Welcome to our presentation of Eqva's results for the Fourth Quarter and Full Year of 2025. My name is Olav Ingar Kolle, and I am the CEO of Eqva. I assumed the role as a CEO in November. I have over 30 years experience in the maritime industry. Over the years, I've held various positions in several companies. I worked my way up through most roles, starting as a general worker in 1994, and after that, as a plate fitter and welder in Miller McAlester. At FMV, I worked as a dock coordinator, project coordinator, and production manager. At Eide Marine Services, I served as a Technical Inspector and Site Manager for new build of well stimulation vessels in China. At Dock Management, I worked as a Project Manager for conversions of projects worldwide. Most recently, I spent the last eight years as a Managing Director of LOS Marine. This background is the reason I have been appointed as a CEO to take the part of the development of Eqva. I'm joined today by Daniel Mölvik, our CFO, who stepped into the role in December. Daniel previously served as Head of Strategy and Business Development in Eqva, and brings extensive financial and strategic experience, including as a state-authorized auditor. It has been a busy period for the group, both operationally and structurally. I would like to thank our employees, customers, and investors for their continued effort, trust, and support. Today, we'll first give a short introduction to Eqva and highlight the key events. After that, the quarter. Daniel will take you through the financials. As always, we will end with a Q&A. Let me begin with a short overview of who we are and what we do. Eqva is a full-service industrial service group, built on long-term ownership and strong niche companies. We deliver both projects and recurring maintenance service, primarily across the process industry and smelters industry, aquaculture, maritime, and offshore value chain. Our toolbox is broad. The logic is simple: We provide critical service that keeps customers' operations running and support upgrades and new builds. That includes engineering, mechanical service, steel and piping, and power and automation. In addition, we have the capability within the development and operation of small hydropower plants. The operation model is decentralized. The group consists of local companies that run close to the customers. Eqva supports them with governance and shared functions, which creates scale and synergies while maintaining speed and proximity in execution. The key takeaway is that with an asset-light setup and a strong focus on cash generation, the platform is built for profitability growth over time. On this side, you see the platform has been built. Eqva was, as we know it today, was established in 2022 with the acquisitions of BKS Group and Fossbergkraft, marking the start of a journey to become a full-service provider of Industrial Solutions. Since then, we have executed on our strategy by expanding Eqva's Industrial Solutions through our targeted acquisitions. In the presentation, you will see the key steps, including the acquisitions of Kvinnherad Elektro, IMTAS Group, and Austevoll Rørteknikk. What these acquisitions have in common is that they expand our service scope and strengthen our position in strategically important regions, especially along the coast, while also increasing exposure to attractive customer segments, including aquaculture. In short, we have built a broader platform with more capabilities and a stronger footprint, and a more diversified revenue base, while keeping the local operating model intact. Let me also say a few words on how the group is structured and how we generate revenue. We operate through three segments, with Industrial Solutions representing the clear majority of the revenues in 25, with 99%. Within Industrial Solutions, revenues are diversified across the main end markets: process and heavy industries, aquaculture, maritime, and offshore value chain, supported by additional exposure to other important industrial segments. That diversification contributes to a stable and recurring revenue profile and supports stable cash generation. Geographically, our companies are positioned along the Norwegian coastline, close to our customers, and we've become increasingly geographically diversified across Norway. Now, also expanding further into southern Norway through the recently announced acquisition of the mechanical and electromechanical operations of Einar Øgrey Farsund. Finally, we create value through the combination of local presence and technical expertise, supported by collaboration across the companies in the Eqva portfolio. Before we dive into the numbers, let me share a few reflections on the period and highlights, the most important events, and after the quarter. Over the last few months, we have sharpened the strategic direction. The focus is strengthened. Eqva is a long-term industrial owner of leading service companies along the Norwegian coastline. In practice, this means a clear emphasis on cash generation, disciplined capital allocation, and targeted acquisitions that reinforce our position and support execution within important customer segments. First, the refinancing. On the twelfth of January, we successfully completed a NOK 500 million secured bond issue. This strengthens our financial flexibility and gives us the capacity to execute our strategy, both through organic initiatives and selective M&A. We operate in a niche market with several attractive bolt-on opportunities. The key is to stay disciplined, only do transactions where we see the strength, capability, position, and customer access, and where we can see a clear path to value creation. That brings me to the second point: the announcement of the transaction of the mechanical and electrical, mechanical operation of Einar Øgrey Farsund. It's a good example of a target for growth. It strengthens our position along the coast, this time in southern Norway, adds a strong technical competence and increased capacity in both existing and complementary service areas. The business has more than 60 employees and is expected to contribute approximately NOK 160 million in revenue and NOK 50 million in EBITDA. Based on the estimate from 2025 figures, closing is expected in Q2 2026, subject to customary conditions. Operationally, our companies continue to deliver, and we strengthen visibility into 2026. Rolling, 12-month order book increased by around NOK 60 million versus Q3 and ended the year above NOK 1 billion. This shows that we are executing our plans and building a stronger platform for further growth. I will hand it over to Daniel, who will take you through the financial highlights and performance. Thank you, Olav, and thank you to everyone attending the presentation today. As Olav mentioned, it's been a busy and eventful period. We have made solid progress over the past year, both strategically and operationally. Let's start with the key financial highlights. For the year ended 2025, the group delivered revenues of NOK 1.3 billion, with an EBITDA margin of 6.7%. As noted, the order book at the year-end was above NOK 1 billion, heading into 2026, and the book value of equity remains strong at NOK 404 million at year-end. We also present the pro forma figures. These reflect the full-year effect from recent acquisitions and align the reporting with the definitions in the new bond loan agreement, including covenant leverage definitions. On a pro forma basis, the revenue in 2025 was NOK 1.4 billion, with an EBITDA margin of 8%. The pro forma net leverage was 2.24x EBITDA, based on net interest-bearing debt of NOK 252 million. I'll go into the details. Let's start with the yearly figures. For the full year, revenue reached approximately NOK 1.3 billion, up 17% year-on-year. Of the increase in revenue, approximately NOK 300 million stems from acquired entities, IMTAS Group and Austevoll Rørteknikk, combined. In the same period, the EBITDA increased to NOK 86 million, up from NOK 79 million in 2024. It's worth noting that the 2024 results are impacted by a NOK 34 million gain from the sale of PSV Havila Charisma. If you exclude that gain, the underlying improvement in EBITDA in 2025 is materially stronger. In Q1 2025, Vassnes Group was divested, but the sale gain and the result for Q1 are included in discontinued operations, totaling NOK 29.6 million. The net profit from continuing operations was NOK 16 million, and including discontinued operations, the total net profit was NOK 45 million. The earnings per share for the year were NOK 0.54 per share, compared to NOK 0.41 per share in 2024. The earnings per share from continuing operations was NOK 0.19 per share. Now let's look closer at Q4, specifically. The revenue in Q4 was NOK 358 million, which is slightly up from the NOK 348 million in the same quarter last year. Overall, that reflects stable activity levels and healthy performance in what are somewhat tougher market conditions. The Q4 is also seasonally impacted by holiday leave and reduced activity from customers, which is normal for this quarter. On profitability, the Q4 marks another quarter with solid development in EBITDA, supported by both operational execution and the inclusion of acquired companies, IMTAS and Austevoll Rørteknikk, which were acquired in Q1 and Q4 2025, respectively. The net profit in the quarter is impacted by isolated events. We accrued operational unit bonuses in Q4, and we also booked an interest accrual related to the seller's credit for IMTAS, which will be settled in Q1 2026. The interest relates to the full period, Q1 to Q4 2025. The key message is that this is primarily a timing effect in financial expenses rather than a change in the underlying operations. The depreciation and amortization totaled NOK 18 million, which is up from NOK 5 million in the same quarter last year. This mainly reflects acquisitions and the group-wide IFRS 16 lease alignment, which was implemented in Q4, where the full-year effect is recognized in the fourth quarter. The operational expenses are reduced, while depreciation and interest expenses increase accordingly. Let's turn to our segments. The Industrial Solutions is clearly our largest segment, representing the vast majority of both revenue and EBITDA in 2025. Eqva Renewables had limited activity in 2025, as we did not deliver any development of small hydropower plants to external buyers during the year. The real estate mainly includes the properties used by operating companies, and the revenue in this segment is fully internal. In the other segment, you will find the Eqva parent company and other holding companies. The cost level includes certain non-recurring items related to leadership and organizational changes. On a normalized basis, we expect EBITDA for the segment to be in the range of negative NOK 25 million to NOK 30 million. However, we continued the work to simplify the structure and reduce holding level overhead. Now, let's look at the more detailed view of the pro forma calculation. As noted earlier, the pro forma definition follows the new bond loan agreement and the covenant definition. We had results from acquired entities for the period prior to legal consolidation. Q1 IMTAS and Q1 - Q3, Austevoll Rørteknikk, and Einar Øgrey is not included. Eqva Renewables is outside the bond perimeter and is therefore adjusted for. We have also adjusted for minority interests in BKS, VVS, and Marine Support. On the cost side, we exclude expenses related to M&A and refinancing, as well as one-off expenses related to management transition. In total, the pro forma full-year EBITDA was NOK 112 million in 2025. The pro forma profit from continuing operations was NOK 48 million. The purpose of this pro forma view is to give a clear picture of the underlying earnings capacity and scale of the group after the portfolio changes that have happened during the year. Let's look at the order book. Visibility is a key part of our business model. The order book shown here is reported historically, meaning it's not adjusted pro forma for acquisitions back in time. At the year-end, the rolling twelve-month order book was above NOK 1 billion, and it consists of solid blue-chip customers, with whom Eqva has long-standing relationships over many years. This means that we have already secured a significant portion of 2026 revenue, and the contracted backlog of around NOK 1 billion is close to 70% of our last twelve months' pro forma revenue base, which gives us a strong baseline going into the year. The remaining gap is largely timing. We have advanced tenders and late-stage customer dialogues, and some capacity is typically contracted later in the year, due to normal project lead times. That also gives us upside and flexibility as capacity frees up. We can be selective, prioritizing margin, risk profile, and strategic fit. Importantly, we have staffing flexibility, so we can scale capacity without taking unnecessary fixed cost risk. This is a key reason why this model is resilient through cycles. Now, lastly, let's turn to the balance sheet. The total assets were about NOK 1.1 billion at year-end, while equity stood at NOK 404 million, which corresponds to an equity ratio of approximately 37%. The interest-bearing debt consists of long-term loans related to operations and the real estate portfolio, as well as revolving credit facilities, lease liabilities, and the seller's credit related to IMTAS. The free cash was NOK 127 million, adjusted for restricted cash, which results in a net interest-bearing debt of NOK 259 million. When we adjust for Eqva Renewables RCF, and we're using the pro forma EBITDA, the pro forma net leverage ratio was 2.24x EBITDA at the year-end. Just to be clear, the bond issue completed in January strengthens the capital structure and improves financial flexibility going forward. This covers the key financial topics from my side. I'll hand it back to Olav. Thank you, Daniel. To wrap up, over the past year, we have executed on the sharpened strategy, strengthened the balance sheet, delivered solid project execution across the portfolio, and continued to build a group-targeted acquisition. We intend to continue on the same path in 2026. The order backlog at the start of the year gives good visibility and activity and earnings, and we continue to see solid demand from our customers. At the same time, the global environment is more uncertain. Geopolitical tensions, cost inflation, and market volatility create a more cautious backdrop in the market. We maintain close dialogue with our customers and monitor development carefully. We believe Eqva is well-positioned to grow even in a more challenging environment. With that, thank you for your attention. We are happy to take questions. Okay, if you look at the questions that have come in, starting with the first one, there have been several disclosed insider and shareholder transactions recently, including Arne Fredly exiting his position. What context can you provide, and should investors interpret this as a signal about the business? Thank you for the question. As a listed company, we do not comment on short-term share price movements or the trading activity of individual shareholders. What we can say is that there have been some shareholder transactions in the latter months, which have been publicly disclosed in line with market regulations. Based on what we understand, these movements have been driven by personal and financial considerations rather than any change in Eqva's operational performance or outlook. From the company side, our focus is execution. It's delivering on our strategy, strengthening cash generation, and maintaining disciplined capital allocation. The underlying business is progressing well and in line with communications. We hope that the presenter's Q4 report, given now, gave a transparent and understandable update on the recent operation and operational performance. Just to put it into context, we have strengthened our financial flexibility through the NOK 500 million secured bond issue. We have announced the Einar Øgrey transaction. Operationally, the order backlog has increased and is now above NOK 1 billion. Our priority is to continue to deliver operational results, over time, which is what we believe creates value for all shareholders. Now, the next one: Do you expect management to increase ownership when the next trading window opens? Thank you for the question. We can't pre-announce or commit to any share purchases by management, but what we can say is that Eqva operates with a strict insider trading policy and defined trading windows. Over the past period, we have had several inside information events and reporting processes, which has limited opportunity for management to trade. Management and the board are aligned with shareholders and have a strong belief in the company's strategy and long-term value creation. Any transactions by insiders will, of course, be executed in accordance with regulations, and this goes to the market through the stock market announcements. Nordic Corporate Bank is still the largest shareholder in Eqva with 30%. Can you comment on your dialogue with major shareholders in general, and whether there is any publicly available information on Nordic Corporate Bank's ownership intentions? Now, we maintain, of course, always a regular dialogue with our shareholder base, including the larger shareholders, as part of the normal investor relations. When it comes to specific shareholders, we don't comment on their intentions or investment horizon beyond what they have chosen to communicate publicly. Nordic Corporate Bank has previously stated that they view themselves as a long-term owner in Eqva, and we appreciate their continued support. With the NOK 500 secured bond in place, can you walk us through the expected run rate impact on net financial expenses, taking into account the refinancing of existing facilities and the intended use of proceeds? Thank you. This is a very important question. I think the right way to look at this is on a net basis, which is in two steps, which means refinancing and deployment. On the refinancing, roughly NOK 230 million of the bond issue will go to refinance existing bank loans and the RCF, as well as NOK 54 million of the seller's credit, which is principal plus interest on that seller's credit. A meaningful part of that bond replaces other interest-bearing liabilities rather than adding a full incremental debt. On the remaining proceeds, about NOK 210 million is intended for selected M&A and operational investments. Until deployed, that cash will be placed in interest-bearing accounts. In the period before deployment, the net interest-bearing impact is mainly the spread between the bond coupon and the deposit yield on that cash balance. When you then move from cash on deposit to actual investments or acquisitions, the intent is that those users of capital should, of course, contribute to higher earnings and cash flow over time. In summary, it's important to separate the interest cost of replacing existing debt and the interest cost tied to growth capital. That is expected to, of course, generate incremental results. Can you elaborate on the market trends in the respective market segments? What is growing more and less? Maybe you, Olav, want to take that one. Sure, Daniel. The short version is we see the strongest momentum in the industrial upgrades, land-based aquaculture, and defense-related activity. While offshore investments is expected to normalize from a very strong historical level. Overall, the portfolio is positioned towards several structural growth drivers, with good visibility through our order backlog, while we stay disciplined on our project selection and margins in the more competitive segments. I think that is the main. We have one more. Let's see. There are NOK 14 million in other operating expenses under eliminated. What is this category? This is mainly intercompany transactions relating to the rental of properties, as well as a back office cost allocation, which is done at the group level. It's primarily internal eliminations between the group companies. Yes, I think that's all for today. Thank you for all your questions. Hope you enjoyed the Q4 Report. As always, please feel free to contact us if you have any follow-up questions regarding the Q4 presentations or other matters relating to Eqva.