Good morning and welcome to this presentation of the results for the fourth quarter and full year of 2024 for Multiconsult. My name is Grethe Bergly, and with me today I also have our CFO, Ove Haupberg. Before we look at the results, just a brief reminder of who we are. We are a Norwegian consulting and architectural company with a history spanning back over 100 years. We are primarily based in Norway, but we have offices in Sweden, Denmark, Poland, and the U.K. We operate in four business areas: building and property, mobility and infrastructure, energy and industry, and water and environment. We have four segments: Region Oslo, which is where the headquarters is in the capital of Norway, and two associated offices at Lillehammer and Lillestrøm. Region Norway, which has the rest of the offices from north to south in Norway. Segment Architecture with our four architect subsidiaries, and then International that contains our Swedish engineering subsidiary Iterio and Multiconsult Polska. We execute 15,000 projects on an annual basis for more than 5,500 clients. We have a project footprint in 45 countries, and we are just short of 3,900 employees. In recent years, we have delivered profitable growth based on a robust business model with a diversified portfolio and a strong professional environment that assists our clients with their challenges across all business areas and geographies. Looking at the figures, we see that we have delivered a stable operational performance this quarter. The performance was influenced by high activity with a billing ratio of 72.5%, an increase compared to 2023. Net operating revenue grew by 6% to NOK 1.4 billion, and the organic growth was 4.8%. The results for the fourth quarter were positively impacted by a higher billing ratio and a higher average billing rates, offset by increased employee benefit expenses and other operating expenses. As we have continuously improved our project execution and risk management throughout the years, the estimates for 2024 were consistent with expectations, but this gave a large effect in the fourth quarter, and Ove will give you some more insight into this when he goes through his part of the presentation. It is pertinent to draw the attention to the fact that year over year we have improved our results, and we continue our positive development, maintaining profitable growth of 10%. In this period, we've had the effect of a put option that has affected financial income, and the board of directors proposes a dividend of NOK 10 per share. Looking at market and sales, we've had a very strong sale in this fourth quarter, the highest ever actually for a fourth quarter with NOK 1.8 billion and an order backlog then of NOK 4.9 billion. We have landed a number of sales and frame agreements in this quarter. And just a reminder that we do not include frame agreements in our order backlog until a call-off has been made. This means we maintain our solid backlog, leaving 2024, and there has also been some major sales at the beginning of 2025. We have continued increased demands related to the defense industry. Looking at the organization, we had a growth of 4.66% year over year, and as you can see, there is a larger gap between FTEs and number of employees. This has a background partly in higher sick leave, in parental leave, and also some layoffs. Sick leave is a challenge in all the Nordic countries, and we have started initiatives to see how we can increase the number of people who actually come to work on a daily basis. We continue the practice of handing out 40 shares to all new employees, and this quarter we handed out 6,320 shares. We also executed our share program for all employees with a high degree of participation, and 85% of employees in Multiconsult are now holding shares in the company. And last, it's very gratifying to see that Aarhus University was honored with the Audience Award in the category of Hospital Building of the Year in the Archello Awards. And with this, I hand you over to Ove. Thank you, Grethe. Then we have a closer look at the numbers for Q4 2024 and also the full year. And we will start with Q4. Net operating revenue in this quarter ends at NOK 1,443 million. That is an increase of 6% from last year. The organic growth is 4.8%, and on top of that, we can add the M&A activity of 1.7%. And that is Helm from end of Q4 2023, and the company VA-Resurs from Q1 2024, and the two companies Site partner and Petter J. Rasmussen from Q3 2024. The calendar effect is a negative by 0.5% in the quarter, or NOK 7.1 million. It's the same number of working days, but it's the difference between the months. The main drivers behind this growth are a high number of employees, 174 or 116 FTEs. That is seen in this graph as increased capacity. We have increased billing rates. That is part of other revenue effects and also an improved billing ratio. The billing ratio for the quarter is 72.5%. That is an improvement of 0.7 percentage points from last year. Net operating revenue is also affected by consistently improved project control. That has led to more even distribution of net project write-offs between the quarters in 2024, but resulting in lower project write-offs in the fourth quarter this year compared to the fourth quarter in 2023. We will look more closely at its effect on the next page. EBITDA in Q4 amounted to NOK 98 million. That is a decrease from last year of 17.2%, and the margin is 6.8% compared to 8.7% last year. This is impacted by increased employee benefit expenses and other operating expenses, and that's also shown in this graph in the right. Order intake in the quarter is positive at NOK 1.798 billion, and the order backlog is solid at NOK 4,851 million. The reported profit for the period is NOK 89.7 million. That is a decrease from last year by NOK 23.2 million, and in this is the reversal of an earn-out provision recognized on these two purchases, Helm and VA-Resurs. And that is positive on net finance of NOK 21.4 million, and then a new graph on improved project control. And as commented on the previous page, net operating revenue is affected by consistently improved project control. And that has led to more even distribution on net project write-offs between the quarters in 2024, but resulting in lower project write-offs in the fourth quarter this year compared to the fourth quarter in 2023. And that is illustrated in this graph. To look a bit behind this, because on an annual basis, we set a provision level per quarter on write-offs estimated based on our historical performance. This estimate is verified by our external auditors. This is to avoid high fluctuation that we have seen before in write-offs between the quarters. The performance improved significantly from 2022 to 2023, resulting in, in hindsight, too high provisions in the first three quarters in 2023 and a high reversal effect in the fourth quarter. This is shown in the black line in the graph. In 2024, the performance level was in line with 2023, causing reduced fluctuations between the quarters and reduced reversal effect in Q4, but a lower effect on net income. I'll look at the full year for 2024. Our net operating revenue ends at 5,384 million NOK, an increase of 12.1% from last year. The organic growth is 10%, and M&A activity, as commented on Q4, is 2.8% on top of that. Calendar effect is also negative on the year, 0.7% or 34.6 million NOK. We have the same number of working days, but the difference between the months. Also for the full year, main drivers behind this growth are a high number of employees, 174. That is 178 FTEs, also seen here as increased capacity. We have increased billing rates and also improved billing ratio, and year over year, the increase is 2 percentage points, and we end at 72.8%. As commented on Q4, the level of project write-offs has been consistent with expectations. EBITDA for the full year amounted to NOK 523.4 million, or an increase of 24.8% from last year, ending at a margin of 9.7%, an increase by 1 percentage point from last year. If we adjust this with the one-time compensation that we reported in Q3, we end at an EBITDA margin of 9.2%. That is a slight decrease from last year of 0.1 percentage point. For the full year, the order intake has been NOK 6,454 million. The reported profit for 2024 is NOK 413.3 million. That is an increase of NOK 96.7 million from last year. In this number, we see the subsequent measurement of the A-lab put option that is reported early this year, a positive effect of NOK 36 million. And this reversal of the earn-out on Helm and VA-Resurs is on top of that of NOK 21.4 million. So in sum, that is NOK 57.4 million. But the board of directors has approved to propose for the General Assembly a dividend of NOK 10 per share as ordinary dividend. This slide is a summary of what is mentioned so far, and we see the results per quarter. Starting top left, we see the increase in net operating revenue, 6% year over year, but also the rolling 12 months is still with a positive trend. The increasing billing ratio of 0.7, we see top right, and also the number of employees increased by 4.6%. The result is down left with an increase on, sorry, with the margin of 6.8% on EBITDA. Also affected by the change in this net up and write-down effect and the change in cost. Then a closer look at this segment. And all numbers Q4 2024 compared to Q4 2023. And we're starting to the left with regions Oslo. Net operating revenue in this quarter is NOK 515 million. That is a decrease of NOK 18.9 million or 3.5% from last year. The reason is that this effect on project control is in particular hitting this segment. And that means that we have a higher reported income the previous quarters, but a lower effect now in Q4. We also have a decrease in number of FTEs. That is 34, a 1.3% decrease. And this is due to organizational changes between this segment and the support functions. This is shown in the note number five. This effect is then partly offset by a higher billing ratio and increased by 0.9 percentage points and also higher billing rates. The calendar effect is slightly negative in this segment by NOK 0.4 million. Operating expenses increased by 5.5%. Employee benefits 5%. That is in line with ordinary salary adjustment and the changing staffing level. Other operating expenses increased by 7.5% in the quarter, ending with an EBITDA of NOK 44.9 million. Going then to the right, regions: Norway, net operating revenue with an increase of NOK 46.5 million or 8.6%. EBITDA was NOK 5.3 million higher than last year, and the margin also increased from 8.7% to 8.9%. The improvement in this underlying performance was caused by a growth in capacity, 44 FTEs, increased the billing ratio by 0.7 percentage points, and also increased rates. This region is also somewhat affected by the described improved project control, but to a less extent. Operating expenses increased by 8.5%. That is included the effect on the acquired company Petteri Rasmussen. And the calendar effect also slightly negative in this segment by NOK 0.5 million. Then going to the architects, the net operating revenue is at the same level as last year, but we show an increase in EBITDA, EBITDA margin, and also on the billing ratio compared to 2023. Calendar effect is negative by NOK 2.9 million in this segment. The currency is positive on net operating revenue by NOK 0.5 million and negative on EBITDA by NOK 0.2 million. Short comments per company. LINK Norway improved results compared to the same quarter last year due to improved project control, billing ratio, and also billing rates. Market conditions differ based on geography, but remain challenging in part of the country, especially in the Oslo market. We see delayed project startups. Due to these market conditions, the total capacity on FTEs is reduced, and there are also some temporary layoffs during Q4. Going into Sweden, LINK has underlying results improvements, and also this driven by increased billing rates, billing ratio, and also margin on subconsultants, but due to one-time compensation from a customer last year, the reported EBITDA is lower this year compared to 2023. There is still a challenging market, but a slight improvement in the important Stockholm area. In LINK Denmark, we still experience an improved performance compared to last year. We have continued high activity and savings on other costs, and the market conditions are slightly improved to the end of 2024. A-lab mainly exposed towards the private market in the Oslo area, more demanding market conditions, that is, and causing reduced net operating revenues, and to compensate for this sales drop, there is unfortunately a number of temporary and permanent layoffs in the quarter, and we also this quarter is delivering slightly negative results. But we see some positive signs of improvement in the market conditions. To sum up, the total in this segment reduction of number of FTEs of 41 compared to last year, and there were 8.6 FTEs temporary layoffs at the end of Q4. Then the last segment, international, very positive to report from that segment this time. An increase of 23.8% on net operating revenue, positive currency effect on NOK 2.2 million. And the calendar is also negative in this segment by NOK 3.2 million. A growth on FTEs, 63 or 15.1%. And that is driven by high organic growth in Multiconsult Polska and the acquisitions of Helm and VA-Resurs in Iterio. And EBITDA for the quarter, NOK 14.1 million, is increased or close to 40% compared to last year. And both increased in both companies. The currency effect is slightly positive of NOK 0.4 million. And also a positive signal on gradual improvement in the market condition for both companies in this segment. Then some comments on our financial position. And starting to the left on our cash flow, starting the year with a positive cash flow of NOK 278 million. We had a positive cash flow from operation, including IFRS 16 of NOK 677 million. Then the change in working capital, slightly negative, NOK 5 million. But bear in mind that the growth on net operating revenue was 12%. Cash from investment, NOK 155 million. And that is M&A activity, NOK 62 million. Also included now a new drilling vessel, Multi Cat. And also cash from financing. And that is the dividend of NOK 221 million. And then paying of long-term debt, NOK 200 million. So including IFRS 16, and we end the year with a positive cash position, NOK 165 million. And also shown downright a strong financial position. We have reduced the net interest-bearing debt by NOK 47 million, and we leave the year with a gearing rate of 0.22. We are also free cash flow positive in this quarter. In the blue column, we see the cash from operation positive on NOK 409 million, and the cash flow of use for investments, that's the green line, negative by NOK 11.9 million. And the net positive effect is NOK 397 million, and then the fourth year, the last 12 months, the free cash flow is positive by NOK 579 million. And that is shown in the black line on top of this figure. So after all this detail, Grethe, I'm happy to hand it back to you. Thank you, Ove. Let's look at the gross revenue split on the four business areas. As you can see, there are small changes within the two first business areas and a substantial growth on energy and industry, and also on water and environment. Totally, we have a growth of 6% on gross revenue, then to finish off the year, we would like to show you some of the positions that we do hold and have held through 2024. We confirm the number one position that we have in the Scandinavian hospital market. LINK Denmark was awarded a new hospital contract in the region Randers in Denmark, both an extension and a rehabilitation, and this is the kind of projects that we are expecting to see more of in the coming years. We also won the award, as I mentioned previously. This is our benchmark with the world. We can think that we're good. This is the confirmation that what we do is also appreciated outside the company, and the last one here that you see in the picture is the opening of a new hospital in the far north in Hammerfest, where both LINK and Multiconsult have been part of the project team. We also confirm a leading position when it comes to the defense sector. In some ways, this is a worrying trend, but we have for a long time had good relations with the defense authorities, and we were the sole provider for a large frame agreement for submarine shelters in Norway. We are also part of the six frame agreements that was announced just before Christmas, covering the whole of the coast of Norway from south to north. On the six frame agreements, Multiconsult is number one or number two in five of these. It's also good to see that LINK Denmark is part of a constellation of four that has been awarded a frame agreement with the Danish Ministry of Defence. They have seen the first call-off on this frame agreement to start up just at the beginning of the year. We also hold a strong position in the energy transition sector. We were just awarded a contract with Equinor on the electrification of three of their offshore platforms. Through the frame agreement that we have with Statkraft, we are expecting activities in this coming year. We are also involved now with two power plants, pumped storage, one in Albania and one in Scotland. An important part of our strategic ambitions is to build on the position that we have when it comes to urban transformation. We are currently involved in several projects. Here we have chosen to show you one that's in Bergen on the west coast of Norway, where we are developing housing, other infrastructure, building a whole new area for citizens here, and we are also involved with a development in Sandnes in Stavanger, where one expects over a 10-year, 30-year period to build up 2,000-3,000 housing. And we are also very proud that LINK and Snøhetta is one of the three architects who have been chosen for the next stage of the competition to build the new headquarters for the Norwegian television company. Dividend, as Ove also mentioned, when the board decides, they look at our financial results, they look at our balance sheet, and they make sure that we have enough financial flexibility going into 2025, but the decision they've made now is for NOK 10 per share in dividend. The outlook, the overall market outlook remains good and stable. Increased investments are expected in the defense and energy sector. We have a high volume of projects ongoing and a diverse portfolio with a very solid and high order backlog. There is continued uncertainty, and there is also some increased competition in parts of the markets where we operate. A solid pipeline and a solid portfolio of frame agreements gives us a reason to be optimistic going into 2025. So far in 2025, we have also seen some very good sales, some of them that have also been announced. With that, we finish off by reminding you of the annual report that will be out in March. There's a general assembly in April. Then the next time we see you for a quarterly presentation will be in May. With that, we finish this session and open up for questions. Thank you. We have questions from the Norwegian presentation held earlier today, which is translated, and there's one question from Magnus Rasmussen in SEB and Simen Mortensen in DNB. They are pretty much the same. Can you quantify the year-on-year negative impact related to net project write-downs? Yes. We refer to the annual reports. We have mentioned this effect on, I think it's page 22 and 23 in these reports, and the change was in 2022, we said it was between 1%-2%, and in 2023, we said it was below 1%, and some of you have made estimates based on that. Thank you. Martine Kverne, Nordea. Can you comment on the development in operating expenses? And can you elaborate on the effect on contracts announced for LINK during the quarter? Yeah, on operating expenses, we report an increase in both employee costs and also other costs. And I think the question was on other costs. And the answer was that we see an increase in IT costs, and that is mainly licenses. We are dependent on that, but also some related to M&A activity that was done during the year. And when it comes to Link, it's difficult to give an exact figure, but we do know that the sales and the inclusion that we have with the Link, both when it comes to energy and defense, has a positive effect. But Link is still very dependent on also making headway in the traditional areas where they operate. Thank you. Jørgen Stenshagen. When looking at the result and development throughout the year, should the fourth quarter be considered representative, or should we look at the full year? I would say the full year represents also the ambitions that we have. If you look at the key figures where billing rate and what's the debtor days? I forgot. The billing ratio. Billing ratio, which of course is extremely important for us. I would look at the whole year when I make the suggestions of, sorry, when you think about next year. Thank you. Bengt Jonassen, ABG Sundal Collier. I see that you now changed the wording in the outlook from good sales to good order intake. Normally, good sales has been associated with high billing ratio. What is behind this change? Well, we changed it from good sales just to understand that we mean new contracts. Good. Bengt Jonassen again, can you elaborate on the changes made in Region Oslo and the effect of these changes and the rationale behind them? Yes. The main change is that we have made one unit for the digital development and the work, the people who work on the digital in our projects, to have one common unit, not split as we had before. It does mean, like Ove also said, there will be some income now that comes in the support part of the and not in the operating line of our organization. Good. And finally, Øyvind Mossige, this question was not in the Norwegian presentation, but it came now. And can you elaborate a little bit? But Simen Mortensen also was in it. So basically, it's the same question that Simon had. But can you elaborate on the billing rate development and what is the underlying billing rate increase when adjusting for write-ups in Q4? Yeah. And what we reported now in this presentation was that this net write-up, write-down effect was in line with expectations. So basically, the expectations were set on previous year's performance, so they are pretty much constant. So I think that answers this question. I agree. And that's the final question. Okay. Then we say thank you from Oslo and have a nice day. Thank you.