Hi, and welcome to Hexagon Purus Q1 2026 presentation. We are sorry for the delay. My name is Mathias Meidell, and I am the IR Director of Hexagon Purus. I will be moderating from the studio in Oslo, and from the studio, I'm also joined by Group CEO, Morten Holum, and Group CFO, Salman Alam. The agenda for today includes, as usual, highlights from the quarter, a company update, the financials, and the outlook. We will end the presentation with a Q&A session, so please feel free to enter your questions via the function on your screen. With that, I will pass the word over to you, Morten, who will take us through the highlights of the quarter. Thank you, Mathias. Good morning, everyone. Thanks for tuning in to our webcast today. Let's start by looking at the key developments in the first quarter. Number one, revenue improved year-over-year. Headline revenue, including one-off gains from transactions, was NOK 405 million up, 76% higher than last year. On a like-for-like basis, excluding the one-offs, underlying revenue of NOK 271 million was 29% higher than Q1 last year. Number two, we took steps to further reduce costs in Q1, executing additional workforce reductions across the group to better align the cost base with the current market environment. Number three, we completed the divestment of the U.S. aerospace business to SpaceX. Finally, number four, we signed a financing agreement with CIMC ENRIC for the joint venture in China. All in all, an active quarter where we took several decisive actions that extends the liquidity runway and improves the cost position of the company. The impact of this will be increasingly visible in our accounts in the coming quarters. Starting with revenue, on the left. Headline revenue of NOK 405 million, 76% higher than last year. That figure includes an extraordinary gain of NOK 134 million related to the divestment of the U.S. aerospace business and the deconsolidation of the China JV following the funding agreement with CIMC ENRIC, since our ownership percentage is now below 50%. Organic revenue in the quarter was NOK 271 million, which is 29% higher year-over-year on a like-for-like basis, mainly driven by higher volume in hydrogen infrastructure. In the middle, EBITDA in the quarter was NOK 1.6 million compared to NOK -242 million in Q1 last year and NOK -99 million in Q4 2025. The Q1 EBITDA was also positively impacted by the extraordinary gain from the U.S. aerospace divestment and the China JV deconsolidation. Adjusting for that and other restructuring one-offs, we had underlying EBITDA in Q1 of NOK -90 million. On the right, we exited the quarter with an order backlog of NOK 463 million, which now excludes the aerospace business following the successful completion of the sale to SpaceX. More on that in just a few pages. The underlying overall revenue mix has shifted somewhat towards distribution. Excluding the revenue resulting from the one-off gains from divested and deconsolidated businesses, hydrogen infrastructure made up the largest part of revenue in Q1 at around 37% of the total. This is a significant increase from Q1 last year, driven by higher volumes of hydrogen distribution systems. The other applications category was almost the same size as hydrogen infrastructure, and this was positively impacted in Q1 by the two months of aerospace revenue we had in the quarter and the delivery of a maritime fuel system. The lower relative share of hydrogen mobility was driven by lower revenue from transit bus in Q1. Looking at the year-over-year revenue bridge, we had higher revenue from hydrogen infrastructure in Q1 this year compared to last year, NOK 101 million this year versus NOK 42 million last year. Hydrogen mobility revenue declined by NOK 38 million due to lower activity in transit bus. We expect transit bus sales to remain below 2025 level for this year in total, so this is a picture that is likely to continue in the coming quarters. We also had lower volume in battery electric mobility, here we expect things to look better in the coming quarters as we now start delivering on the 14-truck order that we received in January. Revenue in other applications grew by NOK 28 million, driven by higher volume in aerospace and the delivery of the hydrogen fuel system for maritime applications. Given the divestment of the aerospace business, the year-over-year comparisons will not be like for like in the coming four quarters. The order book stood at NOK 463 million at the end of Q1. As you can see, we now have highlighted the divested businesses in previous quarters for comparability purposes. The order book gives us decent near-term revenue visibility, less visibility for the second half of the year. In total, we still consider the size of the order book to be lower than what we need to break even with the current cost base. Besides continuing to work on lowering our cost base, our efforts are now mainly focused on converting our active customer dialogues to firm orders. There are many small and large players in Europe positioning themselves in the hydrogen space, and we have several ongoing customer dialogues that will hopefully be able to convert into firm orders over the next few months. As an example, in March, we received a sizable order for distribution modules from a large European energy company, and they're gonna use these modules to transport molecules to a network of refueling stations that's being built. We're now in dialogue with them for potential follow-on orders for 2026 and beyond. As of Q1, almost 90% of the order book is for execution in 2026, and the rest mainly for 2027. We have made good progress on the portfolio review across all three main areas. Q1 2026 is the first quarter where we start seeing the impact of the restructuring actions and portfolio changes that we have done over the past year. While the market environment remains demanding, we have strengthened the liquidity position of the company, and our cost base is better aligned with demand than it was 12 months ago. We're now focused on rebuilding the commercial momentum, lowering the cost, optimizing the business portfolio, and reviewing the capital structure. Starting with cost, we see a significant impact from the restructuring activities we have taken over the past year, and these are now also starting to be visible in the numbers. We have adjusted the overall workforce in the group in several steps. It's now down by almost 50% compared to where it was at the end of 2024. This has significantly reduced capacity cost and lowered the break-even point. We're quite far along on this journey, but we will still continue to review the current operational footprint and organizational setup to ensure proper alignment between revenue and costs. We successfully completed the sale of the U.S. aerospace business to SpaceX in March, which strengthened the overall liquidity position of the company. We received net proceeds of NOK 98 million in Q1, and the remaining $2.5 million is expected to be received in Q1 2027, subject to the fulfillment of the earn-out criteria. We also signed a financing agreement for the China JV with CIMC ENRIC in the quarter, where they will provide funding for the JV in exchange for a higher ownership share in the joint venture. China remains strategically important for us. It's the largest and most active hydrogen market globally and has the most competitive supply chain for materials and components. It's been important for us to secure continued exposure to this market. However, it's also necessary for us to minimize cash outflows in the current situation. We're satisfied that we have found a way to remain engaged in China, continue to develop the JV, and nurture the good relationship we have with CIMC ENRIC. We have secured our rights to reestablish the original ownership level later on. These were the main points for Q1. I'll now hand it over to our CFO to take you through the financials. Salman? Thank you, Morten. Good morning, everyone. The first quarter marked an important step in our restructuring and repositioning process with the announcement of several operational and financial measures. The full effect of the restructuring program, which we launched last year, is not yet reflected in the numbers, but the quarter included several important milestones, as Morten touched on, including the sale of the U.S. aerospace business and the refinancing framework for the China joint venture. We also, during the quarter, recognized further restructuring costs, primarily related to workforce reductions in Germany and North America, and we continue to review and will actively optimize our cost base and operational footprint also going forward. Compared to a year ago, we're now operating with a materially lower cost base, a leaner portfolio, and a stronger liquidity position compared to the back end of last year. In the first quarter, underlying revenue increased by 29% year-over-year on a structurally adjusted basis. Payroll expenses were down about 30% on a restructuring adjusted basis. We exited the quarter with NOK 364 million in cash and an order backlog of NOK 463 million. Looking ahead, we remain focused on continued cost discipline, liquidity management, and improving order intake, with the objective of moving the business toward profitability at activity levels closer to what we're currently seeing in the market. Looking at the specifics, reported revenue in the quarter was NOK 405 million, which is up NOK 76 million compared to the same period last year. The reported figure includes NOK 134 million in an extraordinary gain from the two transactions that we completed during the quarter. Both of these transactions were done or cleared at a premium to the carrying values that we have. The first was the sale of the U.S. aerospace business to SpaceX, and then the second was the financing framework for the Chinese joint venture, which took our ownership level to below 50%. We were given that the transactions cleared at a premium to their carrying values. We were able to recognize a gain related to those transactions. Stripping that gain out and putting Q1 2025 on a like-for-like footprint, underlying revenue was NOK 271 million, which is up 29% year-over-year. The growth this quarter is coming from hydrogen infrastructure, it's coming from aerospace up until the 1st of March and maritime applications. Operating expenses were NOK 404 million. The reported cost of materials ratio of 40% is flattered by the extraordinary gain that we had in the quarter. On an underlying basis, it was closer to 60%, which is broadly in line with what we've seen in recent quarters. Payroll was NOK 163 million, but includes NOK 28 million of restructuring costs. Excluding restructuring costs both in Q1 2025 and Q1 2026, payroll was about 29% lower year-over-year as the workforce reductions that we've implemented in the past year is started to flow through. Other operating expenses were NOK 78 million, which is also down year-over-year, despite including certain non-recurring items, which indicates a lower underlying cost base also for that line item. Reported EBITDA ended at positive NOK 2 million, which includes NOK 92 million of net items affecting comparability. Underlying EBITDA remains negative, but the trajectory is improving. The cost base is lower than when we started 2025, and the gap to breakeven is narrowing as the cost actions flow through. Below EBITDA, depreciation, amortization was NOK 58 million, which is in line with the run rate following the Q4 impairments. The share of loss from associates was NOK 3 million, which reflects our minority interest in the China joint venture. Finance income was NOK 19 million and was predominantly driven by foreign currency fluctuations and received interest income on bank deposits. Finance expense was NOK 134 million, of which NOK 68 million is related to non-cash payment in kind interest on the two convertible bonds that we have outstanding. A further NOK 8 million relates to lease liabilities and other interest-bearing debt, and the balance is coming from foreign currency. Tax expense was NOK -1 million, as we're not in a taxable position at the group level, and net loss for the quarter was NOK 172 million against NOK 385 million in the same period last year. Turning to the segments, as a reminder, HMI is our European hydrogen cylinder and systems business, including the industrial gas activity that we have in Germany and the U.S. aerospace business leading up to the 1st of March of this year. HMI delivered year-over-year revenue growth and improved profitability. The growth was carried by hydrogen infrastructure, where order conversion in the quarter was solid. Hydrogen mobility, which is predominantly transit bus, and industrial gas, were both softer, which is consistent with the expectations that we've communicated for both of these segments in 2026. Capacity costs remain under review, and we will continue to align the footprint with the market situation. The segment's revenue, so HMI's revenue in the quarter was NOK 227 million, which is up 24% year-over-year on a structurally adjusted basis. Hydrogen Infrastructure was NOK 101 million in the quarter and made up 45% of the segment's revenue and was up 140% year-over-year. We delivered 13 distribution modules in the quarter to various industrial gas customers. Hydrogen Mobility revenue was NOK 57 million, which is down 40% year-over-year, where transit bus is accounting for the majority of that decline. Other applications, including industrial gas and the divested aerospace activity was NOK 69 million. Industrial gas alone was down about 45% year-over-year, which is reflective of the somewhat weaker German industrial demand that we're seeing. EBITDA was NOK -64 million against NOK -143 million in the same period last year, but includes NOK 30 million of items affecting comparability, which is predominantly the restructuring costs from the German workforce reductions. There is an underlying improvement in profitability, which reflects the higher activity combined with the 2025 cost actions that we've taken. However, the segment is not yet profitable, and the path to breakeven depends on continued order intake and conversion and also maintaining cost discipline. During the quarter, we secured a multi-unit distribution order from a major European energy company, which provides reasonable backlog coverage through the second quarter and partial coverage into the second half. Visibility beyond that is contingent on the current commercial dialogues that we're having are progressing and are converted to firm orders. Moving to North America and our BVI business, so the Battery and Vehicle Integration business. This segment was restructured in January, and that program is now complete. Our focus in BVI is on executing the 14 truck Hino order, which provides operational continuity in the first half of 2026, while we continue to evaluate strategic options for this part of the business. We continue to market our Class 6 and Class 8 programs, and we were continuing to get positive feedback from the field. The U.S. heavy duty market remains slow overall, the recent data points have been more constructive. We're seeing that the U.S. truck sales are picking up and the higher oil and gas prices has again sharpened customer focus on diversifying away from internal combustion. We're seeing renewed interest in alternative drivetrains, including battery electric in North America. In the quarter, BVI revenue was NOK 17 million, which is down 34% year-over-year. We had the vehicle delivery to Hino, battery system deliveries to Toyota Motor North America, and we also received sublease income from our Dallas facility. EBITDA was NOK -26 million against NOK -54 million in the same period last year, that includes NOK 6 million of restructuring costs related to the January workforce reductions. The improvement in profitability reflects the cost reductions that we've taken in 2025 and so far in 2026. Moving on to the group balance sheet. The financial statements, as mentioned, include the consolidation effects from the U.S. aerospace divestment and the China JV financing, therefore, the balance sheet is not fully comparable to that of last year or to Q4 2025. Total assets ended at NOK 3 billion in the quarter against NOK 3.5 billion at the year-end with the two structural transactions accounting for a net basis reduction of NOK 401 million. Property, plant, and equipment was NOK 648 million with the underlying base broadly stable on normal depreciation and no significant capital additions in the quarter. Inventory was NOK 388 million, which reflects the revenue activity and delivery during the quarter, and trade receivables came in at NOK 238 million, which is down sequentially on strong cash collection from customers. Cash and cash equivalents ended at NOK 364 million. On the liability side, the period year-over-year changes mainly reflect the structural transactions and the payment in kind interest accrual on the convertible bonds. Total equity was NOK 255 million, which is equal to an equity ratio of 9%. The equity ratio is at a low level, the actions that we've taken, the structural transactions and the cost reset, have strengthened liquidity. It's reduced capital intensity, those also extended the liquidity runway. At the same time, we're reviewing the group's capital structure, including the two outstanding convertible bonds. Moving to the cash flow statement. Operating cash flow was negative NOK 44 million in the quarter as the operating losses we had in the period was partly offset by non-cash items and an NOK 86 million working capital release. Investing cash flow was NOK 119 million, of which NOK 98 million reflects proceeds from the SpaceX divestment. We still have $2.5 million in an earn-out, which we are expecting to receive in the first quarter of 2027. CapEx was NOK 1 million, and capitalized product development was NOK 4 million, both deliberately restrained in line with our cash preservation focus. Financing and FX absorbed NOK 33 million in the quarter, resulting in a net cash flow of positive NOK 42 million and a closing cash balance of NOK 364 million. To round off the financial section, the cost base is materially lower compared to what it was a year ago and compared to the levels we saw in 2024, and liquidity is extended. The work to reduce costs will continue, and we're also calibrating our operating model to deliver profitability at activity levels close to where we're operating today. With that, I'll hand it back to Morten for the outlook. All right, thank you, Salman. Let's move to the outlook and talk about what we expect ahead of us. The overall market situation has not changed materially since the last quarter. We're still operating in a market that has opportunity, but with limited medium-term demand visibility. The order book does provide decent visibility in the short term, and although we have several interesting customer dialogues ongoing, we still need to convert those into firm purchase orders for the second half of the year. Looking at the different product areas, starting with hydrogen mobility on the left, transit bus has developed quite well over the past two years and is gaining momentum across several countries in Europe as a complement to battery electric buses for routes with extended range requirements and in local markets with either challenging topography or climate conditions. While we expect the overall market to remain strong, our transit revenue in 2026 will be significantly lower than in 2025 because of capacity constraints at some of our key customers. As with other product areas, we have good order visibility in the next few months, but more limited in the second half of the year. In hydrogen infrastructure, it's a similar story on visibility, good near-term coverage, but limited firm coverage of the second half of the year. Based on the current customer indications, we see good potential in the second half of the year and could end up with more volume than last year. Of course, we need to convert those indications into firm orders. On the BVI side, we scaled back the operation significantly in Q1, and we're working through the truck order that we received in January, which will take us through the summer. We are working on opportunities for the remainder of the year. The U.S. truck market is starting to pick up again after a very weak 2025. With diesel prices in California approaching $8 a gallon, there is renewed interest in alternative technologies, including battery electric solutions. We have got more Class 6 trucks going into demos and customer trials now. We are hopeful that we can convert some of those into purchase orders in the coming months. Our overall priorities remain unchanged. Increase the order book, drive down costs, and maintain sufficient liquidity. We have done a lot on the cost side. Although there is more to do, we need to secure sufficient orders for the second half of the year to get the operation to break-even level. In addition to stabilizing the operation, we're also working on reviewing the capital structure to ensure that we can obtain a more sustainable balance sheet going forward. We're working our way through a demanding period, focusing on what we can control and taking the necessary steps to maintain sufficient liquidity while we restructure the operation and simplify the overall structure. We're not fully where we want to be, but I think we are well on our way. The markets for our solutions have been challenging for a while, with market participants appearing to step away from climate ambitions and increasingly preferring trusted solutions with solid commercial track record, technologies that are in the money today. The war in the Middle East serves as a stark reminder for many countries and regions of the downside of being dependent on imported hydrocarbons for their basic energy needs. There is a renewed interest in renewable energy and alternative energy carriers, hydrogen included, as a strategic measure to achieve energy security and energy independence. The energy transition, it's much less centered around sustainability in a climate sense, although the actions needed to achieve energy independence also contributes positively towards meeting climate ambitions. It's more centered around sustainability from an energy security perspective. Regardless, this will likely make renewables more attractive for investors. We saw that funds flow into renewable ETFs in April was the highest it has been since 2021. In the short term, this doesn't change our day-to-day priorities. Our job remains the same. More focus on renewables and the energy transition does give reason for optimism around our future business because it should impact regulation and both private and public capital allocation over time. In this landscape, our technologies will be increasingly relevant. That concludes our presentation for today, and we will now open it up for Q&A. Mathias? Thank you, Morten and Salman. Let's just jump straight into it. The first question is to you, Morten, and it's from Peter. "What can you tell us about the ongoing certification process of your cylinders in China? The simple story is that the ongoing certification is ongoing. We have seen in China that it has taken a while. It's taken a lot longer than what we expected going into this. We see that the regulatory environment and the requirements have been changing quite a few times. So it's hard to estimate a time for receiving the final certification except to say that we are good on our way in the process. Yep. Thank you, Morten. Another one for you from Christoph. I guess you touched upon it now at the end, but do you see an increase of orders out of the oil price rise due to the Iran conflict? I think it's too early to say if we do receive. I mean, there's a time lag from these things happening till you actually see the result flowing in in terms of orders. What we see is a lot of requests and a lot of dialogues with customers that are looking for alternatives. I think it's too early to say whether this will result in a large inflow of orders in the short-term perspective. I do believe it's going to have a positive impact. Thank you. A last question here at the end from Frank. It's also to you, Morten. Are there any new or additional business areas where your systems can be used? You know, we're specialists in carbon fiber composite pressure vessels. They have applicability far beyond the business segments and product areas which we are in today. There are, you know, numerous other things, defense being one of them. I think that so far we have been looking into other market segments than what we're in today. That's also a timing as to when you will be able to enter these markets. There's a qualification period for most of these types of, you know, pressure vessels. There are definitely other areas that we could enter. Okay. Thank you. That was the last question of the day. With that, I'd like to wrap up in the end and say thank you to Morten and Salman, and thank you to everyone that is listening today and wish you a good day. Thank you. See you soon.