Good morning, and welcome to Hydro's Q4 2022 Presentation and Conference Call. We will start off with a presentation by our CFO, Pål Kildemo, followed by a Q&A session. Note that you will need to be dialed into the conference call in order to ask questions after the presentation. With that, I turn the microphone over to you, Pål. Good morning. Welcome from me as well. It's a pleasure to share both our fourth quarter and full year results with you today. I would like to start with the key highlights from the quarter. Let's turn to slide 2. For Q4, we report an EBITDA of NOK 7.2 billion. Strong results on the back of strong aluminum markets. Down from the third quarter on lower upstream prices and higher costs. As uncertainty has increased and demand weakened in the fourth quarter, we have had strong focus on cash release and margin management, with a free cash flow coming in at NOK 5.8 billion. For the full year, we are very pleased to report a second consecutive year of record results with an adjusted EBITDA of NOK 39.7 billion, which is 42% increase from 2021. The higher realized all-in metal and alumina prices record high results in both extrusions and energy highly influence the full year results. These factors were offset by higher fixed and raw material costs upstream. We are also pleased to report a full year adjusted ROACE of 22%, over double of our overall profitability goal of 10% over the 5%. We have also delivered NOK 0.3 billion above the improvement target for 2022 of accumulated NOK 7.5 billion. Positive traction for greener products, improved product mix, higher margins and market share growth results in a delivery of NOK 1.8 billion in accumulated commercial ambitions, also above what we were expecting for the year as a whole. At our capital markets day in December, we went through a realistic pathway to near zero aluminum products and how we are working to increase our portfolio of low carbon aluminum products selling at an increasing premium. Since then, we have progressed on that roadmap, taking the final investment decision on two additional L boilers at the Alunorte alumina refinery in Brazil, which together with the LNG fuel switch project and the existing L boiler, would allow Alunorte to reduce 1 million tons of CO₂ emissions per year, supporting Alunorte's ambition to reach the first decile of the refinery carbon emission curve by 2025. On the back of these strong financials, the board will propose a cash dividend distribution of 53% of adjusted net income from continuing operations to Hydro shareholders, amounting to NOK 11.5 billion or NOK 5.65 kroners per share. A new NOK 2 billion share buyback program will also be proposed, which results in a total distribution of around 62% in line with our 60%-70% guidance at our Capital Markets Day in December. Let's move to slide 3. At the end of 2022, there was high uncertainty for 2023 aluminium demand. As the war in Ukraine, the energy crisis in Europe, high inflation and China's zero-COVID policy was impacting economic growth. Several of these factors are still much at play. However, the start of 2023 and development in demand has been more on the positive side compared to our internal expectations in Q4. We also see that for the industry in general, resulting in forecasts of GDP growth for 2023 being adjusted up to around 3%. One of the larger contributing positive factors, at least to the market sentiment, is the reopening of the Chinese economy following the abolishment of zero-COVID policies and also additional governmental stimulus. In addition, a more optimistic view on the broader macro picture in the Western world contributes positive. The demand developments, together with curtailments of both aluminum and alumina capacity inside and outside China, has driven up the alumina and all-in aluminum price through the fourth quarter and further increasing in the start of 2023 with the LME price sitting at around $2,500 and the alumina price at around $365, with Atlantic Premium on top in our region. Far, the positive sentiment regarding Chinese reopening is based on expectations of strengthening demand and a tightening balance. We still need to see the physical figures supporting this in the months to come. When accounting for all moving parts just mentioned, as we move to slide 4, we still expect largely balanced markets for 2023, slightly tighter than our last update at Capital Markets Day. Even though energy prices have come down in general, there are still power-driven curtailments, with the majority of the recent ones taking place in China, around 1.3 million tons, mainly in the Yunnan region, with another 600,000 tons at immediate risk. In Europe, gas and electricity prices have decreased significantly since Q3. Are still expected to be too high for widespread unsubsidized smelter restarts. While energy prices have fallen, so have many product premiums, partly offsetting the relief on the cost side. Overall margins have, however, improved significantly as energy costs have plummeted. However, they are still at a level where an average German spot-based smelter margin does not look attractive to produce aluminum at. According to CRU's cost model, around 600,000 tons is still at high risk of curtailment, especially if we see a new upswing in power prices, and around 400,000 tons is at medium or high risk of curtailment at higher power prices. On the other side, we have seen smaller restarts enabled by governmental support, which of course, can make the total margin picture more attractive. Let's then move to slide 5. If we move from the development in European energy to the Nordic markets, then the system price was down in Q4 2022, in line with a weaker European price development following lower production costs in coal and gas power plants and mild weather. The risk of Norwegian rationing is no longer present as Nordic hydrological balance has improved, however, still remains below normal levels. Northern Scandinavia has managed to reduce the price gap towards southern Scandinavia, mainly due to higher consumption as weather turns colder in combination with increased control with the hydrology. Still, northern Scandinavia will remain systemically oversupplied the coming years and should continue to price below the south if we assume normal market fundamentals. Let's move to slide 6. When accounting for all moving parts just mentioned, we still expect largely balanced market. Oh, sorry. Let's finish the market section by moving downstream, where in Q4, Hydro's extrusions saw a 12% decrease in sales volumes compared to Q4 2021. European demand for extrusions in the fourth quarter of 2022 is estimated to have decreased 16% compared to the same quarter last year and 9% compared to the third quarter of 2022, partly driven by seasonality. Demand for the industrial and the building and construction segments have continued to weaken into the fourth quarter, while growth in automotive demand is improving as supply chain issues are easing. Some sub-segments, such as renewables, including solar, is also showing robust growth. North American extrusion demand is estimated to have decreased 8% during the fourth quarter of 2022 compared to the same quarter last year, and decreasing 14% compared to the third quarter of 2022. Demand is moderating in the building and construction sector amidst softening housing market indicators, while the automotive segment is improving as vehicle production is picking up. CRU estimates that European and North American demand for extruded products will decrease 18% and 5% respectively for the first quarter of 2023. We expect largely similar development in our extrusion business with a relatively worse performance in North America. Let's then move to slide 7. At a recent Capital Markets Day in December, we gave a detailed strategic update and we are delivering accordingly. On strengthening our position in low carbon aluminum, two of the most significant achievements in the fourth quarter was firstly, the first sales of our Hydro CIRCAL 100R, which is recycled aluminum based on 100% post-consumer scrap, sold to the development of the very modern Harburg Innovation Park in Germany. Secondly, the first partnership in a line of many with Mercedes-Benz to partner on the road to zero, delivering our first spearhead low carbon Hydro REDUXA 3.0 product to them already in 2023 to be used in their EQ line. This is the central part of our future value creation ambitions going forward. All the developments across the organization contribute to the end results of increasing sales of low carbon aluminum at premium pricing. This is the red thread through everything that we do. The end customer cares about the carbon footprint, which this quarter has been further supported by the new electric boilers in Alunorte as mentioned earlier. Like us, they also increasingly care about our broader environmental footprint. We are therefore pleased to have invested into a pilot plant for extracting metals from bauxite residue to reduce the need for potential residue deposit areas in the future, saving both CapEx and the environment together with a company called Wave Aluminium. Together, we will build a pilot plant at Alunorte to process 50,000 tons of bauxite residue per year, and the plant is expected to be in operations by 2024. The project can potentially be expanded to process 2 million-4 million tons of bauxite residue per year, and that will support Hydro's target of achieving 10% utilization of bauxite residue generation by 2030 and eliminating the need for new permanent storage of bauxite residue by 2050. On the second pillar, the transition to a low carbon society also provides opportunities for Hydro's new energy areas. In the fourth quarter, Hydro, Eviny, and Zephyr announced a partnership to explore an onshore wind project located in the area between Høyanger and Sunnfjord in Norway. The renewable power will be used by existing industry and enable new industrial development in the region. For Rein, the process to raise capital is still ongoing. In the fourth quarter, Hydro Havrand also announced a 5 MW green hydrogen pilot project at Hydro's Herøya smelter in Norway. Hydro Havrand is maturing the project, which is pending further support from Enova. Let's move to slide 8. Strengthening our position in low carbon aluminium starts with having a robust position on the cost curve. We have a long track record of establishing and delivering on-target improvement program in Hydro. Throughout these years, it has always been very important to ensure that the improvement can be tracked back to the bottom line. Our current program was initiated in 2019 with a baseline in 2018 when our adjusted EBITDA, excluding Hydro Rolling, amounted to NOK 15 billion. Since 2018, we have had a positive impact from favorable market conditions with around NOK 30 billion impact from higher sales prices as well as currency, only partly offset by NOK 15.4 billion in higher raw material costs. Downstream volumes, margins, and energy price and volume contributed with another NOK 6.9 billion. We then have NOK 4.6 billion in increased SFK costs, partly driven by inflation, in addition to NOK 1.8 billion in negative other effects like corporate costs, BNA ship unloader outage, and accounting effects related to the Røldal-Suldal Power DA restructuring. Without our improvement efforts, our EBITDA today would have been NOK 30 billion. Adding the NOK 9.6 billion from the improvement program and commercial ambition brings it to NOK 39.7 billion. We still have NOK 4.4 billion to deliver in the years to come, which you should expect to contribute to our bottom line in the same way going forward. Our key value lever is to continue to position the company to capture value from growing demand for greener and circular aluminum. Greener aluminum with a lower carbon footprint is an important enabler for the green transition, and the demand for aluminum towards 2030 in Hydro's main markets is set to grow at 3% per year. Low-carbon aluminum demand is expected to outpace the rest of the market with a current estimate of 20% compound annual growth rate from 2022 to 2030. For the full year of 2022, we have increased sales of greener products with 180,000 tons, a 25% increase for Silikon, and a 70% increase for Hydro REDUXA. Going forward, we have the ambition to at least increase the sales by another 280,000 tons by 2025, with increased capacity if we are able to continue to exceed our targets. As we continue to reduce the footprint of the product, the value effects will increase as the last tons of low carbon products come at a much higher premium. Slide 10, please. Let's dive into the detailed results and start with the development from Q3 to Q4. Adjusted EBITDA for the fourth quarter was down NOK 2.5 billion compared to the third quarter. The main negative drivers were NOK 2.3 billion in 6% lower realized alumina prices, 14% lower all-in aluminum prices, NOK 0.6 billion on lower downstream volumes, NOK 0.7 billion on higher SFK costs, mainly driven by seasonality, inflation, and M&Os, around a third each, and NOK 0.6 billion in other effects, mainly lower positive eliminations and higher corporate costs. Q3 was also positively impacted by NOK 1.3 billion related to a revision of prior period CO2 compensation and NOK 550 million in current compensation, which remained stable into Q4. This was partly offset by higher downstream margins of NOK 0.4 billion, higher energy prices and volume of NOK 1.3 billion, NOK 1.3 billion in net effect of power sales, which includes the loss on energy's buyback from Aluminium Metal of NOK 250 million. Slide 11. We move to the key financials for the quarter, year-over-year revenues decreased by about 5% to NOK 44.1 billion for the fourth quarter. Compared to the third quarter, the decrease was 18%, mainly on lower realized prices and volume. For the quarter, there was around NOK 3.3 billion negative effects adjusted out of EBITDA, which includes negative unrealized effects on LME and raw material contracts, some smaller rationalization costs in extrusion, and a positive currency gain offset by other effects, resulting in a reported EBITDA of NOK 3.9 billion. Moving on, we have adjusted depreciation and amortization of around NOK 2.2 billion in the quarter, resulting in an adjusted EBIT of NOK 4.9 billion. Financial income of NOK 271 million for the fourth quarter includes NOK 356 million in forex gains, primarily reflecting a gain on euro embedded energy derivatives on the back of heightened euro NOK interest differential. We have a large income tax expense for the quarter amounting to NOK 1.5 billion, about 91% of income before tax. This is mainly due to the reassessment of recoverability of deferred tax assets in Bauxite and Alumina, resulted in a net charge of about NOK 1.4 billion related to tax losses carried forward. This was partly offset by the legal restructuring of the associate Lyse Kraft DA, resulting in lower power surtax of around NOK 550 million. Overall, this provides a net income from continuing operations of NOK 158 million, down from NOK 8.5 billion in the same quarter last year and NOK 6.7 billion in the third quarter. Adjusted net income was NOK 2.4 billion compared to NOK 5.8 billion last year and NOK 6.3 billion in the third quarter. Consequently, adjusted earnings per share was NOK 0.99, down from NOK 2.57 in Q4 last year and NOK 2.91 in Q3. Let's move into the business areas, starting with Bauxite and Alumina. Moving to slide 12. Adjusted EBITDA for Bauxite and Alumina decreased significantly from NOK 2.4 billion in Q4 2021 to NOK 101 million in Q4 2022. This is mainly driven by lower alumina sales prices and higher caustic and energy prices. This was partly offset by positive currency effects. The fourth quarter 2021 included insurance compensation of around NOK 498 million related to a decommissioned train. Compared to the third quarter of 2022, the adjusted EBITDA also saw a decrease, mainly driven by $22 realized lower alumina sales prices and higher raw material costs of around $150 million, mainly driven by caustic soda, which is lower than our guidance from last quarter of around $250 million-$300 million, primarily due to the lower energy prices than what we expected then. For the first quarter, Alunorte is expected to remain around nameplate capacity. We also expect higher realized alumina prices than realized in the third quarter based on current market conditions and timeline profile. We also expect continued lower raw material costs, around $100 million-$150 million for lower coal and fuel oil prices. Finally, we expect around $100 million in higher fixed costs, mainly non-recurring. Let's move to slide 13. Moving on to Aluminium Metal. In this quarter, adjusted EBITDA increased from NOK 4.7 billion in Q4 2021 to NOK 4.8 billion in Q4 2022. The results improved slightly, mainly due to positive contribution from power sales and positive currency effects, partly offset by lower all-in metal prices, lower sales volumes, and higher raw material costs and fixed costs. In the fourth quarter, Aluminium Metal completed a curtailment of 130,000 tons of primary aluminium production at Husnes and Karmøy in response to reduced market demand for aluminium billets in Europe. The power sales for the quarter amounted to NOK 2.2 billion, where NOK 1.4 billion from Slovalco and NOK 0.8 billion came from Husnes and Karmøy. Compared to the third quarter of 2022, adjusted EBITDA for Aluminium Metal decreased from NOK 6.5 billion due to lower all-in metal prices, higher fixed costs of around NOK 300 million, partly seasonal, partly inflation, and partly warm up, and lower CO2 compensation, as Q3 included a NOK +1.3 billion related to a revision of previous period CO2 compensation. In total, it is in line with last quarter's guidance of around NOK 400 million-NOK 500 million. For Q1, 75% of primary production is priced at $2,239 per metric ton, while 40% of premiums affecting Q1 are booked at $643 per ton. In total, Q1 realized premium is expected to be in the range of $475-$525 per ton. Compared to the fourth quarter, we expect lower volumes driven by the curtailment at Husnes and Karmøy, and we also expect lower raw material costs of around $400 million-$500 million, mainly energy and carbon. Fixed costs are also expected to decrease around $200 million-$300 million. When it comes to CO2 compensation for 2023, then the reference price based on 2022 prices has increased, representing an upside from the current $550 million of quarterly compensation that we receive today. We estimate that CO2 compensation will be around $800 million-$900 million per quarter, which is somewhat down from previous estimates due to the curtailed volumes at Karmøy and Husnes. We also expect lower results on power sales in Q1 versus Q4, driven by Slovalco, as the last power was sold in Q4. For Karmøy and Husnes, however, we expect a higher results driven by higher locked in price towards energy and higher curtailment volume. In total, we expect a net power sales effect of around NOK -900 million. Let's then move to slide 14. Adjusted EBITDA for metal markets decreased in the fourth quarter from NOK 284 million in Q4 2021 to NOK -91 million, due to lower results from the sourcing and trading activities and negative currency and inventory valuation effects, partly offset by increased results from the recyclers. The large negative currency effects are driven by NOK 150 million in translation effects due to stronger NOK as the operational currency is different from the reporting currency. The other NOK 100 million in transaction effects is due to a stronger Euro towards the Dollar as customer pricing in different currencies than operational currency in which the margin is optimized. The lower commercial results are mainly driven by an inventory impairment of around NOK 100 million, which will be reversed next quarter, and also large decreases in ingot premiums. Excluding the currency and inventory valuation effects, the results for the quarter was NOK 160 million, down from NOK 350 million in Q4 2021 on commercial results. Remember that this includes NOK 100 million that we will get back in the next quarter. Looking into the next quarter, as always, remember that trading results and currency effects in metal markets are by nature volatile. Based on the current market, we expect lower recycling margins, but seasonally higher production in Europe. In addition, we expect a reversal of the inventory impairment and potentially significant reevaluation reversal effects if the market stays as of now. At current prices, we expect full year results in metal markets, excluding effects and inventory effects, to be around NOK 1 billion. Let's move then to slide 16. Adjusted EBITDA for the fourth quarter increased compared to the same quarter last year. Increased results from the recyclers, driven by increased sales premium, were partly offset by lower sales volumes and higher fixed and variable costs. Despite weaker markets, Extrusions strengthened margins on a favorable product mix. In addition, results for the fourth quarter of 2021 were negatively impacted by non-recurring costs of NOK 330 million related to the scrapping of assets. If adjusting for this one-off, results were fairly flat from Q4 2021. Compared to the third quarter of 2022, the adjusted EBITDA decreased due to seasonally lower sales volumes, higher fixed and variable costs, and reduced demand, partly offset by strong contributions from strategic segments in Extrusions. If we look into the first quarter, we expect continued strong margin levels in Extrusions, offset by lower recycling volumes and premiums and higher fixed and variable costs. We expect continued market uncertainty and a softening of the Extrusion markets in Europe and North America, which will result in lower sales volumes. Let's move to slide 16. The final business area is Energy, where the adjusted EBITDA decreased from NOK 1.7 billion in Q4 2021 to NOK 1.5 billion in Q4 2022. The loss on an internal fixed price contract entered into early October with Aluminium Metal to sell the power from their smelter curtailment into the market accounted for around NOK -250 million in Q4. Lower production and lower gain on price area differences negatively impacted the results. Higher prices partly offset the lower results. Compared to the third quarter, adjusted EBITDA increased as a result of higher production and around NOK 450 million lower tax costs in the equity accounted investment company, Lyse Kraft DA, partly offset by lower gain on price area differences, lower gains from participation in physical balancing markets, and the loss on the internal pay price contract. If we look into Q1, the price and volume uncertainty is, as always, large, and production and prices will depend on hydrological conditions. We do see the hydrological balance in the Nordics improving, but still remaining below normal levels. Based on the current outlook, we expect lower gains from the NO2/NO3 spread differential, and at current spot prices, the estimated negative delta is around NOK 400 million. In addition, we expect a significant increase in losses on the Aluminium Metal buyback contract versus fourth quarter, as the average locked-in price towards Aluminium Metal is around NOK 3,600 per megawatt hour for around 389 gigawatt hours, and the current estimated NO2 price for Q1 is around 1,106 NOK. We have partly hedged this. The estimated positive effect on the hedge at the above market prices is around NOK 180 million. We have 319 gigawatt hour hedge at EUR 123, this is the system price and not the NO2 price. Let's move to slide 17. If we just dive into the development in net debt, we see a picture which turns to net cash during the quarter. Based on the starting point of 3.1 billion in net debt from Q3, our overall net position improved by 4.4 billion quarter-on-quarter to NOK 1.3 billion in net cash based on the following. Firstly, we generated 7.2 billion in adjusted EBITDA. Net operating capital decreased by NOK 2.6 billion. I will get back to the details here on the next slide. We have other operating cash flow adjustments amounting to $0.2 billion, mainly driven by $1.1 billion of dividend received from Qatalum and $0.4 billion increased accruals, partly offset by taxes paid of $1.1 billion. Net investments were $4.2 billion for the quarter, quite in line with our expectations. As a result, we generated free cash flow from operations of a $+5.8 billion in Q4. In addition, we bought back shares of around $0.6 billion as part of our $2 billion mandate. Finally, we have a $-0.7 billion in other, mainly coming from currency effects on debt and cash, which represented a net zero point... net NOK 0.3 billion increase, offset by NOK 0.5 billion in new leases and NOK 0.5 billion from other effects. If we move on to adjusted net debt, we start by adjusting for the NOK 2.6 billion in collateral included in debt per Q4, mainly related to strategic and operational hedging positions. NOK 1.3 billion increase since the last quarter due to higher LME. The next adjustment of NOK -4.5 billion reflects among else assets and retirement obligations, as well as assets in Hydro's captive insurance company that are not available to service Hydro debt. We have a small pension liability of NOK 0.3 billion, which has increased NOK 1.2 billion from last quarter assets on falling interest rates on the curve. With these adjustments, we end up with an adjusted net debt position of NOK 6 billion at the end of the fourth quarter. Let's move to slide 18. We have an exciting investment portfolio for 2023 and the following years to deliver on our strategic ambitions, and we are working structured to ensure that we are freeing up cash from operating capital to support it. For the fourth quarter, we reduced operating capital of NOK 2.6 billion, mainly driven by NOK 0.3 billion in lower inventory levels, NOK 1.9 billion in lower trade receivables and payables, and NOK 1.7 billion in received CO2 compensation. This is partly offset by an additional accrual for CO2 compensation and also release or reversal of other payable accruals. We have worked targeted to reduce working capital this quarter, especially given the high market uncertainty. For our Extrusion operations, we have released inventories above target despite sharply falling demand. However, we are releasing NOK 2.6 billion compared to our guiding of NOK 5 billion at Q3. The main reasons for this are quite straightforward. Firstly, we have around NOK 1.7 billion in receivables related to power sales at Slovalco, insurance and taxes that we were expecting in Q4 that are delayed into Q1, and the majority of that has now already been received, which lifts the total figure to NOK 4.3 billion. Secondly, there is a slight price effect, and there are also some minor volumes and other effects. We look at our total guided release of around NOK 8 billion for Q4 and 2023, communicated at our Capital Markets Day. We estimate that the corresponding figure now is right below NOK 6 billion, with around NOK 4 billion remaining in 2023. The main reason for the lower figure is the increase in prices for the products that we sell. On the CapEx side, the 2022 CapEx came in at NOK 11.5 billion, including Hydro Rein, and this is NOK 100 million below the guidance at Capital Markets Day in December. This NOK 100 million will be carried over into 2023, increasing the CapEx guidance for 2023 slightly to NOK 13.6 billion, excluding Hydro Rein. Let's move to slide 19. Strong cash generation and a robust balance sheet enables us to deliver on our ambition to deliver solid distributions to our shareholders, and we are happy to be able to continue this for 2022. At our Capital Markets Day, we guided for a total shareholder distribution of 50%-70% of adjusted net income. This was based on our estimated adjusted net income for the year and an ambition to distribute up to NOK 23 billion in adjusted net debt, reflecting high cycle earnings and holding back around NOK 3.5 billion to preserve cash for the committed M&A transactions, Hueck and Alumetal. In line with this, the board of directors has proposed a distribution to shareholders of NOK 13.5 billion, equal to around 62% of adjusted net income from continuing operations. The distribution will be split between an ordinary dividend of NOK 5.65 per share and a share buyback program of NOK 2 billion. The dividend alone represents a 53% cash distribution, a year-end yield of around 8% on a 5-year average payout ratio of 78%. Please also remember that last year's payment reflected the proceeds from the rolled product sale. As always, the final distribution for 2022 is subject to approval by the annual general meeting on May 10th, 2023. Let's move to the last slide. Let me finish with an update on our capital return dashboard summarizing our key financial targets and priorities. At the end of Q4, we ended at NOK 106 billion capital employed and delivered an underlying 12-month rolling ROACE of 22%. We have delivered well above our target of 10% for the year as a whole. We're looking at our balance sheet and the key ratio of adjusted net debt to EBITDA, then we are at a ratio of 0.2x, well within our goal of being below 2x over the cycle, supporting our proposed shareholder distributions of NOK 13.5 billion, following NOK 16.1 billion in distributions for 2021, or around NOK 30 billion in total distribution for the two years combined. In Q4, we also saw a continued strong free cash flow of NOK 5.8 billion, bringing our overall free cash flow for the year to NOK 14 billion, despite a build in net operating capital of NOK 8.8 billion over the same period, mainly driven by higher volumes, prices, receivables on CO2 compensations, and receivables on power sales. Improvements were realized by year-end 2022 amounting to NOK 9.6 billion, well above target, strengthening our position in low carbon aluminum. Finally, we allocated capital in line with our strategic modes and spent 11.5 billion, including 1.2 billion in Hydro. On that note, I would like to thank you all for joining the presentation and open up the session for questions. Thank you. Thank you very much, Pål. We will start the Q&A. Please note that you will need to be dialed into the conference call in order to ask questions. It will not be possible to ask questions over the webcast. Operator, we're ready for questions. Thank you. Sure. Thank you. As a reminder, if you would like to ask a question, please signal by pressing star one on your telephone keypad. We will take the first question from line, Daniel Major from UBS. The line is open now. Please go ahead. Hi. Thanks for the presentation. Can you hear me okay? Yes. Great. Thanks. A couple of questions. The first one, with respect to the curtail capacity in southern Norway, demand outlook seems to be stabilizing and improving the opportunity cost of selling power is not as high as it was. What's your plan for restarting that capacity? Thank you, Dan. Well, as it stands today, it's correct that the market is looking a bit better than what we expected coming out of Q4 and the alternative value for power is also lower. As you know, these curtailments are purely driven by the end market demand. As we see it now, coming into the year, there is still uncertainty, and we will have to monitor the market development going forward before potentially announcing a restart of these two facilities again. Okay, thanks. Yes, second question. Just looking at your commercial ambitions target, you've achieved your $1.8 billion, but you're only targeting about $1.2 billion out to 2027. Is that a conservative estimate, and does that all come through green, so through green premiums? I thought perhaps, you know, there might be more potential upside there, particularly considering the potential loss of Russian volumes in the green aluminum space. If you could put a few more details on that. Yeah. Well, as you know, Dan, we have a history of strengthening improvement programs as we identify more potential. This is what we saw when we did the Capital Markets Day process that we have quite a high certainty about. Then the more contracts we are able to sign with the customers for strengthening greener premiums, then the more this will increase going forward. This is what we know today and not expectations of things to come that would come on top. Very clear. Thanks. If I could just squeeze one more in if I could. Or just on the Rein outlook, and just a little bit of clarity on what the remaining CapEx is, including all of the projects that have are under construction effectively. Thanks. On Rein, as I, as I mentioned, we are still working to raise capital. As you know, since the IPO markets are not very active, the private track looks to be the more attractive, and we will spend the time it takes to ensure that we get the value we believe this portfolio has. This is still ongoing as it was at Capital Markets Day. When it comes to CapEx for the years, the estimate is $2.5 billion without a raise. There are some $100 million into the next year, also based on the current portfolio that we have. Okay, thanks. Thank you. Thank you. We will take the next question from line Ioannis Masvoulas from Morgan Stanley. Please go ahead. Yes. Good morning, Pål. Thanks for the presentation. A couple of questions from my side. The first on the CO2 compensation. Can you give us an update here? Has the Norwegian fiscal budget been ratified by parliament? The question here is more so around local media flagging some concerns about the quantum compensation in the years to come. Do you see any risks around that policy going forward, or are you fairly confident that the guidance you gave us earlier this morning will be sustained and only driven by the CO2 price and not any scope changes? Thank you. Well, as we see it, to date, based on the process that was undertaken before Christmas, based on external communication and the like, from central authorities also, this is what we should expect going forward. We have no reason to believe that this should be different. As we have discussed earlier, there is a focus on the CO₂ compensation e-element in the current market environment, but there's also a broad understanding of why the CO₂ compensation element is put in place. This is to ensure that there is a balanced playing field between us and non-European producers, so which are not subject to the same carbon costs and to maintain production in Europe going forward. As we await CBAM gradually rolling in from 2026 and the years beyond that. The CO₂ compensation is the best way to ensure such a level playing field. This is the message that is communicated from authorities, and that is the background for the conversation that we have. No view from our side that this should be different going forward. That's very clear. Thank you very much. The second question, going back to Daniel's point around the capacity restarts, because you have cut capacity across electrolysis, cast house and recycling. My question here is which facilities would offer the best economics for a possible restart? Is it fair to assume that the electrolysis capacity will be the last to come online? Well, there's several elements to take into account here. Of course, it's easier to swing up and down with the cast houses and the remelters where possible. In order to restart the smelters, you should have more, you should have better insight and more clarity as towards the strength in the market continuing into the year. Short-term fluctuations, we take on the remelter side, but if we gain sufficient comfort in the strength that we are seeing so far, subsiding further in the year, then the smelters will be next. Perfect. Thank you very much. Thank you. Thank you. We will take the next question from Liam Fitzpatrick from DB. The line is open now. Please go ahead. Thank you. Hi, Pål. Three questions from my side. First of all, just on Extrusions, I know you're giving us the CRU view, in terms of the rollout of demand this year. Can you give some color in terms of what you're seeing in Europe in particular? Do you think the destock has pretty much played out at this point? Linked to that, I can see your premium guidance is down for Q1 based on the contract lags. In terms of where premiums are at the moment, would you expect premiums to start to go back up in terms of what you realize from Q2 onwards? That's the first question. The second one on Rein, I guess a follow-up. Can you give a little bit more color perhaps in terms of timing? Is your plan still to try and get a private stake sale done this year? The third one, apologies if I missed this. Could you just walk us through what you said the delta would be in terms of the Aluminium Metal power gains, Q4 and Q1? Similarly for the power division, I think you said that the loss on those contracts would increase. Can you actually give us a number for Q1? Thank you. Thank you, Liam. If we start with the Extrusions, which is the most rewarding part of this, to talk about. Extrusion volumes that we see into the first quarter are quite similar to CRU's expectations. We're maybe expecting a bit lower in North America, but more in line on the European side. This is still driven by the same sectoral splits as we discussed earlier. Strong automotive, strong into renewables, and then weaker building and construction. When you, when you look at what we expect going forward, you should also see that we are keeping margins at falling volumes. The fourth quarter results have a negative volumetric effect of around NOK 0.6 billion, but we have a NOK 0.4 billion in positive margin effect in falling markets. Well, for us, it is important to continue to manage margins and also to ensure that we move as much volumes as possible into the strategic growth segments. The outlook for Q1 has improved quite a bit over the latter quarters from our side based on what we expected internally. This is mainly due to strength in margins in strategic growth segments and not so much on the volume side. We do think that the destocking has played out, and we're actually seeing it maybe stronger on the primary aluminum side than on the Extrusion volumetric side as we currently speak. What we see so far into the first quarter when it comes to primary sales is stronger than what we expected only some months ago. I think that reflects the fact that destock has taken place fast and demand comes back as the world is not looking as bad as many people feared in November and December. On premium, good question. There's high volatility there, especially in light of the Midwest and to some extent the European standarding of the premium movements. We have a lower guidance for Q1, but if you were to take market prices on all premiums that we see now, that would be somewhat higher, probably around $550 per ton mark. On your third question on Hydro Rein, we haven't set any given timeline. Of course, we have an intention to do it sooner rather than later. As I mentioned, we will ensure that we spend the time in the capital raise process that we are in now to get the best possible value for Hydro Rein. We don't restrict ourself with the next month or quarter or so. We'd rather ensure that we get max value out of this. For Aluminium Metal, there are many moving parts as you correctly referred to. In Q4, we had strong effects from sales of power, and that was very much helped by Slovalco, which was the majority of it. Karmøy and Husnes also contributed. Most or everything is locked in primary now with energy. If you look into Q1 compared to Q4, the net effect will be NOK 900 million lower. And that's primarily because the Slovalco volume falls off, but some of the different prices on the volumes that we've locked in for Karmøy and Husnes. For energy, it's quite a complex picture, because they have bought back the power, as I mentioned, quite high price levels for Q1, which was the market rate at the time. They haven't been able to hedge a lot of that there on the NO2 market. We have 3,600 NOK as locked-in price for Q1. We have 389 gigawatt hours. If you take 3,600 minus the 1,106, which is the market NO2 price now, multiply that with 389 gigawatt hours, then you should get the negative effect of purely the power space. I also said that we have hedged some of this using mostly system price, not NO2, which of course sits at a lower level, so you don't get the same positive benefits. We have around NOK 180 million which offset that with how the market looks today. Thank you, Pål. That was all very clear. I could do one very quick follow-up just on Hydro Rein, maybe if you could just remind us. I think you said at the CMD that until you get a partner or some sort of capital injection, you're not gonna bring forward additional projects over and above what have already been kind of approved and where you're starting building. Is that still the case and still the approach? What we said was that for this year, we have the four projects that we have approved, and that is what is requiring the main CapEx spend. What we will be focusing on top of that is developing projects. That's correct. You should not expect large decisions into projects or at outside of the development projects in this year while we work on the capital raise. Understood. Thank you. Thank you. Thank you. There's no further question at this time. Great. Thank you very much, operator, thank you all for joining us today. Please don't hesitate to contact us in investor relations if you have any further questions. Wish you all a great day. Thank you.