Welcome to the Norsk Titanium presentation. We are really happy that you are here today. My goal is threefold. I will present you and we will discuss where is our market, where is Norsk Titanium today, but most importantly is where Norsk Titanium is going in the future. Without further ado, so let me start with a very quick refresher about Norsk Titanium. We are a additive manufacturing company with a very, very specific and peculiar technology, which is able to deliver additive manufacturing features with mechanical properties that are equal to the forging, which is really distinctive in the marketplace. We are qualified in aerospace and defense, and we have a full-scale production capabilities and two facilities, one in North America and one here in Norway in Eggemoen. Okay. Really established to really capture the growth that is coming ahead. Let's talk about our market. We are targeting very technical spaces. Aerospace and defense are certainly our prime targets, including engines and a number of industrial opportunities. These markets are big and growing. Okay. And the drivers of this growth is basically driven by the fact that titanium supply is really constrained. Now you have a number of OEMs that are looking for alternative solutions to support their build rates and growth plans. Okay. This is a very, very important factor. Another very important factor is that these people are trying to do the job, not just by finding alternative suppliers, but companies that can help them approach this in a very cost-efficient fashion. Through our technology, they can achieve that. There is a new factor that is developing, and I think these days you can read it certainly in the news. There is defense that is coming very, very strong. Titanium and specialty alloys are widely used in defense. Today there is a need in air, in space, and in Navy to develop parts much faster and in a delocalized fashion. Of course, additive manufacturing and Norsk Titanium are really well positioned on that space. The market is big and the market is growing. I mean, it's not just intact, but the market is really, really growing. This makes us very, very excited. I like to bring in one of my customers and my one of my lead targets. Okay? Which is Airbus. The market is not just only growing and big, but, you know, we have customers and lead OEMs that are investing time, money, and effort in order to insource technologies in order to make that happen. Additive manufacturing is right there. I mean, what you see here is a Airbus web story which came out, I think it was late in January, if I remember correctly. If you go in the article, you really understand what is the drive that Airbus has in order to put additive manufacturing, RPD, which is our technology, at the core of their industrialization plan. This is, of course, very, very, very exciting for Norsk Titanium. We've been working with them for a long time, and we are in a position right now on a lead position there that is very fortunate. It is gonna help us to project ourself in in the future. All right. Are we starting from scratch? No. We've been working in the last decade to establish our position. This has been certainly a long development cycle with a lot of work with OEMs, especially in the engineering and in the research departments. We have established really a very good position for Norsk Titanium. Far we have delivered over 2,000 parts between aerospace and defense with zero defect. Okay? Nobody can make this claim at this point in time. We have also developed and delivered the world's largest additive manufacturing structural parts, which is flying in civil aviation. We are very, very proud of that. We are MMPDS listed. MMPDS is the bible in aerospace and defense when it comes to material and processes. Today, an engineer can go to the handbook and can find all the data that he or she needs in order to design parts. This is going to help us to translate parts into business in a much faster way. It's gonna give us the credibility and authority that is required by aerospace, defense engineer, and industrial engineer to design parts on our data. Last but not least, we are qualified by two U.S. primes. Okay? You know, our technology is established in defense, is being used in what we say low-rate production modules, and the challenge will be to go into high rate. This is the position that today Norsk Titanium enjoys, and this is really our starting point for the future. How did we build that? I mean, as I said before, we really worked hard in the last decade to develop this position. We worked with our customers, especially in the engineering and R&D department. Going forward, we need to make a step change, and we really need to change gear, as we said there. How are we gonna do that? I mean, we are going to build on... You know, we're gonna, you know, building on what we already have, we're gonna move forward, adopting a new operation operating models. At this point, we are in a very strong market, growing. We have a very solid position. Now we need to translate all of that into revenues and into commercial success. How are we gonna do that? We're gonna do that with a really new operating model. We're gonna execute in a different way than we did in the past. For one, we're not gonna target just engineer and R&D, the R&D function, with our, with our customers, but we're gonna target the entire spectrum of constituencies. We are now working with procurement. We are working with program. When I say program, I mean the A350, the A320, the Boeing 787. We need to work with the, you know, all the constituencies on those OEMs to make it happen. We are also very selective on who do we work with. We work with OEMs that are in markets that we consider are very large opportunities. Again, aerostructures, engines, defense belong to that category. We work with OEMs that are pulling for our solution in RPD. They want to include RPD in their industrial platforms. They have a plan with milestones that are agreed and shared with us. At the end of the cycle, we have a line of sight to a price, which is gonna be number of parts, and revenues that Norsk Titanium is going to generate. This is very, very different than in the past. You know, one thing is working with qualified and important customers. The other thing is, how do we work with them? We are going to really establish what would I call the customer engagement team. This is a team in Norsk Titanium that is gonna be allocated and dedicated to every single lead OEM and is gonna work hand-in-hand with them to help them go through their industrial roadmap and make sure that we deliver on those shared milestones. These teams are made of also cross-functional within Norsk Titanium. Now we have a commercial representative which is keeping the relationship with the customer. We have the technical head, which is coordinating all the technical work that goes into helping them going through the roadmap. Then we have program managers. Program managers are the people that internally Norsk Titanium, when we win projects, they make sure that we can execute internally. They align operation, they align engineering, they align supply chain. It's complex, and you need people that are dedicated and really working in order to execute. Execution is really one of the new traits and one of the new focuses that we are going to have in Norsk Titanium. What do we expect at the end of the cycle? Of course, we expect to win, and we expect to have good chances to realize our future roadmap. Strategy-wise, which is also revenue-wise, I wanna make it very, very simple, okay? Norsk Titanium is gonna follow three legs, okay? As we said, we are going to stay focused on the core. Again, the three markets, aerostructures, engines, and defense. We wanna work with lead OEMs on that core space. Something very new, we are gonna establish what we call the RPD ecosystem. The RPD ecosystem is a deployment of our technology and our machines with those lead OEMs. You can see the link between the core programs and the RPD. Last but not least, we are also going to focus on short-term opportunities. I mean, we are lucky to have a wealth of opportunities that are always coming our door. We need to get better at winning those opportunities. We have teams that are going to work on that. Now let me go a little bit more into the details of these three legs, okay? Leg number one is our core. As I said, it's aerospace, aerostructures, engines, and defense. What you see here is basically, you know, our development cycle. We are at different stages depending on the different lead OEM, okay. What you see here, I'm sure you can recognize Airbus and the two primes we are working with and where we are qualified, so Northrop Grumman and General Atomics. Here we are really at the end of the development cycle. We are on the tipping point that is gonna take us into the commercial area. You go back over here, and you can see here that we are at the beginning of the journey in engines, and we are, you know, in launching with landing gear customers, okay. This portion, which is also very important, will represent a very large opportunity going forward. We wanna make sure that, yes, we focus on the short term, and we realize the opportunity in the short term, but we don't forget that we want to get the full price that we have before us. We have also OEMs in the middle, people like Boeing. I have to say, Boeing was a very important driver for us, you know, a few years back. We are now working in order to identify a new path to work with them. As you can see here, there is a lot of Boeing here, but, you know, here we have some work that needs to be done to take this company at the level this other company. We have contacts, we have the network there, and we are going to do just that. And again, the short term, the long term, and here the medium term that needs to go also on the short term. This is how we are working on our core. Let me go just very quickly into a couple of examples. One, of course, is Airbus. You can recognize possibly one of the slides that we used in previous editions. With Airbus, we need to do three things. Okay? Number one, okay, we have qualified parts that are flying. We need to make them, we need to ship them, and we need to book them, you know, as revenues. This is number one. Number two, there are a lot of new parts, so we call it the Wave Three that we need to convert into parts. This is a big job that we need to do in order to make sure that we maximize the number of parts that will be converted to RPD. This is a lot of work that is gonna take place in the near term. Last but not least, I am hopeful that you read the latest press release. We are placing a machine in Airbus Germany in order to help us to really expand and set RPD as their core additive manufacturing technology. We are gonna do that with a dedicated team. Again, commercial engineering and program. We're gonna make sure that here you have a whole bunch of milestones. We wanna make sure that we are going to deliver on every single one of them. What we do with Airbus is not gonna be different than what we are going to do with General Atomics. Okay? General Atomics is a very important defense prime in the U.S. We've been working with them for a long period of time. We are qualified, and now we are in what we call the low-rate production of certain devices. The challenge there using our customer engagement team will be to move from low rate to high rate. We're gonna work with General Atomics and other defense primes in order to go into their higher rate productions. We see that as a very large opportunity. Aerostructure and defense, are with Airbus, and with a number of primes are really, the biggest opportunity that we have before us in the near term. All right. Let's talk about the second leg, which is, you know, what we label the RPD ecosystem. I can tell you what the RPD ecosystem is not. We are not planning to start selling machines to whoever comes to us. That's not what we are trying to do. We are trying to do instead is working with lead OEMs to help them to insource our technology in their ecosystem and design specific ecosystems around the RPD technology. In the Airbus example, we're gonna place the machine, and in the future, we're gonna help them to really expand the use of RPD within their ecosystem. We're gonna work with them through placing machines, selling machines, licensing technology or whatever way is gonna help them to really establish an ecosystem within their manufacturing universe in order to leverage our technology. We see this as a great opportunity. This is certainly a game changer, this is gonna help Norsk Titanium to make a step change in market penetration, but also in revenues. I wanna say that we are not starting from scratch. We already have between 3 and 5 expressions of interest from very different customers across multiple industries to source the technology through an ecosystem. They all want to establish ecosystems based on RPD, and that's great news for Norsk Titanium. Okay. I think this is what is happening in Airbus. I went a little bit ahead of myself. We are placing a machine. The focus here is to help them to qualify the RPD process. In the past, we've been qualified parts, part by part. Every time there was a new part, we were working on the qualification of that specific part. What we are going to do now is qualify the process. When you qualify the process, you can qualify parts in much faster way. This is going to accelerate our go-to-market and our ability to convert, you know, parts into business. Okay. Yes. I think this was the main point. Okay. The last leg is leg number three, which is about converting the rich pipeline of short-term opportunities that we have into wins. Norsk Titanium, because of our technology, because of the features of our technology, you know, it receives a number of leads that want to use our technology. What Norsk Titanium needs to do is become better at winning those opportunities. We are using basically the same operating model that we are applying to the core, and we have established a dedicated team whose job is to jump on those opportunities, work them, and win them. Okay? These are opportunities that are very different than the core. I mean, core typically, you know, you have long-term programs which are very complex and that requires quite a bit of time. Here we are talking about opportunities that can be translated in 3 to 12 months. Okay? Here we have the opportunity to add that to our revenue line, you know, in a relatively short period of time. Again, I always say Norsk Titanium is not in the business of tomatoes and potatoes, okay? We always need to work on hand with the customer to qualify our material and to help them design the part. In these type of industries, we are talking about energy, we are talking about semiconductor, but it is really a multitude and a very diverse industry base. It takes three to six months from start to finish. We expect this work stream to help us increase our top line in a short period of time. The other beauty of this is gonna help us to build muscles, okay? Because, you know, by working on short cycle and really jumping on those opportunities with a different attitude and pushing our platform to win those opportunities, we're gonna build muscles. It's gonna help also on the core. Let me just. I'm hopeful that I was able to give you a good view of what is the opportunity, where we are and what is our future. I want also to give you an opportunity to understand what we are going to deliver and where you can measure Norsk Titanium. We have four main milestones. Okay? The first milestone is, of course, on Airbus. We... As I said, we are very advanced in the discussion with Airbus, and this is by far the most important milestone that we have. What success is gonna look like? I mean, we need to start to convert parts. We go back to the three points that I explained before. We need to be successful on placing the machine, and we need to bring this to the place that it needs to be. Okay? This is a very, very important milestone. Milestone number two, we need to go from low rate in defense to high rate. Okay? We are qualified. Now the challenge is to go hand in hand with the number of defense primes from low rate to high rate. We need to deploy the RPD ecosystem. I mean, in the next, let's say two, three, five years, there is a lot of work that we need to do. We are starting with Airbus, but this is going to expand to other two, three, four other little OEMs. You know, this is very important. This is going to be a game changer for us, and we need to make sure that we have a very structured roadmap. We deliver all the milestones in that roadmap. Last but not least, we need to convert short cycle opportunities. This is going to happen this year, next year and the year after. I think we need to be able to demonstrate that we can not only get those opportunities, but win them and translate them into revenues. This is the story about Norsk Titanium, about the market, about where we are, but most importantly is where we are going. The difference is really about more traction from the market, because I can tell you that especially from aerostructures and from defense, we see. Also from engines, we see really more traction than we saw before, especially from defense. Strong interest from our customers, from little OEMs that have decided to include RPD in their industrial platforms. Now it's all about execution and making sure that we make it happen. Having a new operating model that is gonna enable that is fundamentally important. Thank you for today, and I think I did okay. I'm 22, 23 minutes in, so we have another five or six minutes for Q&A. Thank you. Thank you, Fabrizio, for the presentation. I guess we'll move over to the Q&A. Before we begin, I would just remind everyone on the web that they can use the Q&A function if they want to ask any questions. I guess we'll start in the audience. Please raise your hand if you want to ask any questions. You're discussing these days with Airbus and Safran. I guess they all know your financial situation. How do they kind of ask you, "How are you going to solve this? Well, I think, yes, you are right. I mean, Airbus knows us very well. Yeah. They've been knowing us for 10 years, and they know that we have important shareholders that have been there for us, all the way. This is certainly a guarantee, for them, and they feel very comfortable, with our situation. Hopefully, they're gonna help us too because of they are a very important part of our success. We are certainly hopeful that, you know, in the next period, they will help us, to be also financially successful, not only technically successful. Have to be convinced that you're going to... Survive. Survive. we... It- Succeed. Yes. Yes. As I said, I think they look at our history and what happened in the past, and they have high confidence, because they see that every time we needed help, we are lucky enough to have shaped a couple of very important shareholders that believe that we are going to be successful, and they are always there to back us up. You know, we don't start from scratch. We invested $500 million in this company, we have a very strong and solid position, and we have a very strong shareholder structure. Yeah, I think we were able to convince Airbus that we are solid. We are a very solid concern. Having said that, we also need them to help us, okay? We made this very, very clear, okay? Ashar, I don't know if you wanna add anything. I think you said it perfectly. Okay. Very good. Thank you. To the web. We have one here. What is fundamentally changing under the leadership of you, Fabrizio? What is fundamentally changing is I think is first, I think I'm lucky enough to get to Norsk Titanium in the moment, which is really the tipping point, okay. You can clearly see that the customer and tipping point look at the Airbus web story. You can see that, you know, I arrived at the right moment. I think I'm a lucky guy. What I'm changing is really our operating model and how we are approaching our customer. I'm really designing a new organization which is customer-centric, that is working around the customer milestones, and is there to help and support our customer reaching the milestone that will get us to the success. This is what is changing. It is not just designed around the customer, but is grounded on execution. I mean, we need to execute. We need to be at best when it comes to execution. We are working very, very hard, to be good at that. We have received a bunch of question on the Airbus third production order. Yeah. I guess I will try to sum it up. Yeah. How should we think about Airbus going forward? Is the placement of the machine, is that a step closer to a third production order? I mean, Okay. First of all, we've been working with Airbus on this for a long time. I mean, it's very difficult for us to precisely predict exactly when that is happening, and that's one of the reasons why we had to change guidance. I mean, it's very difficult to precisely predict that. We are confident that it's gonna take place, but predicting exactly when and how is the challenge that we have. The machine placement, of course, I think anybody can understand it brings us closer to Airbus. It's gonna help in the future. I think, it's gonna help a little bit also on the conversion on the third production order, but is more for the midterm than for the short term. The game for the short term is all done. Okay? Now we just need to bring it across the finish line. Do you plan to transfer existing RPD machines to lead OEMs like Airbus? If the machines are required, which party is responsible for the CapEx for building them? Right now, we, yes, we are in the Airbus case, for example, we are moving an existing machine, so there's no CapEx required. We, you know, the back of the machines are placed in New York, we'll see. I mean, we will evaluate case by case and decide case by case on what to do. I think it's an opportunity that we need to evaluate very carefully and make sure that we do the right thing. It's, we feel stronger in that too. Thank you. What is the current status of the Inconel development program? On Inconel, you know, we've been developing titanium parts for a long time in Inconel. I think we started maybe 12 months ago, 18 months ago. I think we made a lot of progress. We have a very, very strong pull from the Navy on that material. I think with their support, their interest, we will be able to really accelerate in closing this development very soon. That's one of our targets for sure. Seeing RPD machines with your main OEMs, lead to any changes in the revenue model? Will this... Yes. be licensing revenue or part revenue? Yes and yes. The beauty of the RPD ecosystem is that it will be instrumental to a multitude of revenue streams. Okay? Are we selling the machine? Are we licensing the machine? Are we asking for royalties, you know, part by part? Are we gonna sell the software? Yes, yes, and yes. It's a beautiful way of expanding the use of RPD. We are at the end, but I will try to squeeze in two more questions. What is the cost of relocation the machines to Airbus? The last one is, do you have any new estimate for when break even could occur? Ashar? I'll start with the cost of the machine. Right now, the moving the machines, we're not going to do that on our own dime. Obviously, we're working with the customer on that. We have a, you know, model where we're cost neutral on placing the machine. It's more important for us to develop the process with them, as Fabrizio said. In terms of break even, we're not providing any guidance to the market as we said in our previous operational report. Fundamentally, we're gonna work with the customers. We're gonna see, you know, how this timeline is changing, how some things are coming forward, how some things are moving back. You know, as time goes by, as we get better milestones and better at controlling the milestones, we'll come back to the market, with our plans. Thank you. I guess there's no new estimates for break even. No. No. Thank you for the presentation. Thank you very much. Thank you to everyone, watching in on the webcast and showing up here in person. Thank you. Thank you. Thank you. Thank you.