Good morning, and welcome to Cambi's 4th Quarter and Full Year 2025 results webcast. I'm Dragoș Talvescu, Senior Corporate Relations Manager. Over the next half hour or so, CEO Per Lillebø, and Acting CFO, Per Olav Collin, will share the key highlights for the quarter and the full year, covering operational achievements, financial performance, and recent developments. The full annual report and the sustainability report will both be published on April 15th. Questions will follow the walkthrough of the report. You can submit them at any time by scanning the QR code displayed on your screen. We also take questions we have received during the silent period and could not be answered in the last 30 days. The aim is to address all questions before the session closes. Please note that today's presentation may include forward-looking statements based on current expectations and assumptions. Actual outcomes may differ due to risks and uncertainties. With that, I am pleased to hand over to Cambi's CEO, Per Lillebø. Good morning, and welcome to Cambi's Presentation of the Fourth Quarter 2025 Results. Revenue for the quarter was NOK 245 million, compared to NOK 234 million in the same quarter last year. EBITDA was NOK 28 million, compared to NOK 39 million in the fourth quarter of 2024. Project execution progressed in line with client schedules. One new THP system entered operation during the quarter, which will be covered in operational review. Cash flow generation was strong and met expectations for the quarter. Order backlog remained above the NOK 1 billion mark. In the technology segment, CNP Cycles was awarded a construction contract in Italy. In the solutions segment, the services team launched a new heat exchange or cleaning offering, and Grønn Vekst secured extensions for three biosolids and garden waste handling contracts. The board of directors plans to propose to the annual general meeting a two-step dividend payout, NOK 0.30 per share in May, followed by a second payment in the autumn. Per Olav will cover the financial details later in the presentation. Let me start with an update on order intake. In November, CNP CYCLES was awarded a small contract to deliver a low heat chemical hydrolysis system for the Salvatronda wastewater treatment plant in Italy. The client is developing the site to treat sludge from 37 wastewater treatment plants, serving 52 municipalities. The scope includes engineering, manufacturing, and a pre-assembled process module, delivery and installation, and commissioning services. The delivery concept is similar to a project currently under delivery in Vicenza, also in Italy. Total order intake was NOK 162 million, including bulk soil and spare parts sales. Scope variations in ongoing construction contracts and contracts under our NOK 15 million threshold for stock exchange announcements. Turning to the operational review, the technology segment maintained a high level of delivery activity in the fourth quarter. One new THP system entered operation. The system at the wastewater treatment plant in Antwerp, Belgium, is the first of its kind and operates without pumps, using what we call the Model P configuration. The project demonstrates Cambi's ability to industrialize new solutions. In addition, client site readiness in Safi, Morocco, enabled commissioning activities to commence. Installation activities were completed in Perth, Australia and Wellington, New Zealand, with teams ready to start commissioning. Further progress is subject to client site readiness. Installation also continued in Fredrikstad, Norway, and in Singapore, as well as in San Francisco, California, and Louisville, Kentucky, in the United States. In Congleton, the manufacturing workshop completed shipment for the two U.S. projects currently undergoing installation. THP manufacturing for Honolulu, Hawaii, and the VEAS project in Oslo also made progress. A minor safety incident was reported at the workshop during the quarter. Safety and accident prevention remain a priority. On the engineering side, detailed design was completed for the two Spanish projects in Palma de Mallorca and Santiago de Compostela. The project in Mumbai, India, continued to progress through design and procurement. This slide provides an overview of ongoing construction contracts and delivery stages across regions. The map illustrates activity across engineering, manufacturing, installation, commissioning, and operations, highlighting the geographical spread of the portfolio and the coordination required across project stages and time zones. CNP CYCLES progressed several deliveries during the quarter, with activity spanning commissioning, support, manufacturing, and engineering. In As-Salt, Jordan, the team supported commissioning of previously delivered key equipment for two anaerobic digesters, covering mechanical and process components for stable and high-performance operations. Manufacturing was also completed and similar equipment dispatched for three large anaerobic digesters in Al Ghabawi in Amman, Jordan. In Vicenza, Italy, a containerized low-heat chemical hydrolysis system manufactured under license illustrated a standard delivery approach in a 20-foot configuration, providing a reference for the newly awarded Salvatronda project in Castelfranco Veneto. In Braunschweig, Germany, a licensed equipment called inDENSE was delivered. This is a process that makes wastewater sludge compact and heavy, so it settles better, making the whole treatment plant run smoother and cleaner. The project is expected to improve process stability and reduce chemicals use. The prefabricated design limits downtime during installation. CNP CYCLES signed in the fourth quarter a contract for a similar project in Emscher, Germany. Finally, a methane degassing and capture solution was delivered to support controlled methane recovery in Hanover, Germany. In the solutions segment, the services team successfully launched a new service offering for heat exchanger cleaning to improve heat transfer and reduce unplanned downtime. Responding to client demand and feedback, the operations team has expanded spare plant storage to reduce delivery times for critical parts. Team capacity and site operations was strengthened to meet rising demand for site services. Cambi also initiated its first THP leasing delivery. Manufacturing work for the unit progressed during the quarter, with most production completed by the year-end. The leasing agreement was signed and announced in January. This plant will be installed at Thames Water's wastewater treatment plant in Oxford, in the U.K. Within upgrades, Cambi secured two smaller instrumentation upgrades and two feasibility studies for larger opportunities in Europe. Grønn Vekst continued to prioritize bulk soil and organic sourcing. With organic sourcing, we mean wastewater sludge or biosolids handling. Bulk soil volumes were broadly stable year-over-year, with 47,500 tons sold in the quarter. For the full year, soil sales ended at 234,000 tons, down from the record level in 2024. Biosolids and garden waste handling contracts delivered as expected, alongside smaller ad hoc assignments. Several contracts were extended through options, including the Veas biosolids contract and garden waste contracts in Larvik and Drammen. Regulatory tightening in Norway continues to support demand for compliant biosolids handling, and focus remains on profitable growth in bulk soil and organic sourcing. Finally, the soil retail exit remains an execution item. Work continued to reduce residual cost and commitment exposure linked to the closed Sørlihaugen packaging facility and associated land lease agreement. Cambi started 2026 with a mix of signed contracts. Progress included an engineering contract in the United States for a planned THP system in Virginia, and a letter of intent in India for the Malad wastewater treatment plant in Mumbai. Both remain steps towards potential delivery phases, subject to scope, definition, and commercial completion. In the solutions segment, Grønn Vekst joint venture in Rogaland was awarded a five-year contract for garden waste and biosolids, with extension options. Service delivery started in January. Finally, in the U.K., the services team signed a leasing agreement with Thames Water for a compact THP unit in Oxford, as mentioned earlier. The contract includes options for two one-year extensions. The plant will enter operations in 2026. Looking ahead, near-term tailwinds remain strongest in the U.K. and Norway. In the U.K., we have a couple of projects that are progressing, but the usual, we cannot confirm anything until contracts are signed by both parties. A central driver is tighter methane control under the industrial emission standards. thermal hydrolysis supports compliance by increasing biogas capture and reducing residual methane potential in biosolids. Continued investment in larger, more centralized treatment hubs is expected. In Norway, stricter national requirements for fertilizing products of organic origin continue to support demand for compliant biosolids handling. Grønn Vekst is positioning to grow within biosolids and bulk soil under this framework. In the United States, the tariff environment for U.K. deliveries has entered a period of renewed uncertainty following the recent Supreme Court ruling on import tariffs, but recovery of tariff-related costs is progressing through contractual mechanisms. Order backlog and revenue composition in 2025 reflect a broader scope than core THP equipment deliveries. A growing share is linked to extended scope in THP delivery contracts, growth in spare parts sales, equipment deliveries for CNP CYCLES, and growth in Grønn Vekst. This diversification is a deliberate growth direction and provides a wider base for future activity across cycles and geographies. Over the past two years, Cambi has also invested in the development of several new THP markets, particularly India, France, Germany, and Saudi Arabia. These investments do not generate immediate returns, but are part of our long-term strategy to develop more advanced markets. We are already seeing the results of these efforts through a growing long-term sales pipeline. Current backlog and contracts signed so far in 2026 provide visibility for this year. We do expect a weaker financial result in 2026 compared to 2025, due to delays in new orders. Cambi maintains, however, its long-term growth expectations. The board of directors plans to propose to the annual general meeting a two-step dividend payout. As mentioned earlier, NOK 0.30 per share in May, followed by a second payment in the autumn, after passing additional project milestones and assessing further capital needs. This approach is in the best interest of Cambi. It balances shareholder returns, liquidity management, and potential investment and growth opportunities. With that, I hand over to Per Olav Collin, who will take you through Cambi's financial performance in more detail. Thank you, Per. Good morning, everyone. Let me now take you through the financials for Q4 and full year 2025. We will start by looking at the financial highlights for Q4. Total revenues came in at NOK 245 million, and EBITDA came in at NOK 28 million, resulting in an EBITDA margin of 11%. We see good progress across all ongoing construction projects in the technology segment. The overall performance is negatively affected by the solution segment, which had a negative EBITDA of NOK 5 million in Q4, reflecting seasonal variations. I will come back to this later in the presentation. We also achieved a solid cash flow from operations of NOK 136 million in the quarter, reflecting contractual milestone payments. We are pleased to report that Cambi's balance sheet remains solid. Order intake was NOK 162 million. Approximately 60% of this relates to the technology segment. Our order backlog decreased from NOK 1.1 billion in the previous quarter to NOK 1 billion at the end of Q4. The board has proposed a shareholder dividend of NOK 0.30 per share for the financial year 2025, with a potential second payment in the fall. I will come back to this later in the presentation. Now, let's look at the financials on a consolidated level. In Q4, Cambi delivered a sound financial performance. We report revenue of NOK 245 million for the quarter, up from NOK 234 million in the same quarter of 2024. We report gross margins of 52% in Q4, down from 58% in the same quarter of 2024. Still, gross margins are up compared to the previous quarters in 2025. The margin development is a result of revenue mix, currency effects, and the release of accrued project contingencies. Payroll expenses increased in Q4. The increase is mostly due to higher bonus provisions, following a stronger result for the year 2025 than earlier forecasted. It also reflects the full quarterly effects of including CNP CYCLES. The total operating expenses were at a similar level to the same quarter of 2024. Our EBITDA ended at NOK 28 million in Q4, down from NOK 39 million in the same quarter of 2024. The slight increase in amortization from the previous quarter reflects the amortization of goodwill from CNP CYCLES, which began in September 2025. The overall decrease from Q4 2024 reflects that the patent portfolio previously acquired by Cambi now has been fully amortized. Looking at the year-by-year development, we are pleased to share that we maintain a strong revenue level of more than NOK 1 billion. As you can see from the table on the right, our revenue has more than doubled since 2022, while maintaining gross margins of around 50%. The gross margin for 2025 came in at 49%, compared to 55% in 2024. The reduced gross margin was mainly due to changes in the project mix. I will come back to this in the segment walkthrough. Operating expenses were NOK 369 million in 2025, up from the previous year. Operating expenses have stabilized as our investments in organizational buildup are mostly complete, and the operations at Grønn Vekst soil facility have closed during the year. We report an EBITDA of NOK 159 million in 2025, down from NOK 226 million in 2024. EBITDA margin is reported at 15% in 2025, down from 22% in 2024. The positive net financial items in 2025 are driven by currency hedging gains in Q2, as described in earlier reports. Let's dive into the financial performance of our two business segments. In the technology segment, we report revenue of NOK 175 million in Q4, slightly up from NOK 172 million in the same quarter of 2024. We are pleased to report that all THP construction contracts continued to be executed in line with client schedules. As a reminder, Q4 2025 is the first quarter with full consolidation of CNP Cycles, which was acquired by Cambi in Q3 2025. CNP CYCLES is reported in our technology segment. Gross margin is reported at 61% in Q4, compared to 71% in the same quarter of 2024. It is worth mentioning that the gross margin in Q4 2024 was higher than normal, driven by the release of accrued project contingencies. Payroll expenses increased in Q4, mainly due to the inclusion of CNP CYCLES, as well as higher bonus provisions in the quarter. EBITDA in the quarter ended at NOK 33 million, down from NOK 53 million in the same quarter of 2024. Overall, the technology segment delivers in line with our own cost estimates. For the full year 2025, the technology segment reported revenues of NOK 777 million, up from NOK 740 million in 2024. The increase reflects steady project deliveries and the inclusion of CNP CYCLES. The segment's gross margin is reported at 54%, down from 62% in 2024. The lower gross margin for the year is partly due to the lower project margins in certain competitive markets, and partly due to the inclusion of CNP CYCLES in our financials for 2025. The project mix in 2025 consisted of a larger share of non-THP projects with lower margins compared to our core business. For example, the extended scope contract for Veas, announced in Q1, has lower margins than traditional THP projects. Also, equipment manufactured and delivered by CNP CYCLES generally has lower margins than traditional THP projects. Operating expenses were 9% higher in 2025 than the previous year, mainly reflecting higher payroll expenses following the organizational buildup. EBITDA for the technology segment came in at 137 million NOK, down from 198 million NOK in 2024. Let's now move on to the solution segment, which consists of our services and recycling sub-segments. We report segment revenue of 70 million NOK in Q4, up from 62 million NOK in the same period of 2024. The revenue increase is driven by a higher activity level in Grønn Vekst, Cambi's recycling sub-segment. Gross margin was 29%, up from 23% in the same quarter of 2024. Q4 is generally a low season in the solution segment due to lower site activity, such as annual shutdowns and lower soil sales during the winter months. This is reflected in a negative EBITDA in the segment in Q4 2025. The quarter's negative EBITDA was split approximately 60/40 between services and Grønn Vekst respectively. In Q4, an intercompany loan of NOK 63 million from Cambi to Grønn Vekst was converted to equity. This transaction represents an important step toward a healthier and more robust balance sheet for Grønn Vekst. For Cambi, the debt conversion resulted in a balance sheet reclassification, with the intercompany receivable replaced by an increased investment in the subsidiary. The transaction had no impact on Cambi's P&L and no impact on the company's cash flow. Looking at the full year 2025, the solutions segment reported revenues of NOK 291 million, just under NOK 293 million in 2024. Grønn Vekst reported higher revenues, while the services sub-segment was influenced by the lack of larger upgrade projects throughout the year. Gross margins were slightly weaker at 37% in 2025, compared to 39% in 2024, due to changes in the project mix. Operating expenses were slightly lower in 2025 compared to 2024. Grønn Vekst remains committed to reestablishing the profitability by focusing its efforts on core business segments. The measures taken over the past year, such as headcount reductions, have reduced the company's operating expenses. Grønn Vekst is also implementing further cost-reducing initiatives. EBITDA for the solutions segment was NOK 22 million in 2025, compared to NOK 28 million in 2024. Overall, we see continued demand for services and upgrades, driven by new THP systems entering service and the gradual aging of the older installed base. Also, as Per mentioned, new regulatory requirements for the use and treatment of biosolids in Norway are driving the demand for Grønn Vekst solutions. Together, these two elements are expected to be the driving forces for further growth in the solutions segment in the years to come. Moving on to order intake. Let me first remind you that the reported order intake includes announced and unannounced contracts, as well as revenue outside the backlog and currency effects on the backlog. We report an order intake of NOK 162 million in Q4, up from NOK 143 million in the same quarter of 2024. Just over 60% of the order intake was recorded in the technology segment. During the quarter, Cambi's subsidiary, CNP Cycles, was awarded an equipment contract in Italy, as previously presented by Per. Exchange rate fluctuations had a net positive effect on the order intake and order backlog, totaling NOK 4 million compared to the previous quarter, mainly in the technology segment. The full year order intake for 2025 is reported at NOK 856 million, up from NOK 724 million in 2024. Cambi announced three equipment construction contracts, one extended scope contract, one long-term services agreement, and one biosolids waste handling contract in 2025. Following year-end, one THP engineering contract and one garden and biosolids waste handling contract have been announced so far in Q1. In the technology segment, parts of last year's order intake reflect the recognition of CNP Cycles' order backlog in Q3 2025. Several change orders and additional scope requests for ongoing projects were secured during the year below the threshold for market announcements. In the solutions segment, order intake reflects the biosolids handling contract awarded to Grønn Vekst, as well as revenue outside the backlog, such as bulk soil sales. Exchange rate fluctuations had a net negative effect on the order intake and order backlog of NOK 10 million compared to year-end 2024, mainly in the technology segment. The negative effect was driven by a stronger NOK versus US dollar at year-end 2025 compared to year-end 2024. Now, let's jump to the order backlog for Q4. At the end of the fourth quarter, the total backlog was NOK 1 billion, down from 1.1 billion in the previous quarter. Our current backlog is split 56% in the technology segment and 44% in the solutions segment. In the technology segment, the backlog comprises of all remaining work to be carried out under the signed construction contracts. At the end of Q4 2025, the segment's order backlog consisted of remaining work for Cambi's 14 ongoing construction projects, together with CNP CYCLES' project portfolio. In the solutions segment, the order backlog at the end of Q4 mainly represents the remaining contract value for Grønn Vekst's biosolids and garden waste activities. There are currently no upgrade projects in the backlog. Looking at the annual development of Cambi's order backlog, we find that the total backlog has been reduced from NOK 1.2 billion at the end of 2024, to NOK 1 billion at the end of 2025, reflecting steady project execution. The backlog remains high and is more diversified than in previous years, with a larger share outside Cambi's core THP construction contracts. In the solution segment, the order backlog was nearly double year-end 2024 levels, reflecting the major biosolids handling contract awarded to Grønn Vekst in September 2025. The segment accounted for a higher share of the backlog at year-end 2025 than one year earlier, contributing to a broader and more balanced portfolio. The backlog provides important visibility for future activity levels, which brings me over to the backlog distribution. The breakdown by year on the left shows the estimated conversion from backlog into revenue. We expect to convert 50% of our total backlog in 2026, mainly from the technology segment, and two-thirds of the current backlog is expected to be converted by year-end 2027, whereas one-third is expected to be converted in 2028 or beyond. The long backlog tail in 2028 or beyond, mainly consists of the solution segment. There are long-term biosolids and garden waste handling contracts handled by Grønn Vekst. As a reminder, the backlog includes option extensions, as these historically have been executed. This brings me over to the backlog distribution by currency, as you can see on the right. We see that 60% of our current backlog is in NOK, whereas 40% is in foreign currencies, US dollars and euros. The share of foreign currencies in the order backlog has declined over the previous quarters, as the solution segment's share of the total backlog has increased. Let's now move on to the balance sheet. The increase in intangible asset in recent quarters reflect goodwill from the acquisition of a 51% stake in CNP CYCLES. The goodwill is amortized over seven years. Accounts receivables were NOK 192 million at the end of Q4. The improvement from previous quarters reflects the project progress and Q4 invoicing. Earned but not invoiced project revenue, a part of our current assets, was NOK 171 million at the end of Q4, reflecting timing differences between revenue recognition and invoicing milestones. Our cash and cash equivalents have been building up since the first quarter of 2025 and amounted to NOK 288 million at the end of Q4, again, reflecting invoicing of milestone payments. Our current liabilities include accrued project-related costs of NOK 134 million, which are not yet payable. Overall, Cambi maintains a robust balance sheet with no long-term debt. Let's now move on to the cash flow statement. Operating cash flow was NOK 136 million, reflecting milestone payments from customers. While maintaining a strong operating cash flow in Q4, Cambi paid dividends totaling NOK 72 million. During Q4, the company increased its bank deposits to NOK 288 million. Finally, a short comment regarding dividends. The board proposes a two-step dividend payout, a first payment of NOK 0.30 per share in May 2026, followed by a potential second payment in the fall. The timing and size of the second payment are contingent on continued achievement of project milestones and further capital needs. This approach follows last year's dividend payout structure and balances shareholder returns, liquidity management, and potential investment and growth opportunities for Cambi going forward. With that, we will move on to the Q&A session. Have we received any questions, Dragoș? We have. I will maybe start with a couple of questions on CNP CYCLES. The first one, maybe addressed to you, Per. In your report, you mentioned CNP CYCLES started the engineering phase for a new inDENSE system for private utility company Gelsenwasser. Could you give some color on what type of utility company this is, and how the offering of CNP CYCLES serves them in this project? Yeah. Gelsenwasser is a German private utility company that serves- ... of course, a geographical region of Germany, but it's actually works all over the country, especially with gas supplies. It provides natural gas, it provides drinking water, it treats wastewater, et cetera. It's a large utility in Germany. What we're doing towards one of their plants is that our CNP CYCLES is supplying a system they called inDENSE, that increases the capacity at the wastewater treatment plant, because it makes sludge heavier and easier to settle. In that way, it increases the capacity at that part of the wastewater plant by up to 30%, reducing cost, et cetera. It is a licensed technology. It is not part of the portfolio that we own, but it is a, it's a product that they sell quite a lot of. It's prefabricated and easy to install, and that's one of the reasons why they sell it. Very, very short installation time. Thank you. Another question, also on CNP CYCLES. I'm not totally clear on what their low heat chemical hydrolysis system actually entails. Could you speak to that and to how you see it complementing your THP offering? Yeah. The system is something that is also termed PONDUS. It's a low temperature hygienization system that uses caustic soda. A bit of temperature, but not high temperature at all. It is preferred by smaller municipalities, wastewater treatment plants that are, say, more inclined to go for systems with low CapEx. It provides some of the same advantages as with Cambi, some of biogas, a bit better dewatering, et cetera. It's a low-cost system that has been mainly in use in smaller sites. These two Italian projects that we are mentioning in the presentation are not exactly very small. They would have been B2, what we call B2 projects, but it's still on the rather smaller side. That is the, that's a short explanation. Thank you. Question for Per Olav, maybe, that is related to the loan to Grønn Vekst. Why was it converted, and what was it related to? Yes. The intercompany loan from Cambi to Grønn Vekst dates back to when Cambi acquired Grønn Vekst. Back then, Grønn Vekst had external loans that Cambi chose to replace by intercompany loans. Through the years, Grønn Vekst have made several investments, the major one being the packaging facility related to the retail segment that is now closed. Those investments have mainly been financed through increase of the intercompany loan from Cambi. The loan has increased over the years, also counting the accumulation of interest. That's the source of the loan. When it comes to the reason for the conversion, I... We saw that there was a need for a more robust balance sheet in Grønn Vekst. The company is in several public tender processes at the through the year, and they are evaluated according to the solidity of the company and the balance sheet. In order to avoid any exclusion from tender processes, it is important to have a solid balance sheet. Thank you, Per Olav. You were mentioning a little bit the retail sale, so a follow-up question or another question, related to that: What are the remaining costs related to the sale retail segment, and how do you think one could model this going forward? When will they be phased out? Okay. We still have some operating expenses related to the retail segment that is closed. We have worked throughout 2025 to reduce the running costs. Starting with headcount decrease, also other operating expenses have been reduced throughout the year. As of year end 2025, we had approximately NOK 3.5 million annually in OpEx related to the retail segment. We expect that to decrease to approximately NOK 2.5 million annually from the end of Q1 2026. I should also mention that Grønn Vekst owns the packaging line that is still at the facility, and there are depreciation costs associated with that of approximately NOK 850,000 annually. Just before moving on, I would like to remind everyone that you can continue submitting questions using the QR code, we have already received several more. I will switch now maybe to Per, with a couple of questions related to services. One of them is related to our report saying that we have secured two smaller upgrade projects to modernize instrumentation. These are expected to reduce regulatory and maintenance complexity. Could we give a bit more flavor on what this means? Yeah. Until 10 years ago, we used a radioactive or gamma source, technology to measure the levels in various tanks. These are now gradually starting to be removed from the plants, because it requires a lot of, yeah, maintenance, yearly, regular, checks, et cetera. It's being replaced by flow meters and instrumentation. This is now going on, say, all the older plants that can be built some years ago. That's what it is about. Thank you. Another question on upgrades. We also write that we have signed two feasibility studies for comprehensive upgrades in Europe. Could you provide some more details on these projects, such as the potential timing, location, and scope? Yeah. What I can say, it's one of them is in the U.K. and one in Norway. Maybe the largest one is in the U.K. Scope can vary from upgrading a completely new plant, increasing capacity, a new THP system, et cetera. It's almost difficult also with this project to say anything about the timing of them. I mean, they may also drag out. Our system seems to be very robust. They seem to last longer than the 20 years. After between 20 and 30 years, most of them will be replaced, either by replacing tanks, et cetera. It is what I've said. I mean, these systems, when you have chosen a sludge treatment technology, it's a decision for the next 40 years. That's what it looks like. Again, difficult to say exact numbers. Thank you, Per. There's also a question in the services segment related to the leasing deal with Thames Water. It would appear that the need arose that they hadn't budgeted for. Is this arranged as some sort of a workaround? Well, the lease that we have done for Thames Water is at the site where they have a, what they call a BOTlus system. This was developed by Veolia. Cambi has now acquired that technology. That technology never really became a big success, so they do have difficulties with treating all the sludge at the existing facility. We have decided to lease a plant to them for the next up to three years. First one year, and thereafter, two one-year options. It's very likely that it could continue still for some time. But for Cambi, we are interested in these kind of lease arrangements, and if we have the plant back after they are done with the lease, then it will result in a new upgrade. It will be interesting to have access to this kind of plant for lease towards others as well. Thank you, Per. One more question for Per Olav. We're going now to payroll expenses. There was an increase from Q3 to Q4. How much of that is related to bonus provisions, and how much is related to the inclusion of CNP CYCLES? The increase in payroll from Q3 to Q4 was approximately NOK 14 million, and around 60% of that is related to higher bonus provisions. Approximately 25% is related to the full quarterly effects of including CNP CYCLES. There are also smaller effects, including currency. Cambi has employees all over the world that are paid in local currency, you would typically expect some effects going from quarter to quarter. Thank you. We are getting close to the Q&A session, we just have a couple of more questions first. Maybe for you, Per. The first one is related to long-term development for Grønn Vekst. If you were to consider two extreme options, the question says: Would that be more an exit or an international expansion? Yeah. Let me say first, we want to restore the full profitability of Grønn Vekst. I do still think that we need 2026 to improve that to a level where we are satisfied. Thereafter, when that is done, it has always been our ambition to see if we can succeed with an international expansion of Grønn Vekst. There's no guarantee that we will succeed, but that is definitely our long-term wish. It's out of the question to sell the company, that is, it's not on our sales list. In many ways, it should fit perfectly well with Cambi in a way that they take over where we stop. They take the sludge that we are producing or dewatering, and then they do something with it, either as a soil producer or an ingredient in, a fertilizer, et cetera. I think it's important for Cambi to continue to try to develop Grønn Vekst. One more question related to soil market, from a retail perspective. The question is: Is it correct that customers are basically faced with either peat-free or PFAS-free options? Oh, good question. There is nothing like a PFAS-free soil. PFAS is all over. I mean, you will find PFAS in polar bears on the North Pole, and it's obviously in the air. How it's being spread, I think it's must be through incineration or all over in the atmosphere, in rainfall, et cetera. I mean, it's impossible to guarantee absolutely PFAS-free, but of course, there will be lower levels in various substrates. I think that is the that is probably the answer to the question. We cannot guarantee PFAS-free soil, no way. Thank you, Per. That concludes today's webcast and the Q&A session. A full recording and transcript will be made available later today on Cambi's investor portal. Thank you everyone for your engagement and the questions shared. Should you have further inquiries, please contact the investor relations team. We appreciate your continued interest in Cambi and wish you a pleasant day. Goodbye.