Good morning, everyone, and welcome to Cavendish Hydrogen's third quarter presentation in 2025. My name is Robert Borin, and I am the CEO of Cavendish Hydrogen. With me today, I have our CFO, Marcus Halland. The presentation this morning will last approximately 20-25 minutes, and there will be a live Q&A session after the presentation. Most of you know us well, but for those of you who are new to our company, I will start out with introducing our company briefly before I move on to the Q3 business update. In Cavendish Hydrogen, we are in the business of ending Emissions from Mobility, and we do so through reliable Hydrogen Fueling Solutions across the world. And why are we then talking about Hydrogen in the first place? Hydrogen has strong advantages over Fossil Fuels, like, for instance, no Emissions, which we consider to be a Hygiene Factor in the modern mobility business of today. Hydrogen also has advantages over Battery Electric Vehicles, like, for instance, longer Driving Range, where we today regard a well-functioning Truck to be able to require a well-functioning Truck to have a range well above 800 km in one charge or one refill. That is something that we can do with Hydrogen, which is hard to do with battery electric vehicles today. Finally, the grid connection needed to install a Hydrogen fueling station for heavy-duty mobility is significantly smaller than the grid connection needed for a Heavy-duty Electrical Charger to be able to charge a Truck in a comparable time. With the increased electrification of our society, the grid connection is fast becoming the growing problem, which needs to be overcome because the grid is already becoming a limiting factor in many of our European Markets that we see. Moving on, in Cavendish, we offer the complete scope of Equipment required for installing Fueling Stations. If we start out to the left here, we start out with the so-called Connection Panels, and the connection panel is where you connect the Hydrogen Source. It can be either an Electrolyzer or a pipeline or a Truck trucking in Hydrogen to the site. We have the on-site storage, which is depending on the size or the type of supply you have in the back. If you, for instance, are connected to a pipeline or an Electrolyzer, the on-site storage can be smaller. If it is a Truck coming in and dumping off Hydrogen, then typically the on-site storage is a little bit larger. You have the actual Fueling Station. This is where we are doing the magic, where we are compressing Hydrogen, where we are cooling it, and where we are controlling it so that it's filled onto the vehicle in a good and safe way. Finally, you have the Dispenser, and the Dispenser is where we have the interface to the vehicle. On top of that, we are providing services ranging all the way from design and manufacturing to maintenance and operational services. Moving on to the business update. First of all, we secured a new contract for Fueling Stations from a long-standing customer in Poland. This Station is going to be built on the same location as an already existing fueling station delivered by Cavendish, and this is to extend the capacity of this existing station already. It is going to be two Stations in one location. We also announced that we are exiting the Korean Market, and we are doing this to focus and adjust our strategy and our efforts. This will also lead to reduced Operational Complexity and Reduced Cost. We also this quarter see that the volumes dispensed from Cavendish Equipment continue to increase, and this quarter was not an exception with an all-time high. Finally, in October, just after the quarter close, we recently announced that we have signed an important order for supply of Hydrogen Fueling Stations in Italy, which we see as a very important growth market in Europe. Moving on to the Dispensed Volumes in the third quarter, we again, as I said, see an all-time high. We are 45% up compared to last year, both coming from more Stations in the field and from higher volumes per station. We see especially high volumes in Germany and Poland, which are both Key Markets for us. Year to date, we have actually Dispensed more volume as of September than in the totality of last year in 2024. This is, of course, a really, really positive development. As a conclusion, high utilization and reliable operations is paving the way for future success and Increased Sales. Looking at the operational side of things in this quarter, we completed Cavendish's First Station ever installed in Italy. This is also a very important station for us because this station will be filling the buses which will be transporting the Athletes during the 2026 Winter Olympic Games. It will not only be a nice addition with green transport, but it will also be a good market opportunity for us. We are currently working on one station in Poland, which is the one I just mentioned, and I will come back to that station a little bit later. The fourth Station in France is about to be completed, and two new Stations in Italy are in the planning stage. Finally, the third station with our U.S. customer is about to be finalized. Moving on to Poland more specifically. The Rybnik Station here and the Rybnik Extension, where our existing customer PAK- PCE is expanding their Bus Fleet to more than 30 Buses, will, after the expansion, be one of the most utilized Stations in Europe. The existing Rybnik Station has been in operation since third quarter 2023 and has fueled more than 7,500 Buses and Cars and Dispensed more than 100,000 kilos of Hydrogen. This is really a high-hitting station. Cavendish has already installed seven Stations, and we have seven Stations in Operation in Poland. Since Poland is a key market with regional expansion potential, we regard this as an important step towards additional sales in the region. That is really positive. Moving on more specifically to Italy and the new contract that we announced here. This was after the close of the quarter, but still in the beginning of October. We are proud to announce that we have signed a new contract with a customer building Hydrogen Stations in northern Italy, and these Stations are expected to be completed by the second quarter 2026. The contract includes Hydrogen Fueling Station modules along with Installation and Commissioning Services. It is the full package here. Cavendish already has a footprint, as I mentioned before, in Italy with our first station just installed and in operation for the 2026 Winter Olympic Games. Italy is an important growth market for clean energy with significant heavy-duty and Bus Fleets, which are directly a good target for being fueled by Hydrogen and Fuel Cell Transport. This is really, really positive. This project, again, shows that Cavendish can deliver competitive solutions, and finally, it is also strengthening our European Footprint. Moving on to a short update around the European Market Landscape. We are now approaching the deadline for submitting the so-called National Policy Frameworks and targets to build Hydrogen Fueling networks in line with the Alternative Fuels Infrastructure Regulation. The deadline is by the end of 2025. So far, the submitted Policy Frameworks have surprised positively with approximately 30% more Stations announced than we expected, but we have not seen announcements from all European States yet. I think we are around 11-12 States that have put their plans forward. We are still waiting for that, but that deadline is getting closer. In Germany, we see that the third Renewable Energy Directive, the RED3 or the Red three, is continuing to set the direction for transformation from fossil fuels to Renewable Fuels of Non-Biological Origin, so the so-called RFNBO. This pushes heavy-duty transport to go from Fossil Fuels over to Renewable Fuels. In the Netherlands, a total of eight partnerships will reduce up to EUR 40 million or has received up to EUR 40 million in subsidies from the so-called SWIM, and this is the subsidies for Wasserstoff in Mobility. That is a foundation that is aiming to build Hydrogen Fueling Stations, and this subsidy will also enable these collaborations to purchase Hydrogen-Powered Trucks and Buses. That is also really positive. Finally, the EU Commission has awarded grants to 13 Projects in their last funding round to produce and use Hydrogen as fuel in heavy-duty mobility. All in all, it is going slowly but surely in the right direction here. Cavendish is right now having firm bids in several EU Member States right now as we speak. That is also going according to plan. I just wanted to point out that in September, we were proud to welcome over 80 Hydrogen Experts from around the world who participated in the Annual ISO Conference for standards within heavy-duty Hydrogen Mobility. This conference was hosted here in Herning, Denmark, at the Cavendish facilities and contained a variety of presentations, workshops, meetings, and you name it, between the top names in the business. At the conference, the main topic was to Advance Technical Standards for heavy-duty high-flow Hydrogen Fueling. It is, of course, a testament to our leading position in the business that Cavendish is not just waiting passively for someone to tell us the standards and how the standards will look like. We are very much part of creating the standards, and we take pride and honor in doing so. That is also just a side note here. With that, I would like to hand over to Marcus to go through our Financial Numbers. Please, Marcus, go ahead. Thank you, Robert. Hi, everyone. The revenues came in at EUR 4.1 million this quarter, and this is in the lower end when comparing to the trend over the past quarters. The main reason is low order intake for new Stations over some time now. That, again, led to very few Stations finalized for delivery to customers. The low revenue from equipment deliveries is offset by higher revenues from Installation and Commissioning Projects, as we have completed one new station in Italy and are working on the finalization of another station in France and in the U.S. Included in that is also the effect from a Project Termination from a U.S.-based customer, and the settlement agreement with them led to revenue recognition of previously received payments for project work. This effect is EUR 1.7 million. There is no risk for the revenue from the equipment deliveries that has been completed previously, but the timeline for the next commissioning projects is highly uncertain. Due to this high uncertainty, we have reduced the order backlog accordingly. The EBITDA came in at a negative EUR 4.4 million, an improvement from the previous two quarters. Also, by excluding the one-off effect of EUR 1.2 million related to the decision to exit South Korea, the underlying profitability was negative minus EUR 3.2 million. The revenue effect from the project termination in the U.S. is offset by a similar and related effect from writing down spare part inventory. Even with the low revenue level, the underlying profitability is improving due to the Reduced Cost base after the restructuring exercise in Q1 this year and the continued strong Cost Control. The Financial Outlook for the rest of the year and first half of 2026 remains cautious, and we expect the revenue to be somewhat lower than this quarter and the financial performance in a similar range. The order intake situation has improved with one new station sold in Q3 and two more Stations sold in October that will be part of the next quarter's order intake. We still need more firm orders to increase revenue going forward, but the recent wins in the market, we see that as a start of a positive trend. There is also good development in the number of firm bids that are up for decision in the relatively short term. We ended the quarter with EUR 23 million in cash. With that, I hand the presentation back to you, Robert. Great, Marcus. Thank you very much for that. Moving on to sort of summarizing the quarter, the third quarter brought encouraging commercial activity with new Station Sales, Strategic Portfolio adjustments, and Steady Operations of our Fueling Stations. Steady and increased, I would say, operations of our Fueling Stations. Positive trend there. We secured important Contracts in the quarter and also in the beginning of Q4, which was the subsequent ones there, of course. We announced strategic realignment as well as cost and complexity reduction by exiting the South Korean Region. We continue to see positive signals in a challenging Hydrogen Market. As Marcus just said before, we keep a cautious outlook for the remainder of the year. However, we see a positive long-term market outlook for heavy-duty Hydrogen mobility, and Cavendish is very well positioned to take on that challenge. Thank you, everyone, for watching. Thank you, everyone, for listening in and watching our presentation this morning. We will now go on to the Q&A, and we are, of course, also looking forward to seeing you at the Q4 presentation, which will be in February 2026. With that, let's move on to the Q&A session. Just to mention a bit of the practicalities here. Before you start speaking, raise your hand and then tell us who you are, and remember to unmute your microphone. Please mute if you are not speaking. Please go ahead. Yeah, sorry. Yeah, you're still muted. Anders Rosenlund. Yeah. Okay. I was just waiting for you to. Okay. Sorry. But yeah, Anders Rosenlund in SCB. I have a question on this slide that you include in your quarterly presentations where you show dispensed Hydrogen on Cavendish equipment. Does this include all the, I think, 145 Stations that you've installed? All in all, we have installed a little bit more than 150 Stations since the start. Some of these Stations, which were first generation technology, have been decommissioned since then. That means that it's a lower number of Stations that is dispensing the volumes than the 150 because we have discontinued some of the early technologies. What we also see is that the newer and more modern Stations are, of course, dispensing significantly larger volumes than the early ones. The more Stations we are putting in the market with more modern technology, the higher the volume. It's basically, to answer your question, it's not including the very first Stations that we installed. Some of them, most of them are out of operations today. Okay. Let's say it's 120 Stations, something like that, or 100, or? Yeah, honestly, I don't know exactly the number there, but I think we are close to, I think, around 100 Stations in operation right now. Yeah. Okay. Okay. Is it the same number of Stations throughout this time series, or does it include more Stations towards the end than in the beginning? As I said, the Increased Volumes are coming from more Stations in the field, but also Increased Volumes from those Stations. We can see, for instance, that the one I mentioned here, the Rybnik Station in Poland, that's a very, very active bus station that is increasing more and more because the customer here is adding more buses to their fleet. Now they're actually reaching the capacity, so they need to buy an additional Station and put it on the same location. We see a lot of those positive trends coming along. Okay. My point is that you indicate roughly, say, 325,000 kilos dispensed. As far as I understand, this is some in the quarter. If you have 100 Stations and it's 90 days in a quarter, that's 36 kilos a day per station. That's one Bus, Tank Volume of one Bus. I don't understand the figure. Does this indicate that there is a significantly growing demand for your equipment if you have Stations where one Bus is filled each day? No, I mean, if you look at the Stations and the distribution of the Stations, then the majority of the volumes is filled by, I would say, in the vicinity of 30-40 Stations, I would say. You have the high hitters are typically the bus Stations we have in Holland and in Germany and in Poland. These Stations are filling in the vicinity of somewhere between 2,000-15,000 kilos per month. You have the taxi Stations that we are seeing in the vicinity of France and the outskirts of Paris. They are also filling in the same range. You have Stations which are filling significantly lower numbers, which are bought in as demo Stations or demonstration Fleets. We have, for instance, one Station up in the Northern parts of Sweden. They're using this to demonstrate and to test Hydrogen trucks, and it's filling maybe a couple of trucks per month. There you're right, maybe one or two Trucks per day. It's a varying, I would say, Fleet Utilization. Where we see the increased amounts is on the Stations that we have sold recently. For instance, the Polish Stations here, we see quite high numbers. Also the Dutch Station we have in Groningen here, we are dispensing somewhere between, yeah, close to 5,000-10,000 kilos on a monthly basis. That's how it is. Fuel Stations fill large volumes. If you look at the full installed Fleet from the beginning, also some of these early Stations are quite low volume Stations, I would say. Okay. I won't take up all your time, but I just want to ask a final question on the Iwatani situation. Can you give an update on that? I appreciate that you have made some comments in the report, but could you just give an update on what the status is and timeline and what we can expect going forward? Yeah, I mean, again, the case is moving forward, but we cannot really comment on any of the details around the case as always. I mean, we are following the process, and we believe we have a very strong case here. I think the best testament to that is the performance of our Stations, especially both in the United States and then here in Europe. We see that everything is working great, and the volumes are increasing on a day-to-day basis. We can't comment on any of the details around the case. Okay. Thank you. Thanks. Lars, please go ahead. Unmute also. Yes. Thank you. Hello, Lars in Furnis. I just have a question in relation to this AFIR Regulation. In Europe, like you said now, like the situations, or soon we will get more details about it, but how should we view it? Is it still like you expect 400 Stations driven from the AFIR Regulations, and then Corridor Investments and stuff like that would add roughly 60-70 Stations? Is that how we should view it in terms of how large this or how many Hydrogen Refueling Stations this regulation will bring to the market? I mean, it's, of course, we are dealing with legislation and local implementation of the same in the different EU Member States. It is up to the individual EU Member States on how they are being compliant to the alternative Fuels Infrastructure Regulation. What we have seen so far, and I mean, you can take it from two different directions. If you just take the number of km along the Trans-European Transport Network, the TEN-T, which is the network regulated by the alternative fuels infrastructure regulation, if you just take the km there and divide it by 200, because the AFIR says that for every 200 km, you need to have one high-capacity, heavy-duty Hydrogen Mobility Fueling Station. If you just do that, you get a significantly higher number, somewhere around 750-800 Stations, plus the ones in the Urban Nodes and the logistics centers. That number is significantly higher. We have taken a cautious approach to this. We also know that the European Union and legislation typically comes with delays. That is where the 450 number is coming from. We have done the math, let us put it this way, and then we have taken an extremely conservative view on the implementation of this and said that we believe that there is going to be delays in this. That is what we have based the number on. However, what we see already now in the Deployment Plans that have been provided, we can see that roughly, these 11 countries or 12 or in that vicinity who have submitted their plans have submitted numbers which are in the vicinity of 30% higher than our Estimated Number. That is the numbers that we are referring to. Thank you. Thanks. Anyone else? Questions before we conclude? Okay. I say thank you to everyone who logged on and viewed our presentation this morning. Again, I look forward to seeing you again in February for the fourth quarter presentation. Thank you, everyone, and have a great day.