Hey, everyone, welcome to Capsol Technologies investor update for Q4 2025. My name is Jacob Clausen Krøvel, and I serve as SVP Investment and Strategy at Capsol. I am joined today by our CEO, Wendy Lam, and our CFO, Bjørn Kristian Røed. Wendy will start by going through recent highlights before elaborating on the U.S. gas turbine market and the European cement market. Bjørn Kristian will go through our financials and the partnership ecosystem that we are building. Wendy will end by providing an overview of the foundation for growth that has been built at Capsol. Please note that this presentation is being recorded and will be published on our website. We will be taking questions at the end, you can type in your questions any time during the presentation using the Q&A function. With that, I'll hand the word over to Wendy. Great. Thank you, Jacob, for joining Capsol's Q4 and overall business update. In the last period, Capsol has built commercial momentum by partnering with industry, we are now building financial strength for the next stage of growth. Highlights include the start of pre-FEED in the U.S. for our first commercial CapsolGT solution for gas turbines, where we provide a low carbon power solution, producing electricity while capturing CO2 at the same time. On the theme of gas, we are also planning our first CapsolGo demonstration in the U.K. on a gas engine, with expected startup by midyear. We experience high activity with growing energy demand in the U.S. and cement in Europe. Building on our momentum in cement, Holcim invested in Capsol in January following a successful demonstration at one of their sites in Germany last year. We strengthened our partnership with Siemens Energy for our U.S. gas project, building a platform for a broader set of opportunities. We're very proud to announce our newest industrial collaboration agreement with Saipem. We finished Q4 with a cash position of NOK 50 million, with an additional NOK 45 million raised in January from Holcim and others. Our EBITDA was -NOK 17.9 million from -NOK 11 million. Capsol is positioning for industry leadership with a long-term outlook where quarterly results do vary. To manage for the longer term and slower outlook on growth in coming months, we have progressed our cost reduction initiatives, targeting minimum NOK 15 million this coming year versus 2025. Capsol is a capital-light technology licensor, offering a carbon capture and heat recovery system in one using a safe solvent process called HPC or Hot Potassium Carbonate. We serve hard-to-abate sectors like cement and energy production from gas, biomass, and waste, and we can enable additional heat and power in our solution. We provide lower capture costs driven by our lower electricity usage with easy-to-integrate systems without the need for additional steam or water, and the solvent we use is open sourced and non-toxic. We now have the most experience in the world using HPC on post-combustion industrial flue gases, having contracted 10 demonstration campaigns with various customers. We are proud of our industrial partners, again, the newest one being Saipem, who is currently the EPC for Stockholm Exergi, one of the world's largest BECCS projects coming to life, where our technology is being used. Let's move on to the U.S. gas turbine market. The U.S. is seeing an unprecedented surge in electricity demand, driven largely by AI and hyperscale data centers. Gas turbines are the only scalable near-term solution to meet that load reliably. There are some challenges. As the headlines show, data centers are facing growing scrutiny over carbon emissions, water use, and rising local power prices. Communities are pushing back, at the same time, utilities are under pressure to deliver clean, reliable power as well. We have a structural tension, enormous new power demand, but increasing resistance to the traditional carbon-intensive generation. For new power to come online quickly, there is growing need for community acceptance. Fortunately, policy support remains in place. The IRA and 45Q tax credits continue to incentivize carbon capture, making decarbonization more economically viable, and state mandates are also a driver. All of this creates a clear market need, firm dispatchable power that is low carbon and minimizes water dependency. That's why integrating carbon capture with gas turbines from the start, particularly in water-free configurations, is becoming increasingly desirable. Utilities and data center owners must solve two things at once. First, they need to secure power now. Load growth is immediate. Second, they must take that power and make that clean. Assets built today must be future-proof, meaning low carbon and without adding water dependency. Capsol solution directly fits this need. We deliver clean power with no water requirement. We can retrofit on existing turbines and even generate additional electricity. Our ongoing U.S. project proves that this is real and deployable. CapsolGT provides additional and decarbonized power at the same time. This slide is meant to show a concrete proof point that we are working on. We signed an agreement with a U.S. utility to decarbonize an existing power plant. The project is brownfield. The first phase is a turbine of approximately 25 MW, where we are currently advancing the pre-FEED. Importantly, we have strengthened our collaboration with Siemens Energy. They are engaged in the project, decarbonizing an existing Siemens turbine as part of an enhanced partnership, bringing turbine expertise and execution capability to de-risk the delivery. We're also very proud to announce that Black & Veatch has been selected as the EPC engineering contractor for pre-FEED, following a competitive bidding process. Capsol's technology enables carbon capture without electricity penalties, which is a critical factor for generation-constrained utilities. This project follows a clear path. pre-FEED, followed by FEED in 2026, with an EPC decision thereafter, targeted operations towards 2030. This project demonstrates that CapsolGT is not just a concept, it is being matured with a major U.S. utility and a global turbine OEM. The first project I just described scales into something much larger. The current project is a 25 MW modular design. Capsol has exclusivity to develop the project through the early phases, capturing roughly 110,000 tons of CO2 annually from a Siemens turbine. Beyond decarbonization, we increase generation capacity by around 10%, while targeting lower CapEx and lower LCOE compared to alternative gas plus capture solutions. This first phase establishes the standardized modular design. The next phase builds directly on that foundation. We scale to 55 MW and beyond, doubling capture capacity to roughly 220,000 tons of CO2 per year per turbine. The design is repeatable, modular, and stackable, enabling additional units to be added efficiently. This is not a one-off project. It is a platform starting at 25 MW and expanding into a scalable, repeatable growth opportunity. We are expanding into a much larger market opportunity. Across the U.S., there are more than 1,400 simple cycle gas turbines in the 20 MW-90 MW range already in operation. These are prime candidates for retrofit, exactly the segment we are validating with our ongoing project. The current project is therefore not just about one site, it is about proving a scalable model that can be rolled out across a very large installed base. At the same time, we are evaluating the licensing-driven model to accelerate deployment and maximize value capture. In parallel, we are also building our links to other opportunities. We just signed a new collaboration with Element Resources, an entry point to other potential low carbon power projects, particularly for data centers in the Western U.S. This, along with many other leads, creates a project pipeline beyond utilities alone. The strategy is clear. We must validate, replicate, and scale across a substantial U.S. turbine fleet into a new build low carbon power developments. I want to zoom out a bit more and recap how Capsol fits into the carbon capture competitive landscape. HPC or Hot Potassium Carbonate has been proven for carbon capture extensively in pre-combustion environments in hundreds of plants over many decades. Capsol has built a system around this proven chemistry to capture post-combustion CO2 competitively against other solutions. Our environmental profile and lower cost makes Capsol highly competitive across cement, biomass, and energy from waste, and more recently on open cycle gas turbines. This is where we are focusing most of our efforts today, demonstrated by our growing mature pipeline. In addition, we also see a growing value proposition across other sectors. Last year, we initiated work with refineries, metals processing, and the lime sector. We will continue to work with these other sectors as they evaluate what carbon capture options are best for them. Let me make a few highlights on the cement sector. Cement is one of the largest and most carbon-intensive industries globally, making the opportunities here significant. There are nearly 1,800 cement plants worldwide, emitting close to 840 million tons of CO2 each year. This is making up around 8% of the world's emissions. That represents a massive decarbonization need, translating into a multi-billion EUR addressable market. The footprint is global, with major volumes across Asia, Europe, North America, and Middle East/North Africa. While the plant base is large, the customer landscape is relatively concentrated in some key regions where six to eight major players dominate. The potential for scale deployment once our solution is proven is significant. Holcim's investment into Capsol a month ago is a major proof point speaking directly to our technology's applicability for the cement sector. A typical plant emits 1 million tons- 2 million tons of CO2 annually, making cement one of the most substantial and unavoidable industrial point emission sources. The scale is enormous, and so is the decarbonization upside. A closer look shows our growing traction in cement, especially in Europe. Market drivers include tightening regulations related to the EU's Emissions Trading System, or ETS, and the Carbon Border Adjustment Mechanism, or CBAM. There's also potential for premiums on near zero carbon cement driven by the EU's Clean Industrial Deal. Capsol is offering the cement sector a solution that addresses key pain points in integration, energy and space requirements. We offer lower energy consumption, easy integration, and no need for external steam. Available heat can also be easily used to improve the economics as appropriate. We've had a growing pipeline of projects from 5 million tons-11 million tons per annum in the last couple of years alone. Of the 11 million tons, there are around 8 million tons with an expected FID before 2030. As mentioned already, our latest milestone in cement is Holcim's investment in Capsol. Holcim and Capsol have done a joint project to gain insights into Capsol's technology, and we are now jointly working on examining where the technology can be applied. The relationship is built on a multi-year collaboration, and we have been de-risking the technology, and we'll be working together on a non-exclusive basis to jointly scale our CapsolEoP solution for end-of-pipe in the cement sector. Now I'm going to pass the word over to Bjørn Kristian, our CFO. Thank you, Wendy. Let me start with the development in revenues and profitability during the quarter. While Capsol is not about quarterly numbers, it's still important to follow in the weight of higher pay contracts. In Capsol, we do this quarterly, monthly, and on a daily basis to protect our financials. Gross profit for the quarter came in at NOK 4 million, compared to NOK 11.8 million in the third quarter. The primary driver behind this decline was the completion of a CapsolGo campaign around mid-quarter, which resulted in lower utilization levels for the remainder of the period. Revenue-wise, the quarter was therefore weak. We have one CapsolGo unit ramping up in the first quarter that will be utilized with Dyckerhoff in Germany into the fourth quarter that will continue to be utilized with Dyckerhoff into the fourth quarter of 2026. The second CapsolGo unit, which was also referred to by Wendy, that unit will be used at the project in the U.S., sorry, in the U.K., and will commence operations towards the end of the second quarter. Capsol will receive prepayments into the second quarter, implying two of our units close to fully utilized from the second quarter onwards. Looking at the cost base, personal expenses were NOK 15.8 million in the quarter. Of this, approximately NOK 4.3 million relates to share-based compensation, which has no cash impact. Payroll costs were positively impacted by approximately NOK 2 million from SkatteFUNN, the SkatteFUNN scheme, which is a Norwegian R&D tax incentive program that reimburses part of eligible research and development expenses. Other operating expenses totaled NOK 6.1 million, slightly up from the previous quarter. During the quarter, we initiated cost measures across Capsol, and these initiatives are expected to gradually reduce the cost levels going forward into 2026. This leaves an EBITDA of -NOK 17.9 million in line with guidance made prior to the equity raise in January. Depreciation was NOK 8.4 million, which is somewhat elevated this quarter due to a one-off adjustment related to the facility register. Going forward, we expect quarter depreciation to normalize at around NOK 6 million. Putting this together, EBT for the quarter was negative NOK 26.8 million compared to a - NOK 16.7 million in the third quarter. Adjusting for the high depreciation in the quarter, adjusted EBT was approximately - NOK 24.2 million, meaning the revenues you saw in the fourth quarter basically trickled down to our bottom line. Stepping back, 2025 has been a challenging year for Capsol. We have seen a longer decision-making cycle among clients and importantly, no FIDs during the year, which has had a clear impact on revenue levels. In response, we're actively adapting the organization to current activity levels, including the cost measures already implemented. Turning to cash flow. During the quarter, we recorded negative cash flow from operating activities of approximately NOK 23 million. This primarily reflects the lower activity level in the quarter, combined with some one-off items related to transaction and advisory costs. Cash flow from investing activities was slightly positive, mainly due to cash from SkatteFUNN related to the 2024 fiscal year. Within financing activities, we completed the final repayment of maturing credit facility, which resulted in approximately NOK 6 million higher repayments than in a typical quarter. Subsequent to quarter end, we strengthened our balance sheet through the Holcim investment and private placement, which added approximately NOK 45 million of cash by the end of January. Related to the capital raise, our engagement with Pareto Securities is completed. Overall, this means that the company moved from NOK 78 million in cash at the start of the period to around NOK 95 million following the January equity raise. At the same time, we are actively implementing additional measures, as mentioned, to protect our liquidity runway. The cost reduction program currently underway is expected to reduce the annual cost base by at least NOK 15 million, as referred to by Wendy, from 2026 compared to the fiscal year of 2025, and this will be captured within both operating expenses and payroll. We are of course, excited to see Capsol being exposed to one of the biggest macro trend these days involving AI, hyperscalers and data centers. Let me briefly frame the financial rationale for the U.S. opportunity, noting that the project is still at an early stage and the financial commercial structure continues to be developed. The initial phase is structured as a development and transfer project where the asset is developed through an SPV or a special purpose vehicle and may be monetized through a transfer or sale to the utility. Under this structure, most projects costs are expected to be passed through by a milestone-based payments with back-to-back EPC arrangements limiting capital exposure at the project level. More broadly, when looking at comparable full-scale U.S. utility infrastructure projects, assets of this nature can support EBITDA in the range of roughly $25 million-$40 million, with unlevered returns typically in the high single digits to mid-teens. Unlevered returns in the mid-teens up to around 30% depending on capital structure and risk allocation. Exit valuation for contracted infrastructure assets are commonly in the range of 7 x- 12 x EBITDA. From a funding perspective, projects are then expected to be financed at the SPV level, combining third-party equity and non-recourse debt, which limits capital requirements at the parent company level, being Capsol Technologies ASA. As Wendy highlighted, our technology improves the efficiency of power generation and reduces the energy penalty from carbon capture, increasing net power output and creating tangible economic value for the utility. Overall, this represents a capital efficient way for us to participate in the large scale infrastructure opportunities in the U.S., supported by strong structural demand for power, including data center driven demand growth. Further to the platform and the partnership model, Capsol has. A key part of our strategy is building partnerships that enables projects to actually get executed. Carbon capture is not an industry where value is created by a single project. Value is created when projects are repeated because that's when learning, standardization, and cost reductions happen. Stockholm Exergi is the first large scale reference we have. The next projects are when the industry and the relevant supplier starts industrializing. That's where the partnership with Saipem becomes important. Saipem is the EPC contractor on Stockholm Exergi, and our collaboration builds directly on that experience. Working together with an EPC that already understands the Capsol technology allows us to industrialize solutions, deploy projects faster, and reduce execution risk. It also shifts Capsol from being a purely technology provider to becoming execution-enabled partner in project delivery. Important to note, the technology provider is often the first point of contact and focus areas from clients looking to invest in carbon capture solutions. This positioning allows us to capture value as carbon capture moves from first projects to repeated industrial deployment. The real value is not the announcement in itself, it's the positioning of Capsol for the next projects. Carbon capture is not a one project industry. The value is created when projects are repeated, costs come down, and solution become standard. Our partnerships, especially with EPCs like Saipem, are what enable that repetition. That's why this is important. It's not about one project, it's about positioning Capsol inside execution of many in the future. If the previous slide showed why execution partnerships matter, this slide shows why partnerships across the value chain are essential to getting projects done. Why does this create value for Capsol Technologies? Carbon capture projects are complex. They only move forward when the entire ecosystem is in place. Each partnership removes a specific bottleneck in the project journey. You have transport and storage that ensures the CO2 value chain is viable. You have stakeholder and permitting support that shortens timelines. You have funding partners and CDR buyers strengthening the business case. You have equipment and EPC partners that ensure the project can actually be built, as highlighted with the Saipem partnership. When these bottlenecks are removed, projects move faster from feasibility to final investment decisions. That directly increases the likelihood that projects using Capsol's technology actually get built. Partnerships are not just relationships, they are the mechanism that converts our technology into executed projects. That's ultimately where value is created when project move from concept to construction. This partnership model has been something Capsol been building on step by step over the past years. Which brings us to the next slide on our partnership journey, where I hand over the word to Wendy. Thanks very much, Wendy and Kristian. Capsol has now moved from technology validation into execution and scaling, as Wendy and Kristian has described. In the early years, the focus was on developing and validating the technology while building the right industrial partnerships. From 2021 onward, we entered a more intense commercialization phase, where we secured the Stockholm Exergi license agreement and launched the first CapsolGo campaign and established an initial project pipeline. We also secured our first collaborations with Munters and Siemens Energy, preparing the platform for commercial deployment. During 2025, several key milestones were achieved. Stockholm Exergi reached its final investment decision. The U.S. CapsolGT project is advancing in now in pre-FEED. We strengthened our partnerships with Siemens and Everllence to support the scaling. Today, the execution platform is in place. Holcim has come in as an investor. The Siemens Energy partnership has been expanded, we have entered that collaboration agreement with Saipem, which elevates our execution capabilities. Through this time, we have matured our pipeline 10 x from 2 million tons-22 million tons per annum, and we're very proud of what we have built. From here, the focus shifts to execution and harvesting, converting this pipeline into projects reaching FID and moving into construction. In summary, at Capsol, we are making enormous strides as a growth company. Our U.S. gas turbine project is maturing, validating market fit and opportunity set. Cement applicability is validated by the Holcim investment in a high value market. Our liquidity is improved, and we have strict cost focus. Our partnership ecosystem is strengthened by Saipem and Siemens Energy. Capsol finally is set for an inflection point and growth for the future. I now pass it back to Jacob, who will take us through some Q&A. Thank you, Wendy. The first question we've gotten is best directed at Wendy. The U.S. project looks like a change in business model. Is it that? I think that's a great question. I would say that Capsol is responding to what customers need to get projects done. Yes, as you can see, we are moving from just being a licensor into being a closer advisor and partner to make projects happen. Execution is a key theme, yes, that is going to force us to look at some different ways of working, I think this is only going to be necessary for this industry to take off. Yeah. Thank you. The next question is for, Bjørn Kristian. Following the recent capital raise, how long runway do you have? Well, yeah, providing a precise runway would require revealing what we believe about future revenues as well. That's something you prefer not to guide at. What we focus on in Capsol is basically preparing the company to operate through a potentially extended period of slower market activity, but while at the same time not losing sight of the stronger times ahead. If you know, to help you somewhat, if you take our 2025 results as a starting point, leading out, you know, specific non-recurring items, and also factor in the cost measures we're implementing now and are looking at in the future, Capsol is working towards the liquidity runway to be in the range of 18 months-24 months going forward. Thank you. Two more questions both for you, Bjørn Kristian. First one, and then they both revolve around the U.S. project. How much capital would Capsol need to invest in a project of this size? Well, as mentioned on the slide, this project is expected to be developed at SPV level, meaning not the parent company, being Capsol Technologies ASA, where we will combine third party equity and non-recourse project debts. Just a disclaimer here, I mean, it's very early stages yet, so the final structure, we need to get back to you on that. You can say where we are now and what we're steering towards is that most project costs are expected to be passed through via milestone-based payments and back-to-back EPC arrangements, limiting our capital needs. Basically this allows Capsol to participate in the development and potential transfer then of the transfer value, exposure to the transfer value of the project, while keeping the capital requirements of the parent company level relatively limited. That's what I would use as a basis, when looking at this, as a Capsol shareholder. Thank you. The follow-up question is, what portion of the project economics would actually accrue to Capsol? Well, you can say, just important to say the EBITDA ranges and the numbers we have on the slide, they reflect project-level economics that is typical for infrastructure assets of this nature. It's, we're still too early in the process to go down to purely specifics on our share of this. Intention is to guide on that magnitude and relevance of this project. It may have for Capsol based on reference points. Capsol's value capture in this is expected to come from several or several sources, and that's why we find it interesting. That includes development and project structuring activities, its technology licensing and engineering services, and also ultimately, the value realized upon transfer of assets to the long-term owner being the utility. Yeah. Basically, the SPV structure that we're looking at allows Capsol to capture the development and technology value, while the external investors provide most of the long-term project capital, which we think is a capital efficient way to do this at the benefit of Capsol Technologies shareholders, limiting also our risk. Thank you. We have a question for Wendy. Why is it a good business proposition for Meta or Google to deploy more CapEx and include CCUS for their data centers? Yeah, I think it's a great question. 'cause everybody hears in the headlines, it's all just about power and power now, and it seems as if the low-carbon aspect is pushed to the side. We have to also reflect, for a lot of these projects to get power quickly, they still need some level of acceptance from their community and from their stakeholders. At least these very big hyperscalers and companies do see that and see that they need to have something in place to reduce environmental impacts. That's the pull we are seeing. We are seeing CCS still being considered on many. I'll have to say it's not all of the projects, but the serious players in this field who are looking at this longer term are definitely making it a part of their plan. Yeah. Thank you. Another one for Wendy. Do you have an estimate on the next FID? Yes. Well, FIDs, they are coming slower than what we had anticipated. As Bjørn Kristian already outlined, we are planning for various scenarios. I mean, we have line of sight. FIDs could be happening as early as later this year, we cannot bank on this. We do have a lot of opportunities, we are also looking at, you know, how to get projects operational as quickly as possible. We have the FID with Stockholm Exergi, of course, that is a very large project and will take several years to come to life. We are also considering smaller projects that actually our customers are asking for to get things operational, and those we can expect to come more quickly. Maybe just one more reflection I want to add for the listeners around FIDs, is that this industry for post-combustion carbon capture is still just at the beginning. If you reflect on 2025, there were only a handful of major projects that got FID. You know, we talk a lot about Stockholm Exergi, I do want to highlight again, Stockholm Exergi is one of the largest BECCS projects in the world, and we had one of the very few FIDs last year as Capsol Technologies. That was actually the first large project that was doing this without amines. That is just signifying how the industry is looking for alternate solutions than the ones that have been incumbent, Capsol is positioned to capitalize on that opportunity. Thank you. Another question for you, Wendy. Do you have to make any modification to the CapsolGo unit before application on the U.K. gas engine? Can we expect similar demonstration campaign revenues? The CapsolGo will be deployed in this new case in a fairly standard manner. There are of course, various exhaust types that come from a gas engine or a gas turbine that, you know, the normal CapsolGo wouldn't apply to. In this particular case, there's not much modification. What we're excited about in this particular case is of course doing a new case using the CapsolGo on gas exhaust, which does actually help us learn more about other cases. I think as we look at deploying the CapsolGT case, we will look at different configurations, either for demonstration or other smaller types of projects to test that even further, and test the full heat, or the electricity generation, capability even further. Does the campaign include liquefaction? It is an option. At the moment, we are still evaluating whether that can be included or not. We're still finalizing some of the details on this as we speak. Thank you. Thank you all, and have a good rest of the day.