Welcome, everyone, and thank you for joining us today for M Vest Water's presentation of our third quarter results for 2025. My name is Tor Olav Gabrielsen, and I'm the Executive Chairman of M Vest Water. I'm also joined by our CFO, Morten Hilton Thomassen, who will walk you through the financials and summarize the key takeaways from this quarter. This webcast is being recorded, and a replay will be available on our website later today. Please note that this presentation contains forward-looking statements based on management's current assumptions and analysis. This is the agenda for today. We start with a review of our recent highlights, followed by a brief presentation of our company. Then we walk you through the latest and the most important business and financial updates. If you have any questions, please submit your questions to the Q&A panel, and we will answer as best as we can at the end of the presentation. The growth in chemical sales that were highlighted in the previous quarter has continued into the third quarter. Chemical sales increased by 33% compared to the third quarter of 2024, a year-to-date increase of 79% compared to 2024. In Germany, the long-term trial at METHA has now started. This represents the final qualification step toward replacing synthetic chemicals with our green alternatives at the dredging facility in Hamburg. Upon successful completion, we proceed with commercial negotiations for a long-term contract with METHA. After more than two years of successful operations, we have received follow-up orders from our Norwegian oil and gas customers. A retrofit NORWAPOL has been installed at Norwegian Oil Terminal, and an optimization project for the water treatment process at SAR is moving forward towards its final stages. Both orders represent a strong validation of our technology and deliver great value to our customers. In the aquaculture segment, our sensor-based and adaptive water treatment technology implemented in the second quarter has demonstrated stable operation and high purification efficiency, further strengthening our position as the leading provider of water treatment solutions, helping Norwegian slaughterhouses comply with the new and strict EU discharge regulations. For the quarter, we have a strong development in the opportunities and tender activity. Finally, we completed a private placement at the end of October. The conversion of a NOK 12 million shareholder loan, combined with NOK 8 million in gross proceeds at a 25% premium, demonstrates strong investor confidence in M Vest Water's technology and long-term potential. Vest Water develops green technologies for water and wastewater treatment, helping industries address the water pollution challenges. Our two main products, NORWAFLOC, are green and biodegradable chemicals, and NORWAPOL, a high-performance filtration technology. In addition to these products, M Vest Water delivers equipment and total solutions, combining both chemical and technical expertise to meet our clients' needs. We have established facilities in Norway and Germany, and we also operate in the U.S. and the Middle East through partnerships and agent agreements. More than 80% of the world's wastewater flows back into the environment without any water treatment, and about 1-3 million tons of nano and microplastics are released into nature annually. Our mission and contribution is to offer eco-friendly water treatment solutions, replacing microplastic-based chemicals and enabling the sustainable reuse of valuable sludge. The world is facing a water crisis driven by climate change, urbanization, and increasing competition for limited water sources. In large and emerging markets such as oil and gas and dredging, urgent action is needed both from regulatory authorities and industry players themselves. The global market for water treatment chemicals is projected to reach $50 billion by the end of 2028. In this market, the shift towards natural products has officially begun. The market for natural chemicals is expected to grow at an annual rate at 13.8% over the next five years. According to a newly published market analysis report, M Vest Water is listed as one of only 10 producers of natural chemicals worldwide. Now, let's move on to the business updates. One of our highlights this quarter is that our chemical sales increased by 33% year- over- year and 79% compared to the same period last year. Currently, our chemicals are produced at our Bergen facility, where we have already produced more than 250,000 liters of NORWAFLOC this year, compared to 150,000 liters during the same period in 2023. Our current production capacity in Bergen is sufficient to meet the expected long-term demand for our products in the aquaculture and oil and gas segments in the Nordic region. It also allows us to support initial international expansion. The production of our newest NORWAFLOC, designed for dredging, municipal sewage sludge, and sand and gravel, is outsourced to a German manufacturer. The first production batches have been completed, and in the fourth quarter, we delivered 13,000 liters to the long-term trial at METHA. It has now been nearly two years since the EU discharge regulations were introduced in the aquaculture industry. To this date, two of Norway's 45 salmon slaughterhouses have been required to implement water treatment under the new framework. Both facilities, completed in 2024, chose to integrate NORWAFLOC from the very start of their operations. In addition, an Icelandic slaughterhouse implemented our solution in Q3 2024. Several slaughterhouses are now receiving feedback from the authorities regarding their exemption requests. So far, no exemptions have been granted, but compliance deadlines ranging from two to four years have been issued. Going forward, our goal is to capture this market as the deadlines approach. Approximately 19 of the 45 slaughterhouses account for about 80% of the total production volume, and the majority of these have already implemented disinfection solutions from our technology partner, which is compatible with our NORWAFLOC water treatment solution. As the newly built Norwegian facilities have scaled up production, the resulting increase in water consumption and organic load has placed greater demands on system robustness and continuous operation. In close collaboration with our clients, we have developed and implemented solutions that help these facilities comply with the upcoming regulations, analyze data trends, and manage fluctuations in production volumes and other local conditions. We are now proud to say that our 24-hour sensor-based and adaptive chemical treatment technology has demonstrated stable operation, high purification efficiency, and strong robustness. This dedicated work has provided valuable insights that enable us to recommend treatment solutions specifically tailored to each facility. At the same time, wastewater treatment and sludge management are closely linked, and M Vest Water is actively exploring improved dewatering methods to ensure a complete and integrated approach in future systems. As of now, we are now beginning to add dewatering solutions to our tendering portfolio, which we aim to convert into sales in the coming periods. M Vest Water has taken a leading role in developing and operating solutions that enable salmon slaughterhouses to comply with the new standards. Our position as first mover gives us a clear advantage in building expertise and partnerships in close collaboration with the industry as we navigate this new terrain. We expect strong growth in the salmon slaughterhouse segment. By maintaining our leading position, we have a good visibility into future expansion as the implementation deadlines for the EU regulations expire. Based on current information, the majority of factories are expected to implement water treatment solutions between 2026 and 2030. Our ambitions remain high, and we aim at a 70% market share. The most significant development in Germany this quarter is the progress on our collaboration with METHA in Hamburg. METHA is a flagship in the dredging industry, recognized for its scale and leadership in sustainable dredging management, with a strong ambition to eliminate the use of synthetic chemicals in sludge dewatering. In August, we completed the third of four qualification steps of our NORWAFLOC product. In October, we received a purchase order for the final step, a long-term trial, which has now started. So far, we have delivered 13,000 liters of our NORWAFLOC for this trial. Upon successful completion of this trial and provided that both METHA and the Hamburg Port Authority's expectations are met, M Vest Water will go into further commercial negotiations regarding long-term contracts with METHA. Over the past year, we have focused on establishing our presence in the Middle Eastern markets. Our approach has been twofold: winning contracts to pilot our technology and securing participation in tender processes for long-term deliveries of our products and solutions. We have made important progress, even though the path to long-term contracts is time-consuming. To this date, we have several ongoing projects in the Middle East. Back in April of 2024, we announced our first contract in the Middle East oil and gas produced water market. Implementation of this project is scheduled to start at the end of the year, and we have now received the first set of orders associated with this contract. In 2025, we engaged in two additional assignments aimed at qualifying our technology for major oil producers. The first project, aimed at qualifying our technology at the Saudi Arabian treatment facility, has, due to the geopolitical tension in the region earlier this year, been moved to the next time slot at the site. The estimated commencement is in the first quarter of 2026. The second assignment is an ongoing green dealer technology trial with an oil and gas producer in Oman. In Norway, we have secured two additional orders from existing customers, both following two years of successful operations. In July, a large Norwegian oil terminal placed an order for a second NORWAPOL retrofit, or a patented polishing process tailored to the use of our natural chemicals. In August, we received a project assignment from SAR to support the optimization of the water treatment process at its Munster facility. This follows two years of continuous supply of our NORWAFLOC products to SAR. The project has progressed successfully and is now approaching its final stages. Collaboration with SAR has been excellent, resulting in significant performance improvements and notably better purification results. We view two additional orders as a strong validation of our technology. I will now hand it over to Morten, who will provide an update on the financials and wrap up the presentation with a few key takeaways. Thank you. Thank you to Olav. Revenues in the third quarter amounted to NOK 6.9 million, bringing year-to-date revenues to NOK 19.3 million. The increase in chemical sales contributed to improved EBITDA and cash flow. EBITDA was negative NOK 3.5 million, and cash flow from operating activities negative NOK 3.2 million for the quarter. The company's equity position has strengthened following the end of the third quarter. In October, we completed a fully underwritten private placement, raising NOK 8 million in gross proceeds at NOK 8 per share. In addition, two existing shareholders converted shareholder loans totaling NOK 12.6 million. The issue price represented a 25% premium to the recent trading price, reflecting strong confidence in the company and highlighting the continued trust and long-term commitment from our shareholders. The proceeds will be used as working capital to support the company's ongoing projects and tender activities, and to meet the growing demand for NORWAFLOC products across all segments. Looking ahead, we have several key pilot projects and full-scale trials planned for the coming quarters. The company remains committed to achieving growth across all our business segments. Our efforts are fully dedicated to ensuring the successful completion of these trials, with the ultimate goal of securing long-term contracts for our environmentally friendly technology. Chemical sales grew by 33% year- over- year compared to third quarter of 2024, and 79% comparing year-to-date figures. The aquaculture segment continues to deliver solid profitability, accounting for 90% of the total revenues during the period. We are positive about the trend in chemical sales, as recurring revenues provide a strong foundation for future profitable growth. Finally, here are the key takeaways from this presentation. In aquaculture, we continue to strengthen our position as the preferred water treatment solution for salmon slaughterhouses. Our sensor-based and adaptive chemical treatment technology implemented at the salmon slaughterhouse in August has demonstrated stable operation, strong robustness, and high purification efficiency. In dredging, we are now only one step away from advancing to further commercial negotiations regarding long-term contracts with METHA. METHA, as a flagship in the dredging industry, known for both its size and leadership in sustainable dredging management, represents a significant growth opportunity for our German business moving forward. In the Middle East oil and gas market, we have made solid progress, although securing long-term contracts remains a time-consuming process. So far, we have secured several pilot assignments, demonstrating both the market and region's interest in our technology. Another strong validation of our technology comes from two follow-up orders from existing customers in Norway. The first is a second NORWAPOL retrofit at the Norwegian oil terminal, and the second is a project to optimize the water treatment process at SAR Mongstad. Both orders following two years of successful operations. Finally, I would like to highlight the recent private placement, raising capital at a 25% premium. This demonstrates strong investor confidence in our technology and long-term growth potential. We are now ready for the Q&A session. All right, very good. That concludes the presentation of the results, and we will now move over to the Q&A session. Just as a reminder, if you have any questions, post them through the Q&A chat function, and we'll try to cover as many as possible. Starting off, we have a question on the recent capital raise. You converted a NOK 12 million shareholder loan and added NOK 8 million in new equity. The third quarter report also notes that NOK 4.5 million of the NOK 8 million bank facility was drawn as of 30 September. Could you please provide some color on how you assess the appropriate size of the raise and how you view the company's current funding needs? Related to that, how should investors think about potential future financing options, whether equity, debt, or shareholder loans? Thank you very much for the question. First of all, I'd like to refer to what we told the market at that point in time. We think that the capital raised and the conversion is sufficient to support our current projects and the ongoing tender portfolio. With that, we believe this capital raise is more than sufficient for it. For the future, and that was how it was actually decided, the amount that we raised in new capital, and combined with the premium we got in the issue, we didn't see that there was any need to have more money in the company at those levels, at those terms. Going forward, as I told you, we believe this is sufficient to support our current ongoing operations, but we are quite opportunistic when it comes to funding. We have access to bank facilities. We also have good relations to our main shareholders and are in dialogue with them if and when we should require any new funding. We will also look at other options if needed, but we do not intend to do anything in the near future because we are quite comfortable with our situation as of now. All right, very well. Thank you. In the third quarter, you reported sales of 250,000 liters of chemical products. To better understand the operational scale, how many liters of chemicals are typically required per cubic meter of produced water treated? Any guidance on dosage ranges across your main applications would be helpful for modeling. Very good question. The exact answer on that depends on what kind of water. In this context, I think the question was produced water, and that can vary a lot, but typically, we measure it in ppm, parts per million. Typically, it can be between 5-15 ppm, which is, I think, 1 ppm is 1 milligram per liter, and then you can convert it. In produced water, typically 5-15 ppm the dosage. In other kinds of water, whether it be wastewater or slop water, it can be significantly higher. I think in some of the water we treat, it is up towards 300 ppm. All right, thank you. Then the question, did you sell NORWAPOL to METHA in the third quarter? No, not NORWAPOL. Okay. We have delivered not in the third quarter, in this quarter, as we have told the market, we have supplied, and Morten, I think, also mentioned it, we have supplied METHA with the first batch of about 13,000 liters of our natural product, NORWAFLOC, a version of that. All right, very well. I'm not sure if I completely understand this question, but perhaps you do. METHA trial is paid, as stated, through news. How is it for the ongoing test in Oman and the upcoming in Saudi Arabia? Yeah, it was in Saudi Arabia, which we in 2024, in April, in that question, in the Q&A. The true part estimates are not changed, so we will keep those estimates as of today. Actually, as we speak, we are participating in an FAT, a factory acceptance test, for this equipment to be sent down to Saudi Arabia. It's being shipped from the States, and we are participating on FAT as of now. In the quarter, we have delivered our filter media for this equipment, and we will start delivering our chemical, the NORWAFLOC, when the unit is in operation, and we think that will be sometime in 2026 when it is accepted and sent down to the client. When it comes to the volumes, we need to analyze and see the wells and what kind of water, what kind of produced water, how the quality is. As I mentioned in the earlier question, that can vary between 5-15 ppm. All right, thank you. Could you please provide us with some color on the working capital requirements going forward, especially considering conversion of tender portfolio to firm projects? We are comfortable with our current capital, and we do not need any further capital in terms of supporting the current tender portfolio. We expect, obviously, that tender portfolio to convert into sales in the following periods. If we should increase the tender portfolio and we have more sales, the working capital needs may change, but we also have some kind of reserve to handle that. We are quite comfortable with that as of now. We have a pretty good visibility both in the current tender portfolio within aquaculture, and we have very good visibility in our activities in the oil and gas Middle East, and also for the, like Morten told you a little bit about, our operations in Germany connected to METHA and the dredging activities there. I think I misspoke for I see someone, which is very bright, pointed out in the chat that the ppm, that's parts per million. That is correct. Parts per million. Five to 15 is the dosage typically for produced water. Okay. The next question is, in your Q1 report, you mentioned a potential new slaughterhouse contract early 2026, late 2025, but the same was not mentioned last or this report. Nothing new regarding this. Will you be able to meet the big demand if a lot of slaughterhouses need upgrade at the same time or in a short time span? We will be able to meet the need. As I told you, we have quite good visibility in the aquaculture market. There are about 45 slaughterhouses which we are targeting. Of the 45, 19 of them is the most important for us because they represent about 80-90% of the volume of the slaughtered fish, and obviously, that drives the usage of the water consumption. We have a pretty good visibility on where they are in the current process. We think that our current facilities will be able to meet their demand. Yeah, things are going as planned regarding the mentioned slaughterhouse. We are working with that and with other clients as well. That is part of what we call our current tender portfolio. All right. Thank you. Regarding Oman and Saudi Arabia, are the trials there paid as METHA is? Yes. In Oman, it's paid, and in Saudi Arabia, some of the costs are covered, but Oman is on commercial terms for the chemicals and our costs there. Okay. Thank you, Tor Olav. With that, I think we reached the end of the questions. I would just like to say thank you all for contributing with questions, and thank you for letting us host your quarterly presentation. With that, I'll just leave the word back over to you, Tor Olav and Morten, for some concluding remarks. I just want to thank everybody for participating in this presentation. As always, you can call me or Morten to schedule a one-on-one presentation or visit our facilities here in Bergen. Thank you very much. Thank you, Nicola.