Hello. W elcome to today's webcast with Minesto. With us presenting today we have the CEO, Martin Edlund, and CFO, Alexander Jancke. After the presentation, there'll be a Q&A. If you have any questions, please submit them using the form to the right. With that said, please go ahead with your presentation. Thank you very much. We'll switch to English given the audience, and I think we should start with Alexander Jancke, our CFO. Yes. Hello, everyone. I will briefly focus on the financial development in the first quarter, with particular attention to cash flow and continued improvements in our cost base. If we just switch the slide. Cash flow remains the key focus for us, and we are encouraged by the progress we are seeing. For the quarter, cash flow amounted to SEK -17.5 million, which is a clear improvement from SEK -24.3 million the same period last year. These improvements reflect increased financial discipline across the business. Looking at the components, operating cash flows before working capital improved to SEK -6.9 million. Investment levels were SEK- 7.1 million, fully aligned with our development roadmap. Importantly, these investments are targeted and linked to key technical and commercial milestones, ensuring efficient use of capital. We ended the quarter with SEK 50.1 million in cash, a substantial increase compared to last year. This strengthen our financial positions and provide a solid platform to execute on our strategic priorities. At the same time, we continue to see tangible results from our cost efficiency measures. Operating costs decreased to SEK -12.7 million, down from SEK -70 million last year. This reflects the action taken during 2025, which are now fully embedded in the organization. As a result, operating loss improved to SEK -7.1 million. Net loss improved to SEK -6.9 million. We are operating with a leaner and more focused cost structure while still supporting our key development activities. Overall, we see a structurally lower cost base, better alignment between spending and value creation, and increased financial resilience. To conclude, we are improving our cash flow profile. Cost reductions are clearly taking effect, and our liquidity position is stronger compared to last year. This gives us increased confidence as we continue to execute with a clear focus on disciplined capital allocation and the long-term value creation. With that, I'll hand over to Martin. Thank you, Alexander. Yes, let me first start just by saying that personally, I have been appointed to the Board of an organization that is the industry's actor that oversee Business Sweden, and it's called Svenska Allmänna Utrikeshandelsföreningen. We believe that this is fully in line with Minesto's efforts and challenge to push for an international breakthrough. Those things goes hand- in- hand, and it's good to see that an organization like that is also inviting a representative from a tech small cap company such as Minesto. Further, it's my wedding day today, celebrating anniversary number 30, and that's hopefully in line with the values of attitude here at Minesto. We're in it for the long run, and that we are persistent in what we do and team-oriented. With that, let's move to bigger questions and look into the macro perspective, and consider a little bit about impact on Minesto and our opportunities moving forward. I think the macro scene for us is potentially more important than ever. Obviously a very well-known and an important fact in this is the price situation with fossils, where we see in many parts of the world where we are pushing forward for business, that there's almost a desperation related to the price situation. This of course means that immature technologies innovation that comes in becomes relevant quicker on the learning curve, and that there are more markets and opportunities that open up for us, which is important. We need to be broad and seek, let's say, the perfect match with market conditions, natural resource, and policy where we are. Obviously the situation impacts also negatively in the sense that the risk-averse investment opportunity might be favored in front of more perceived risky opportunities but the balance here, we believe not just from, you know, a big macro perspective, but from listening and talking to the stakeholders and potential customers and investors in our projects all over the world, the price level is important for us. What's been added, something that is known but we get heavily reminded about it, is the security of supply situation. In Southeast Asia with markets such as Indonesia and Philippines where we work hard, moving forward, we see that when even scooter taxi drivers can't get access to fuel, we end up in a rather tough situation on markets like that. This goes deep. It's beyond price, it is really something that is also driving the need for local alternatives. To go local with energy, that means that you need to use the natural resources that you have available. For many and most countries, that means renewable resources, of course. This is really a call for further investments, broader investments into renewables to create local security of supply. In this, I mean, we see, for example, the EU pushing forward with more support in soft funding mechanisms and policy, also including blue innovation and Minesto's industry in a clear way, so that's of course important. I think that we should in this also remind ourselves that climate change is still here. It's more present than ever, and it doesn't matter how much, let's say, Donald Trump is trying to downplay the situation. It's gonna be there and s erving the needs for energy transition, fighting climate change is not some kind of, let's say, left-wing policy fling in this. It's sound business opportunities. That's what we are going after with what we're doing. You can see that when it comes to costs and the bigger picture on renewables, that there are forecasts and there, even if it's debated how far we can go in penetration with renewables, it's clear that the larger renewable solar and wind is easily outperforming fossils, and especially in a market that we're experiencing right now. It's gonna be pushed further down. This is really good news for us since we sit on a technology very similar to wind in its how it's structured, moving parts and let's say the engineering and industrial side of what we're doing. What's interesting here is of course that a scenario where we are pushing this hard, if you look at the graph to the right here, to reach 100% renewable energy system, there needs to be something filling a gap of, in some markets, up to 25%, that needs to be filled with something else because of the alternative costs of increasing solar and wind, the non-dispatchable natures, the need for storage and batteries and overcapacity. I think it's a reminder here also that when it comes to batteries and solar, we are all heavily dependent on Chinese manufacturing to be at these levels. Which means that if we talk about energy security and security of supply, that dimension needs to be added as well, which is something that we really try to take into consideration when we move forward with growing our business. The need for innovation is clear in this. We will not be able to solve this energy transition in an affordable way without new innovation, and that insight is something we've been preaching about Minesto for many years. Where we are now, we see clearly that there are bigger priests and cardinals, so to speak, in support of this. Fatih Birol, International Energy Agency, IRENA, Asian Development Bank, you can, you can stack them up, and you will see that the insight that solar and wind is not enough, that there are complementary needs, is very, very clear and of significant important for us in securing capital, in having actors to move into the first large-scale build-outs, in moving this. We also see this from the data we have in the Faroes, that it becomes economically really, really challenging and almost stupid to try to build a system with wind as the full dominant energy source, in combination with storage. Business development, most significantly for first quarter, has been completion of the collaboration with the European Investment Bank's advisory team, where they bring in experts to support creation and verification, quality control of the financial model that we bring to the table. Of course, this is of significance to us. We've been carefully selected to be a part of this, and the reason is obviously to connect what we do to the larger funding and grant programs that exist within the European sphere. It's also to sharpen our offers for the commercial actors needed as complementary funding into those programs. Today, we are significantly better at creating business cases, doing it with sensitivity analysis, and bringing the specifics and the uniqueness of the tidal energy aspects of those cases. In that respect, it's clear that it's a mutual exchange of experiences between Minesto and the EIB experts, because there is very limited experience and u nderstanding of how you build the dynamics that are specific to this natural resource and our technology. It's clear that there is no one in the world ahead of Minesto in understanding the financial dynamics around tidal sites. I think we verified and even expanded our strength in this vital area. What we talk about here is really the offer to, let's say, the larger customer downstream that will take on the site development and the site investment to show that the numbers come together and that there is financial attractiveness in build-out of tidal. One note that I should mention here is also that while doing this, we can also we can also stack cases on each other. If we start with 10 MW, we can keep building, so a certain area or a site context can be expanded where we can show the influence on cost structure and return on investments under those circumstances. That's all good. We are working with legal support and with partners now in many parts of the world to secure the first step in deals of different kinds. It's hard work, but with a dedicated team, with a local support of Business Sweden in several markets, and legal support, we are doing what we should be doing in this area. It should be mentioned that this also includes Wales, where some of you that have followed Minesto over the years, you know that we have made significant site development investments in Wales, and we're progressing this now in parallel with the Faroe Islands, since we have more capacity on the market development side. That's really interesting. We shouldn't forget that U.K. is a significant market for us, with one of the world's, if not the world's highest, price subsidy scheme via the Contract for Difference setups. Indonesia, another market where some of those macro trends we talked about really impact the interest and the need for what we are doing and bringing to the table. You also see a slide there from Taiwan, an intricate market to be in, but also with among the highest price subsidies. Those are just very small selection of the total market exposure that we have at Minesto at the moment. Technology. Yes, our microgrid scale or our smaller Dragon 4 unit has performed excellently in Vestmanna over the last two months. We see a lot of boundaries that we have pushed, and that this system is ready for installation in real microgrid context, not just at the test site where we are. We're still waiting for the integration with batteries, with our collaboration with the Swedish Energy Agency and Capture Energy. That's all good. The most interesting thing we're waiting for now is that the generator that we have received and tested, which is an upgrade here, is waiting to be installed now in the unit that is operational. This is important because that means that the wing configuration, the size of the physical size of this kite, will be matched by the right size of a generator. That upgrade will create for this site, a balanced system, where we can push energy production to, let's say, to an optimum at the site. That's very important, especially in relationship to our key stakeholders in the Faroe Islands, where this is an important step in planning for further build-outs into real microgrid contexts. That's Dragon 4. Dragon 12, it was safely and successfully retrieved after a very long production or stint over winter. We are now bringing the nacelle, let's say the interior of the body of the kite here, with control systems, with gearbox, with a shaft, with generators and hat's all being pulled out and sent to Gothenburg for inspection, for quality control and to learn about wear and tear, and also to service, of course. There are no issues or problems with the system as such, but obviously there will be important lessons learned on how to tweak things as we move forward. The big machine, Luna, has really done a good job over winter. And we'll get back to the plans of how we should use the test site in different configurations as things evolve. That's on the systems, the larger systems that we have running in Vestmanna for Minesto. We should also say that in the back, we've also been able to push some performance boundaries of the technology by tweaking it in some interesting ways. We haven't fully evaluated that, but it's looking really interesting, and we hope to get back to you with some more insights into this. We're pushing in ways to really address short-term market opportunities with those tweaks. You will have to view that as a little bit of a cliffhanger on a small scale for now. You can see in the pictures here also a lot of people in safety vests at the site. This is just from a week ago, where we had political representation from all governments in the Nordic countries. It was a really interesting weather this day. It was only the representative from Greenland that thought that the weather was okay. So that can give you a little bit of insight into what we experienced that day. Okay. Enough on technology. Finally, just on media here, a wrap-up. You obviously realize that to push a new sector to build a new industry as we're doing, being successful in reaching out into different stakeholders, decision-makers, legislators, investors, communities all over the world is of importance for what we do. And we've been immensely successful with this Faroe Islands Space Program, where the clicks keep ticking. We're not at the SEK 1 billion yet, but we will get there over the year. There were some disappointments at between us and our partner SKF that we didn't win the golden egg, Guldägget, for this category. We were beaten slightly by an inch by Vattenfall. We put that on Samuel L. Jackson for his performance on on the commercials in that end. Of course, we also keep working with exposing Minesto in contexts that are relevant for building this new sector. There's more one-to-one face-to-face meetings with in negotiations and dialogues with customers than broad outreach in conferences that we see for this quarter and the next. I think with that, I will rest my case. Thank you very much, Martin and Alexander, for that presentation. Let's open up the Q&A section here. If you have any questions, please feel free to use the form located to the right. We'll start with the first question here. Seeing to the fact that there are no order present, are you thinking of reducing the size of the organization to avoid asking the shareholders for new cash every year? No, not at all. We are I mean, the value of Minesto resides with a world-leading engineering and now also commercial team in this sector. It would be, it would not be the right direction to move for us to dismantle this organization. Thank you for that answer. When looking to the overall market, a lot of the companies in the green sector have not made it or are now gone through and are bought for only pennies. How are Minesto's path different from the rest of your colleagues? I think that the most important factor with why we strongly believe in Minesto and what we do is related to the extremely tight link between technology performance and commercial value. This is not the easiest way to penetrate from an investor perspective. But if you really look into energy conversion performance, the weight-to-power ratios, the way we can operate and use unique principles to manage and handle our systems, and you break that down into a cost structure and into a Levelized Cost of Energy situation now and with even a modest learning curve on it, that will give you the facts, the hardcore facts, that we are the most, by far, the most competitive ocean renewable in the world. Many of the solutions that you have seen should have been given more opportunities, I believe, to still keep pushing. A lot of them, especially in the tidal sector, they have simply fallen off the beaten path here. Fallen off the trajectory because they have been technically inferior. It is not difficult to assess that if you have good computational fluid dynamics actors in your team, and if you know how to build the cost structure of what we are doing. That is just a natural process. It is the matter of technology competition that you can study historically in any sector. Of course, the challenge for Minesto in this, let us say, natural selection phase is that we are also questioned. We should hold firm, and we should keep the clear message on our competitiveness, and find the right first mover investors for what we do. And that's sort of the core message from our end, that this technology is simply too competitive and too valuable for us to consider anything but commercial breakthrough. We are the breakthrough technology for ocean energy. Thank you, Martin, for that answer. How can you expect people to invest in Minesto when your Board of Management is not investing in their own company? I am investing a lot in Minesto. You should be aware that this is not the group of wealthy business people that manage a company like this one. If you look at our CTO, if you look at myself, you will really see that we are investing in Minesto. I think that I am now above 600,000 shares in Minesto, and I have increased my holdings in this company every year since I took on this role. If that isn't commitment, I don't know really how to position it. How many kilowatt hours is delivered so far this year in Vestmanna? We'll get back to that. I don't have the numbers. It's I mean, it's a 100 kW machine that is doing well. Over a couple of months with that 100 kW machine, you get sort of the range of production. It is a microgrid scale with a 100 kW machine. It's not gonna create a dent in the renewable transition for the Faroe, even for the Faroe Islands short term. Extremely important that we are feeding energy to the grid, showing our partner and customer SEV that we're doing that. It's scale-up that's needed. We need more machines. We need larger machines. We need to build arrays, t hen we will be in a situation to talk about serious gigawatt hours per year. Thank you, Martin. Can you clearly outline the current status of the Hestfjord 10 MW project, including what has been completed, what remains, and what specifically is preventing Minesto from reaching a final investment decision? Well, the final investment decision is not ours. It resides with project investors. It resides with SEV and other local stakeholders in the Faroe Islands. There are a few factors remaining to reach that. There needs to be a few things sorted out on the consenting side. We are way into securing all the permits. The onshore grid is already in place, and environmental screening has been going on, and we can reuse what we have in Vestmanna. There are some details to this permitting, and some discussions on what type of permit that we should go for. As always, when you move into new areas, there will be some risks and issues related to environmental permitting as well. I think that the immaturity of the technology, the perceived technology risks for, let's say, small, risk-averse actors in the Faroes is really the decisive factor in this. We are working closely with both the Board and the executive team of SEV. I'm going there later this week for more discussions on what the relevant steps moving forward will be. There are still a few steps remaining for us to secure a first financial closure on this. What would help, apart from already mentioned, is of course, if we can, if we can funnel, if we can direct some of the soft funding opportunities in Europe, in the EU sphere, the EIB connection, for example, to the Hestfjord case or to set ups in the Faroe Islands, that will be really, really helpful in this as for any other new renewable. It's not needed long term, given the price levels and the scale of operation in the Faroes. As a triggering factor, it would be really, really valuable. I'm not answering the question in detail in this on the permitting side of things. This is the level that we are prepared to share information on. Thank you for that answer. Is Hestfjord still the intended site for the first 10 MW Dragon Farm? Yes or no? Yes or no. It is one of the candidates and potentially the strongest candidate. With some of the tweaks of the technology I talked about, with more progress in Vestmanna, Vestmanna is also a potential site. A combination of Vestmanna and Hestfjord will be perfect phase shift, maybe a build-out of the two at once. That will give you almost base load to the grid without going anywhere else. I mentioned our work and comeback work in Holyhead in North Wales. There is also very interesting developments. We see also, if not desperation, but eagerness that we haven't seen before in Taiwan. We've been there for a long, long time. With the energy situation, and with the site at Kap Fugue, in a good shape, we find that also interesting. A fourth or a fifth site in this would be in a non-disclosed location within the actual borders of EU. That case has been exposed to the EIB scrutiny and collaboration and t hat is also then a fully investable case, that's what's needed. We need to be able to create investment proposals on the cases to take it to the same level as Hestfjord. There are now four different such investment proposals on the table for 10 MW arrays, and three for microgrid contexts and w e'll take either/or. If we go for a larger microgrid project fully financed by commercial customers, we will push forward there. We will still have resources and capabilities to move in parallel with a larger array. There will be longer lead times with that than with smaller scale installations. Of course, the bigger ones is what really will create a difference for Minesto but w e'll take either/or, and we can do both. Thank you for that answer. Can you provide an update on the planned EU Dragon Farm, specifically what concrete milestones have been completed since the EIB PDA support was announced, and what remains before final investment decision? There are still discussions on locations there and sensitive aspects related to consenting. We have been strongly advised by our partners and local stakeholders in this to not go public with this until we've been able to, let's say, progress some of those aspects first. It's fully, let's say it's developed to a level where it's fully investable from different types of EU programs. It's not just sort of a fluffy idea, it's a very concrete and hands-on, down to detailed measurements of flow ratios and the seabed bathymetry. Full-blown investment case is at hand for that but it will have to be labeled the EU Dragon Farm for now. Thank you. What is the single most important milestone investors should watch for in 2026? Is it within Minesto's control or dependent on external parties? Well, I think it's obvious to everyone that commercial milestones, securing orders, contracts, project investments, the whole commercial sphere there, all, let's say, good news and progress in that area will be important triggers for Minesto. A second sphere of activities is of course on the owner side, where you always can speculate on what kind of owner configuration a company like ours will benefit from. We have a very strong owner in Corespring Granitor, that sphere. Obviously there are a lot of actors in the world in the energy sector, where there might be more synergistic global, let's say global, values to build. That's the second sphere. I think that sums up a little bit where we're focusing and what we need to do as a company to really take a big step forward. If Minesto is now moving towards a first commercial entry-level project, how prepared are you from a manufacturing and supply chain perspective to scale beyond individual demonstration systems into multi-unit deployment? I think we are, I mean, you have to, first you have to be humble. As a tech company that has been doing prototypes and engineering for many years and marine operations, of course, to build 10 units or 20 units is a different thing than building one, two, three, or four where we are today. That is one end of it. It is so that we will highly likely use one of our partners as an OEM manufacturer for larger subsystems and structures in this. There is no difference on the key side where you do final system integration. That is one by one, you piece them together, you put them into the ocean and t hat side of it is highly scalable with the simple and straightforward installation procedures we have. On the component subsystem level, with suppliers such as SKF, there will be no problem in handling volumes and scale up. I believe that is a partner that we will rely on in a broader context than just the subsystems that they deliver to us. There are several more, both in dialogue with us and in the current supplier base, that know very well how to scale from prototype to, let's say, medium-sized batches of systems. We should remember it's not mass production in the first phase. To build tens of units is still most cost effective to do in batches and with customized systems for each site, we believe. Maybe share it in between three or four sites in the near future. When we talk about hundreds and thousands of units, an OEM system integrator is one way to go. Another way is to build that capacity yourself. I think that that's for the owners to get involved in how to set that up. No, we're not worried or concerned in a negative way about our delivery capacity in that sense. The challenges would also be more on I mean, when you build 10, 20 units, that should go into long-term production in the offshore environment is of course that you really need to have the design right so you don't have to, you know, swap out or tweak any aspect of the product. It needs to be very robust in that sense. That's an area where a lot of attention and effort will have to be invested to be successful. Not just to sell, but to actually get your repeat business going based on that first sales. Thank you, Martin, for that answer. Given the growing energy constraints in parts of the North Atlantic region, together with strong tidal resources and increasing demand for predictable renewable baseload power, do you see a future opportunities for regional cooperation and deployment synergies between projects in Iceland, the Faroe Islands, and nearby markets such as Norway? Yes. It's no coincidence that we have energy agency and energy department representatives from Norway, Iceland, Greenland, Faroe Islands, and Denmark at the site the other week. The Nordic context is important in this sense, and the strengthened relationship with Canada also improves this in a very, very interesting way. This is a multi-gigawatt market for us, where both small scale installations to in islands such as in small islands in the Faroe Islands or larger production sites with Canada, or core production in Iceland, for example, is both on the radar screen. Good catch there. The Q1 report was released nearly two weeks ago. What is the reason for holding a separate webinar at this point in time, and should investors interpret this as a sign for or that Minesto is entering a new phase operationally or commercially? I think it's just practical reasons. I happen to be in the Faroe Islands meeting with the executives over there. We prioritized that and felt that it would be too messy to try to run that on at a distance. Just practical reasons. Thank you for clarifying that. At what point do you believe it becomes unreasonable for the market to still value Minesto primarily as a development stage technology company rather than a future energy infrastructure company? I think it is already unreasonable. I mean it's our job here at Minesto to explain to the market why we are one of the world's most promising new energy innovations. We simply need to work harder and do better in that respect. I think that if you really take a step back and look at what we represent, how few new innovation solutions that are out there, then I think it becomes clear to a lot of people that we need to keep those options open and we need to push forward quicker and more aggressively to be successful. Yeah. Thank you. If Minesto truly believes tidal energy is now commercially ready, what is the real bottleneck today? Is it technology, financing, industrial partners, permitting, or simply risk appetite from the market? Risk perception from the market. I mean, that might be a combination of some of the other aspects to it. I mean, all of them matters in this. Actually believe that we've said this before, that being a second or third generation solution into this sector where you've seen first generation systems falling off the trail one by one, I think that is a perspective that investors in more mature tidal markets take into account. We are asked to provide significantly more evidence and proof of concept and proof of financial attractiveness than what we've seen in this sector before. That might be common sense from some perspectives, but I think it's, the level of risk averseness is, from my perspective, almost ridiculous in that sense. So, yeah, maybe not an answer, but a comment. Okay. Thank you. Inside Minesto today, do you see the first commercial Dragon Farm mainly as a question of when rather than if? When. Thank you. It's- No, sorry. Yeah. When. Thank you, Martin, for that. How has the geopolitical risks impacted the interest for Minesto? How do you notice this, and how durable do you expect this impact to be? I think it's a long-term impact. It's a reminder for many markets, not the least what we see hands-on in Southeast Asia. They're pushing plans forward. We are in negotiations to push things forward in a commercial context in a much stronger way, and this is one major factor behind it. The vulnerability of the energy system where you are dependent on that energy from that region in the Gulf, it becomes brutally clear. There's only one way to solve it. It is to generate your own electricity based on your own assets and your own technology or technology that you can control. Super important to be Swedish in this perspective also in most of those markets. I'd say it's similar to some of the positive I mean, we are a spin-out from the aircraft manufacturer Saab. I think that what you see when you're promoting important technology for national security, to be based in Sweden is strength. Thank you. War and uncertainty tend initially to risk aversion. How do you see this effect versus the tailwind from double cost of oil and energy and the renewed urgency to build self-sufficiency? That was a complex question there. If I read it right, I mean, on one hand, it's a more risk-averse investor sphere internationally, globally. At the same time, there's really a push in favor of what we're doing and taking risks in this area. I think that it's the pendulum will swing in our advantage because there are no viable options. This means that you have to, even if you find it risky from your own assessments, you do not have a choice to walk away from the only solution or one of very, very few solutions that can fix your situation. I think that's a core aspect, tremendously important for us. It also means that some markets that normally wait until the Western world has matured the technologies and made them, you know, completely stable and functioning, they cannot wait for that to happen. If you take Indonesia and Philippines and those areas, they have the resource, they can create enormous values by exploiting it, and they might have to be more pioneers also from a technology perspective, in our area. Thank you. Throughout the years, you have built up a lot of interest for the product. It must be hard to know where to concentrate your focus but also resources. How do you view that as a company to separate between interest and actual commitment from potential buyers? Yeah. A very good and to the point question. I think that the initial contacts, the offering of feasibility studies, the offer to create an investment case in new markets for us now must be associated with financial compensation, that we're selling those services, including some kind of soft first right to that local market for the actor we're working with. It needs to be actors that are, let's say, self-sufficient in all aspects. It has to be an actor with project development capabilities or a sphere with project development capabilities with the ability to attract finance or invest themselves. This is something now with many markets ongoing in parallel. We have the luxury of demanding on a level that we have not been able to do historically. We built this global, if not presence in, you know, in the minds of relevant actors we're present. The resource is known to those markets. Where we are now, we are not gonna pick the markets with a few exceptions. The markets will have to pick us. So it's the strongest partners, the visionary partners, those will be the markets where we push on. The safety mechanism for us in this is that we say that we're not taking any big commitments for a site or for delivery if we haven't shared the results and if we haven't been involved in serious feasibility work. We're not gonna install systems where there's a risky resource or where resource assessments are not complete. We're not doing this for a one-off sales stunt. We're doing this to build a global business, talking about gigawatt build-out moving forward. This is too good to, let's say, just let it slip through your fingers with a sloppy assessment of where you go. The challenge is that each market needs so much attention. You need to dig deep into that understanding in order to really, really say go, no go for that market. We cannot fund those activities over 10, over 20 markets. We need local actors to support that financially and support that with their knowledge and experience. It's a balancing act. We can't support 10 or 20 such activities in parallel, but we can do five, six, seven. I think that's where we are now. We've started some of those activities and they're very similar even if all the data and all the local, let's say, context around the technicalities, the resource, the customization of the units that needs to be very, very uniquely specified for that site for the first sites. So it's a process of, let's say, data mining and knowledge building on those markets and then put them next to each other to select where to go. Thank you. Do you have any updates regarding soft funding around the world? No. Nothing hands-on at the moment. It's a core activity for us. We're involved in a lot of work with the commercial team and also support from the technical side to take part wherever we feel it's relevant. It is helpful. It's an important support mechanism, we will use it. We will use it as soon as we get access to these types of funding to really break through locally where that's available. The EU is doing a fairly good job in setting up the programs. It's a little bit slow and complicated in the evaluations, we've been there before, we're going to get there again. Can we expect the same timeframe for future deals as in Faroe? No. The journey we're in now is very much a journey of, you know, first mover. As soon as you have one site where you can show commercial data, show the successful integration of this into the grid at larger scale, you know, 5 MW, 10 MW, 15 MW, it's going to be a completely different story in many of those markets. The good thing is that we are already working in so many of those markets. We're not working on our own dime. We're working on others', and that means that we are preparing the relevant part of the world for our business. Do you feel that it is better to focus on new countries until fruition so you don't spread yourself too thin, or what's your comment on that? It's close to the lengthy answer I gave earlier on priorities here that we can do screening, we can do initial contacts in a lot of markets. We have to realize that we are not going to build local presence all over in those markets, wherever they are. We will rely on the resources and knowledge transfer to our partners. We can go broadly in that sense. When it comes to our own sponsored site development, what we're doing with SEV in Hestfjord, even if they are carrying, I'd say, the larger portion of that burden in terms of resources and obviously needed because of their local connection. There we are still doing things with our own resources. We have done that historically in Wales. It's a very small extra investment needed to reignite that work. Apart from those areas, we are not going to spend our own dime in building those markets. Of course, some traveling and some legal advice and so forth. I think we have two or three different support schemes now from Swedish Energy Agency and from Nopef that supports those activities. I think it's the Maldives. I think it's Taiwan and partially also in the Faroe Islands. That's good support, even if it's small money. It gives us a little bit more maneuvering space. Knowledge transfer to strong local actors, that's the melody. Is the new governmental leadership in the Faroe that took office in March positive regarding Minesto? We don't know yet. I mean, it's a small community. The finance minister is from Vestmanna and he's the former, I think he's the former, or if it's the foreign minister, he's in the government now at least. He's very well acquainted with what we do. He can see our test operations from his balcony overlooking the fjord. It's a tight community. Yes, there's going to be some different flavor to policies left and right. All in all, it's a matter of igniting the Faroese society to really share our vision of how important and relevant this large-scale build-out is. We have several friends in the new government sharing that vision. Thank you. What can still be done to reduce the perceived technology risk, for example, in the area of financing and performance insurance, but also guarantees? I think that to afford more hands-on testing and to afford to, let's say, invest in ordering and building the parts in the system that are not fully balanced today. I think the generator that we're ordering now is an extremely important aspect where we go from a 100 kW to 185 kW generator. That will, for non-technical decision makers, and there are a lot of them in this sphere, this will be a relief to see that the system now is delivering exactly as we're saying. We know this. It's no drama at all from a technical perspective. We all know that seeing is believing. This is an area of importance. Obviously, with the funding rounds we've had where we've been not at 100% of the funding for the last two or three rounds we've had over a few years back, you shave off some of your product investments that you're holding back to. I'd say that we could have been more aggressive with 20% more funding for the last three years. We would have pushed that forward. Yes, the tech side of it to show and demonstrate is really, really important. I think that more study visits, more structured study visits, taking people to the Faroes to see what we're actually doing, see how well this is integrated, yes, on a small demo scale, see how well it's integrated with the energy system in the Faroes are important aspects to reach through. Nevertheless, it's going to be a first mover needed to build the first array. We will have to acknowledge and we will have to work in a way where we also have to, let's say, accept that many of the first investors that move in, they will perceive this as an array demonstrator even. I think that's where everything on roadmaps and first rights for a local market and potentially other financial instruments come into this context in order to reduce the total risk package. Performance warranties is common in the energy sector and renewables here. Where we are now, I think that people want to see, the investors, the hands-on stakeholders in front of us, they want to see that we deliver on the levels where we claim to be at array scale. They are more into it, not just as standalone financial offer. The performance warranties, if we don't deliver electricity and we hand over, it's only half of the value. They want the energy. They want the electricity because they want renewable energy, they want cost-effective energy on a system level. It won't help. Of course, it will jeopardize Minesto in a way that isn't potentially in the shareholders' interest. A lot of discussions around that in the world for new renewables. We're not gonna be the pioneers of offering performance warranties. Thank you, Martin, for that. We'll take one final question here. When will the D12 get back to production, and why does every process take so long? Well, we have not set a date for when we're going to return it into production. It's going to be related to how much of the foundation assets and cabling that's needed to deliver the microgrid project, b ut the system is technically in good shape to be reinstalled, so that's not the question there. Then of course, it's a matter of funding reinstallations and keeping a lot of systems going short term. We don't have a date for relaunch of the D12 yet. Maybe we don't even relaunch it in Vestmanna. Maybe we put it somewhere else. It's a good solid system, so it can do well in other areas of the world or in the Faroes as well. Thank you. We had one last additional question that just came in. Do you have any assessment of the South American market? Yes. The South American market at large, we haven't looked into every area of it, but we have done historically quite some work in Chile. We've had Board members visiting mayors in south of Chile to look into one of the world's most stable and accessible tidal resources. It's not sort of off the coast to the south, it's in protective areas in very, very good ways. Some European utilities, Enel Green Power and EDF are strong in Chile. Both of them take interest in tidal, so there are opportunities and connections. We are actually reopening some of those discussions this spring. Chile is far away, so in geography and will not be a breakthrough market, I believe. Okay. Thank you. That concludes the Q&A section here. Thank you very much, Martin and Alexander, for presenting with us here today and also answering every question that came in here. I wish you both a great rest of the day. Thank you very much. Thank you, Martin. Thank you everyone for sharing this session with us. Thanks, Alexander, also. Thank you, everyone.