible, either at the Capital Markets Day or on the Teams that we are sending from the event. Thank you.