Hello. Yeah, I think I'm live now, so I just want to say welcome to this investor webinar that we have now. This is the third webinar we have had. We had two last week, and yeah, we're happy to continue doing this webinar. This is the third one, and we'll have one also on Friday, the first coming Friday at 10:00 A.M. Helsinki time. I'm just going to share my screen here in a second. If you can see my screen now. Yeah. Yes. The perfect—by the way, my name is Stein Ulve. I'm the founder and CEO of Eevia Health. With me, I have two of our leaders or managers: Erik Eide, who is the global director of sales, and Petri Lackman, who is our chief technology officer. The three of us will be hosting this meeting. The purpose of the meeting is to talk a little bit about our current status and the direction we are going in terms of building the business and building the revenue. Just shortly, for those who have not seen us before, we are a small company in Finland, an innovative player within the nutraceutical field. We were founded in 2017, listed at the Spotlight Stock Market in Stockholm. Our kind of strong suit is this type of polyphenol extracts that we do from wild-harvested material, mostly harvested in the Arctic, in Sweden and Finland. Recently, we've done multiple changes and done a strategic redirection. We're now focusing less on the raw materials and more on the problems our products solve. We have gained a focus in gut health, particularly that we will be talking about. Hold on one second. In the spring of 2024, we already started working in a new way by establishing something we called the condition-specific bioactives. These are very particular, preferably proprietary formulations where we aim at having substantiated health claims and very clear indication on a specific problem. Of course, this is something that is actually a requirement by law, actually. In most of the Western territories, you cannot make a health claim without having scientific substantiation. It is simply a necessity to succeed in the industry. It is becoming more and more important over the last year, particularly in the last four or five years, that to really be able to compete, you need this science substantiation. That is different from what we call compendium extracts, which are standard extracts that might be sold without a health claim. In the fall, we decided to do a strategic turnaround and redirecting our strategy. There are some key elements in that strategy. One is, as I already mentioned, to go from a more raw material-derived focus, bilberry extract, elderberry extract, to a solution-focused strategy. We are solving particular problems in gut health, particular issues people have with their kidney or their urinary microbiome, etc. You are saying what is the problem you are solving, and you are showing how and documenting that you are addressing this problem. That takes us away from what we call compendium products. What is a compendium product? Basically, it is standard products that are defined in monographs. For example, European Pharmacopeia is the main monograph in Europe. A bilberry 36% extract would be more or less identical between Eevia and some of the Asian providers of bilberry extracts. That is different from what we call condition-specific products, which you also could call branded ingredients, which has a unique formulation, has its own substantiation, and so forth. The other aspect of this sharpening is that, yeah, you go from the raw material-based; it also has a very broad indication span. Obviously, lots of nutrients have many indications. We know vitamin D3 is good from everything from helping uptake of calcium to lowering depression. When you are introducing new products, you need to have a focus. It's expensive to document products. We have landed on gut health as our most interesting opportunity simply for multiple reasons. That also means that we need to work from having a very thin resource base that has been spread thin to building new competence and trying to get more successful with new funding. Why gut health? Basically, the gut health market is vast. It's estimated at $40 billion plus, and it's expected to grow in the next 5-10 years. Of course, multiple drivers will just keep pushing that growth. Some of the drivers are in the research space. There's a lot of emerging research showing the extreme importance of gut health, not only in terms of solving gut issues, but also relationship to other health issues: kidney, cardiovascular, brain. There's a big conference in Amsterdam tomorrow on Wednesday just about the gut-brain connection, which shows how important the microbiome in the gut is actually for multiple cognitive problems. Yeah, in gut itself, it also has its own problems. There are multiple gut disorders, etc., that our products will come back to that, how they solve. I have my CTO here, Petri. Could you talk us a little bit? Yes. Good afternoon, everyone. I have caught a little bit of cold, so I'm working from home today, but I hope that you can still make out what I'm saying. Like Stein said, there's a major market push, pushing towards new solutions for the gut health. We also have another reason, a bit more pragmatic in nature, which actually comes from the digestive system itself and how the structure of that is. If you show the next slide, basically, all of our small intestine is covered with these microvilli that are surrounded by something called gut epithelial lining. Given that many of our products actually contain a high concentration of proanthocyanidins, a class of polyphenols that in the recent years has established some sort of a kind of scientific consensus that they are very active towards this gut epithelial lining. With our gut health approach, we want to exploit the innate efficacy of proanthocyanidins towards restoration and maintenance of gut epithelial lining. This small, one single-cell layer thick structure basically separates us from our environment. Consider proanthocyanidins restore the normal balance and function of your digestive system. Next slide, please. We have a very good opportunity by combining both A and B-type proanthocyanidins, which are a class of isomers in the proanthocyanidin realm. We have very good sources of scalable options to create a product that combines both the A-type and B-type proanthocyanidins in a way that should provide the most beneficial efficacy towards gut health. The idea here is to change the gut health environment to a condition that actually helps, for example, beneficial bacteria to thrive instead of this standard probiotic approach where you just consume live bacteria and hope that they settle in and start to provide health benefits after they proliferate. What do we have in the next slide? Yes, we have also established quite a good team of world-class science partners towards this. For example, Dr. Hani El-Nezami in the University of Eastern Finland is one of the most influential authors in the space of gut health in Finland. It should be also good to mention Professor Johan Ärnlöv from Karolinska Institutet, who is a very established scientist in the field of kidney health, which is also very much connected to the digestive system health because everything that we eat is somehow processed and excreted through kidneys in the end. There is a very good chance that our product would have also benefits in the kidney health space as well. Maybe Erik could take the next slide, which is about the distribution partners. Yeah. Here you see we have four major specialist distributors across three regions in the world. We have two in North America, one in Europe, and one in Australasia. They're capable distributors focused in specialty areas as well. We also have one tier-one brand in North America as our major customer. The plan is to leverage the existing network with these new solution claims products. We still work with them on the compendium, but we will move our focus onto these new products, and we will focus our channel strategy on the practitioner channel to start. Practitioner brands, there's many of them. They are first-mover brands, often outside of the mainstream, but large businesses very adept at communicating directly to their customers with cutting-edge or new science. After that, we will move towards a direct consumer and Amazon, the second tier of those brands, leading finally back to our mainstream brands, which will typically have a cost of goods focus. They typically will have a less effective formulation and a cheaper cost with a price point that will work at a retailer. We will leverage our existing framework with a slightly new focus. The message will be a substantive claim on a novel solution. This is what the nutraceutical industry thrives on: a new development, new science, and proven. The customer benefit in this case is sticky, and in that, if they start using the product, they will notice a positive benefit. If they stop using the product, the complaint will return. All of this will, of course, be on Eevia's existing platform of sustainability and Nordic quality. Next slide, please. Here's just an illustration of our sales history. What you can see clearly is an over-reliance on one customer in the compendium space. Stein alluded to it in the beginning, but that one product had a surge, and now we are in an echo. The customer is still with us, and we'll still order once they burn their own inventory off. It really highlights the need for us to move from a compendium focus to this new substantiated solution focus. We have an inability to convert new customers on our old extracts. As a result, we need to leverage our competitive opportunity, which are these solutions that Petri described. Stein, the next one. Yeah. I think. Yeah, I can take this. I think to sum up the gut health opportunity, there really is a very large possibility to get into this market with a product that simply appeals to the digestive system itself to rebalance itself rather than eating bacteria or, as we say, bugs in a bottle to try to modulate the microbiome. We are very excited, but also our scientific advisors are very, very protagonistic for this strategy. As Erik is alluding to, our main challenge for the last five, six quarters has been revenue. For that reason, we are also realizing that we need to focus, which means that there are some parts of our business which may be considered too demanding within the current resource frame that Eevia has. That is why we have come up to this idea of divesting two of the business operations, which are a little bit on the side of the current new strategy. Oh, sorry. Eevia's strategy now will be establishing these new proprietary branded ingredients. There is all of them circling around the microbiome. MaxBIOME is a gut health product, but there are others such as ProRENIS would be a kidney product that we are working on. We are now waiting for an application from Business Finland to fund not only one study, actually multiple studies. There is a pilot study, a full clinical study, and also mode-of-action studies in that project, which would help us build the substantiation for these new products. At the same time, we have an interesting product called Retinari, which we have been working on for many years. We have spent almost EUR 1 million in developing that product. We have so far been unable to fund a safety study, which is required to go on to sell this to humans or let humans consume it. The solution has been to divest this product to a new company called Havu Health. Havu means pine in Finnish. Havu can overtake Retinari and then will apply for multiple types of funding. They are in negotiation with a local, very focused venture fund, which is particularly interested in wood, forest-based products. We have other institutions like Business Finland that we will launch and have launched applications, or Havu has launched applications for the funding of Retinari. Down the road, it might be that Havu takes over also other wood-related business or products from Eevia, but it is all depending on the success of funding, basically. The idea is that the transaction where Eevia basically divests the intellectual property and the development, there are multiple kinds of intellectual properties that we have already agreed on a sale for, and that will be converted into shares. Eventually, Eevia shareholders will be the owner of Havu Health as a private company, which is part of the reason we have been struggling to get funding, is that we are a public company and we're not eligible for some funding that is only for private companies. The other divestment is in a different direction. That is our berry-based products and manufacturing. As we were saying, these compendium products, particularly now in the last year or so, have been under we are clearly competing with Asian manufacturers that have a very low cost. When the industry has been struggling, they also would say basically price becomes very important. We have the competence, we have the expertise, we have some of the equipment, but the current facility, there is not enough space, and also we need further funding where we could develop simply a world-leading manufacturing cost position within the berry extracts. Taking the berry extracts out of our current facility would also allow that facility to be optimized for wood-based products. Retinari is a wood-based product. It makes sense for both product groups to specialize and streamline their processing for higher yield, lower conversion cost, and then better cost position. Also, this Baccas Salus, which is actually not Havu is registered, but Bacchus is being registered right now. It will also be a private company. It will be located in the north of Finland. I'll come back to that. It's depending on public funding such as ELY-keskus and Finnvera to be able to realize. Just to give a little bit of insight into Retinari, I think Petri can just explain a few words about what is Retinari, Petri. Yes. Basically, Retinari is a product in development that tries to solve a growing global problem that affects people's vision. As Western world populations are getting older, there's a degenerative eye condition called age-related macular degeneration, or AMD in short, that is already now pushing the healthcare systems to the breaking point. There are over 200 million people directly affected already today and 200 million more coming in the next few decades to come. It's a condition that will eventually progress to a loss of vision and blindness. Our objective with this project has been to reduce this AMD-related onset of blindness with a nutraceutical approach that is able to slow down and prevent that from occurring. The problem is on the next slide. Right now, AMD is treated almost exclusively only in the late stage of the condition. While drugs designed for late stage of AMD are effective, they don't really work in the early stages, and they require administration directly to the eyes using painful injections. Once the injections are necessary to maintain vision, it's immediately a lifelong commitment that's a huge economical burden, not only to the people affected, but also to the national healthcare systems. The solution is Retinari. With Retinari, we aim to manage the problem already before the onset of AMD, years before injections are required. The product will slow down the progression to the late stage by restoring the capacity of retinal cells to maintain themselves, which is an ability that is lost when we get older. Basically, with Retinari, there could be no need for painful injections, no need for monthly doctor visits at a cost that is less than 10% of even the most affordable injection option out there. Based on our preclinical research in AMD mice models, Retinari indeed is able to slow down the progression of AMD and perhaps even reverse the development. Next slide, please. I just want to add there that since we are clearly talking about the disease, which is not always aligned with supplements, there is a special regulatory patch within food where you actually are allowed to address diseases. For instance, one of these regulatory categories is called in Europe, it's called food for special medical purpose. It is still a food category, and it is regulated actually nationally, not by European Food Safety Authority, by national food authorities. Most likely, Retinari will be placed in one of these regulatory patches since we are clearly talking about prevention of a disease, which is in general not allowed to, you're not allowed to make disease claims within supplements. It is a specialty when you have this type of condition that has no treatment and no solutions. Petri. Yes. Based on our preclinical research in AMD mice models, Retinari indeed appears to be able to slow down the progression of AMD and perhaps even reverse the development. In AMD mice, the product consumption has resulted in basically a recovery of already built-up eye damage and restoration of vision performance back to normal levels, which is really nothing short of remarkable. Basically, we have exhausted the requirements for in vitro research with these mice studies and cell studies and human primary cell studies. The next phase requires the human safety studies and eventually also clinical trials, which we would need a new type of funding to start executing. Okay. That was a little bit about Retinari, just so people can have an idea of that project and maybe see the reason why we are divesting that since it's kind of a different project and it's a different activity and has a very long time to market. I would say it's a couple of years at least before maybe 2027 is a possible year of revenue. That's still assuming we get funding now this spring for Retinari for the safety studies. Just a few words about Baccas Salus, the divestment of the berry project. The manufacturing today is done in the something middle of Finland, but it geographically may look like southern Finland, very near Seinäjoki where we operate. The idea is to move that to northern Finland in an area called Lapland. It's a city called Kemijärvi, which happens to be also the absolutely best harvest areas for this type of wild berries, lingonberry, bilberry, and so forth, crowberries. They have a very high potency in the northern part of Finland and Sweden. The main point, that's one benefit, of course, potency and the amount of bioactive in the starting material is actually fundamental for the end result and for the cost of the product. In addition to this high starting point, the idea is to streamline the processing for two main purposes. One, to increase the yields. That means not only the starting point, but the recovery of the starting point, how much you can preserve of these bioactives. The other one is to lower the conversion costs. The conversion cost today is very much labor. For instance, we are very labor-intensive, which can be handled through automation, tanks and pumps and automated valve systems, which would dramatically reduce the labor costs. The other one is energy. Basically, energy cost is quite a lot of the conversion cost. Here, you can have an energy-smart solution, including utilizing the average colder air in northern Finland. Basically, as long as the temperatures outside are in the low, let's say, lower than 14 degrees Celsius, you can use passive cooling. In the summer in southern Finland, we have 30 degrees Celsius. We need to use active cooling. We need to use electricity for cooling. Energy is another part, obviously labor and also other resources that we can be smarter on, making the conversion cost lower than the Asian producer. Still, of course, double down on the sustainable organic and basically the carbon footprint of things. There will be a zero-emission plant, hopefully. The trick is then that by improving the yield and the starting point, potency of the berries, and reducing the conversion cost, you get down to at or even lower than the Asian manufacturers in the total cost of manufacturing the products. It means that you can compete on price if needed. Part of the problem we've had in 2023 and 2024 was an inability to switch large customers over to our products because we were asking for a 20%-30% higher price and thinking the organic and the sustainability would defend that. For customers, brands that are using a significant amount of bilberry, elderberry, etc., and maybe struggling, a lot of the big brands are actually, particularly the older conglomerate brands, are struggling, fighting against new upcoming brands that are accelerating. They were not necessarily incentivized to switch to us and then in that way give us volume. With this change, we will have a much better cost position, and it's possible to also compete on price, although you can also improve the footprint of the company, material footprint, carbon footprint, etc., and build the sustainability argument as well. Yeah. Just to, I mean, obviously, revenues is the key in our plan. We need to rebuild our revenue growth. That is really ultimately the real factor for success. In the meantime, this year is going to be a transition year where we need to cut costs. We're cutting personnel quite a lot now. We are cutting other types of costs. We're cutting system costs. We're extremely cost-focused as we operate right now and trying to kind of bring us to a situation where we can be cash flow positive, preferably even positive in the bottom in the net result within a short time. That is also an effect of these divestments. It's that we will be able to reduce the cost quite a lot. If you look at the financial development over the last few years, you see that we had a strong growth in 2021, 2022 with quite deep negative EBITDA in the same period. At the same time, we had an extreme learning curve. We made incredible progress in the, particularly in the processing of elderberry extracts. We were able to push our gross margin up to 60% in 2023, which led to the first year with significant positive EBITDA. I think that would have we have had a little bit of a reduction in our gross margin since then, but we are working. Of course, with these new products, which are high margin, they are all high margin products. We hope to recover. Last year, as you see, we had a negative EBITDA again and a dramatic reduction in revenue. I have to underline that we're a listed company. We're not allowed to talk about projections, but of course, to illustrate, I just put in the targets. The target next year has been communicated to EUR 3 million and a slightly positive EBITDA. Obviously, it is 2025 I am talking about now, so this year. Obviously, that is a transition year. It's an important year to stabilize and to get the cash flow under control, get the results under control, and then build the platform for rapid growth in the next few years. In a much more, by the way, as you understand from these proprietary products, it will be a much more, and also, as Erik was alluding to, trying to have a more diversified customer base, it will be a more entrenched position than being reliant on one customer for 75% of your turnover. Some of these actions that we are now doing, including the rights issue, including the sales of some of the equipment, including inventory sales, which we still have a quite high inventory. We are getting orders now all the time, which we are selling directly from the inventory, which is very helpful for the cash flow. Obviously, we don't have to buy raw materials. Together with also an agreed debt to equity swap, we hope to get enough resources to lower our, we have about EUR 1.8 million, maybe EUR 1.9 million, maybe EUR 2 million, around that area in total debt with everything. Obviously, some of it is long term, but roughly EUR 1 million in short-term debt. Regulating that down, stabilizing the financial situation is also a main target for 2025, which is a kind of a transition year, turnaround year for us. Leading to that, for the shareholders of Eevia, they get three companies out of one, a very focused Eevia Health, which is now moving into intellectual property rights, proprietary solution, substantiate the solution, responding to the needs of the industry. Eevia, which should have better funding, is an easier company to understand, even for the financiers in the public sector, Business Finland, etc. By doing that divestment, we bring out the values that might not be in the valuation, the market capitalization today. I think that Eevia in itself will have multiple quite radical trigger points for the share price, coming up very soon. At the same time, you get a stake in Havu Health, which is then optimizing the wood, or hopefully, we will be doing that and also valorizing the Retinari product as we were speaking about. Baccas Salus, which will be the third asset that the shareholders will gain in terms of shares, is a greenfield. It is a state-of-the-art, top-notch, modern manufacturing facility for berry extract. It won't be a large one because we're going to have budget restraints in terms of the capital expenditures, obviously, but it'll be targeted for the current and then near-term volumes. This is something I did in a couple of other factories I've been building in my career, planning for scaling. You build small, but you know how to scale when the volumes are coming, and you can scale fast. Of course, by moving to Lapland, Lapland also has, in northern Finland, the best funding. All the possible fundings have higher maximum rates. Investment grant, you can get up to 40% investment grant in Lapland. We are hoping for very optimal non-dilutive public funding for this facility. That's basically what we had to say. It was a little bit of an introduction to our strategy, to what we're doing. The rights issue we're now undertaking is a key part of a streamline or a series of fundings, Business Finland, ELY-keskus, Finnvera, potentially even Nordea Bank. It is fundamental. The rights issue is a fundamental part of it to show Business Finland, for instance, that we do have support of shareholders. We're looking for a little over SEK 12 million. We'll be issuing twice the amount of shares that are outstanding today, which is a little over 67 million. The pre-money valuation is about SEK 6 million, which is about EUR 9, or it is EUR 9. The issuing agent in Sweden is Aqurat Fondkommission, and in Finland, it's Nordea Bank. There is also more information at the Analyst Group. They have a landing page. That's about the rights issue, and that was about the presentation we had. I think I will stop sharing there. Basically, Petri, Erik, and I are open for questions if there's any questions so far. By the way, I forgot to say it. You could have raised your hand during the presentation if you had a question during the presentation, but now I didn't say that, so now I'll say it. There is a little hand at the top of your beam in Teams. If you push it, you will basically give a hand. We will see it, and then we can open your microphone if you want to ask questions. Yeah. I cannot see any hands, no questions. I think I'll just talk a little bit. I think Erik and I are working hard now to also find ways and others in the team to find ways to shorten the time to market and how to mitigate. Obviously, we still have to do some clinical studies to document our products, but there's a huge amount of preclinical data and other evidence that these products work. There are a couple of professors in the U.S. which have actually worked for over 20 years on exactly these problems with exactly our products, similar extracts. There may be that we can join up with them. They have a structure function claim with FDA, which we may in-license. Actions like that might also shorten the time to market. Anyway, we are very optimistic that, like Erik was alluding to, these type of practitioner channels that are kind of working in the cutting edge of the industry. We think that that will be our first movers, so to speak. Some of them are quite big brands that could give us volume. Erik, do you have any comments to that? Yeah. Look, I'm just going to underline because I think it gets lost in all of the work that we've had to do in this strategic shift. The old plan of the business can compete, but it's hard work. It's a difficult environment and compendial ingredients against Chinese manufacturers. Yes, we do have some advantages, but it's offset by their scale. When I call the old strategy a switch strategy or getting companies to switch for quality or sustainability or European production, that was risky to ops managers who had already set their formulations with these bigger, larger companies. A compendial focus on a narrow band of customers was always going to be difficult. I wanted to highlight what you were saying. I truly believe Eevia has a competitive advantage in this space, but we need to refine it to what we have discussed today, which is the idea of a substantiated solution based on the ingredients that we currently make. Brands and customers want claims. I would argue that they need claims to navigate the science. We work in it every day. It is not easy for customers to navigate the words or understand the structure function, how it all works. A claim will take that problem away. We need to have claims. Consumer, this is definitely an unmet need or an underserviced need. It's a sticky solution. It's an excellent consumer packaged goods proposition for a manufacturer that we have a problem and we can solve it with something that is truly new, plant-based. Those are the sorts of things that change the game. Not easy to do what we're trying to do, but there is definitely a path, and there is a series of steps. What you've highlighted with the expert support, with the medical background on the solution, there is every opportunity for us to build a sustainable growth business based on our existing business. That's the pitch that I throw at our customers, and they would throw it back at me if it wasn't true. I'll add that. I would like to say the other thing that really gets us excited about this new strategy is that when you're focusing in on one problem, it also gets more clear who's the target group. Not just the consumer, that might also be clearer, but also which brand is relevant for this problem. We're kind of, let's say, for instance, with this gut microbiome, maybe the urinary microbiome products that we are developing, you have very specific target groups. There are specific consumer groups that have problems. Let's say, particularly post-menopausal women have an unbalance in their urinary tract microbiome. By the way, a lot of people think that the microbiome, the urine is sterile. It's not true. There are microbes in the urine. It's just that they're so dilute, it's very hard to detect. Now, if you have a problem for post-menopausal women, which is a very defined category, user group, you can now go to very defined brands. As an example, it's a company called Bonaf ide in the U.S. that are, by the way, growing exponentially. They're only selling to women, nutraceutical products. That's the other beauty from going from raw material focus to solution focus, is that your target customer, your dream customers, they start crystallizing. That's easier. It's a much more defined value proposition. It's mostly, like Erik's saying, honing in on your unique selling points. It's much easier when you have that focus. Anyway, we spent five minutes longer this time than others. We've been around a little over half an hour, 41 minutes this time. I'm really happy that you took the time. Thank you for the time. Nice to meet you. By the way, of course, I cannot say what's going to come, but I can say that there was a reason why we moved the year-end report earlier because that allows insiders to subscribe. We were simply bound by the ban, the trading ban, as long as the release report was not released. It follows from that something. I can also say that it's been a very positive experience, this webinar, and we will probably have quarterly webinars going forward to present our quarterly results and give you an update, hopefully, and that we can answer questions and so forth to make this company more that we communicate more with the shareholders that have trusted us so far. With that, I think I say thank you. Yeah, I hope you found this useful and interesting. Have a nice day. Cheers. Thank you. Thank you everyone.