Good afternoon. Welcome to Orrön Energy's Q3 results presentation 2026. Joining us today, we have our CEO, Daniel Fitzgerald, and CFO, Espen Hennie, who will run us through the presentation and future growth strategy of the company. Following the presentation, we will have a Q&A session, so please send across your questions as we go along. We will collect and go through them at the end. With that, I would like to hand over to Daniel Fitzgerald to kick off this presentation. Thank you, Jenny, and thanks to all of the viewers joining us today for our third quarter results presentation. This is a really important quarter again for Orrön Energy, the first where we see the combination of our Nordic assets with Cloudberry. With that combination, we continue to remain exposed to the Nordic price regions and the Nordic development opportunities more broadly across all of the price regions. Especially with that shareholding and Karskruv, we end up coming into a market which is looking very, very strong through the winter of this year and into the following year and beyond, with a tightening market, higher pricing, and the demand side of the equation picking up significantly. We are also starting to share a little bit more detail today on our greenfield portfolio, which is now in the spotlight a little bit more given the transactions. I look forward to going through a few more of the projects and the detail on that, and when we expect to be seeing larger triggers on that part of the portfolio. So it really is a transformational quarter again for Orrön Energy and also for Cloudberry as part of the transaction that we undertook with them. With that, I think there are four key strategic pillars for Orrön Energy today, and it is very easy to understand them and value them appropriately in a fairly discrete way. The first is through our strategic shareholding in Cloudberry, where we are the largest shareholder and we hold 27% of that business. I will touch on their Q3 performance and, more importantly, their outlook for the coming year in a later slide, but that really is a cornerstone where we remain exposed to the merchant price regions across the Nordics with over 2 TWh of production and ample opportunities to continue to grow that business. Together, that is a lot stronger platform than either company was before the combination of the assets. We then move into our large-scale development pipeline, where we have been building for a number of years energy hubs, infrastructure projects, solar, battery, and data center projects across a broad portfolio. I look forward to sharing some more information on that portfolio, and it is clear to see today that there is zero value within our stock, and the value comes from the Cloudberry share and the second pillar, which is the Karskruv asset in southern Sweden. With that, we also have a very strong balance sheet. Following the Cloudberry transaction, we are down to very low levels of net debt, EUR 3 million at the end of the quarter, and that debt-free position as a company gives us real strength. As Espen will touch on, there is not only enough liquidity headroom within our current facilities to grow the business, but should we wish to lever up further, we have ample headroom to keep going and deploy significant capital into our growth efforts. If we take that one step deeper and look at the valuation on each tranche of the portfolio within Orrön, I think the easiest first step is to take the value of Cloudberry. If we take the value of Cloudberry today, it represents just shy of SEK 6 a share in Orrön Energy, and we are trading today at a bit above SEK 8.5 a share. So this Cloudberry shareholding represents over 70% of the value of Orrön Energy today, and that is the cornerstone, which is a pure mark-to-market on the Cloudberry stock. If we take what is remaining left in the business between Karskruv, the greenfield portfolio, and further growth, we end up with an implied valuation of only EUR 60 million for that remaining element of the business. If I take Karskruv, this year alone, we are going to generate between EUR 15 million and EUR 19 million of EBITDA if we ignore the hedging position that we have in place today. If I take a fairly conservative multiple on the Karskruv business, around 10 times EBITDA, we end up with a valuation very similar to the Cloudberry holding today at EUR 150 million or thereabouts. That gives us a clear runway just through the underlying value of Karskruv plus Cloudberry to close to SEK 12 a share, which is somewhere around a 40% uplift to where the share price is trading at the moment. That gives no value on the greenfield portfolio, and that portfolio now will move into a much stronger phase with key milestones coming each quarter on the portfolio, and we will touch on those in a short while. But the data center portfolio alone is a significant size and unlocked by having the renewable assets and the storage assets sitting alongside the demand projects for the DC sites gives us a lot of opportunity to continue to grow. As we touched on, it is a strong balance sheet behind Orrön Energy today, down to EUR 3 million net debt with ample headroom. So in my mind, this is a compelling value proposition. Hopefully, we can convince you as we go through the slides today and more of the material today on what is actually sitting behind some of the lesser-known elements within the portfolio. If we turn our minds to the first nine months' results of this year, we delivered power generation on a continuing operations basis, which is Karskruv alone, of 165 GWh, which is in line with our full-year guidance. We delivered revenues of over EUR 15 million and EBITDA of EUR 4 million, which includes one month of the contribution from the Cloudberry portfolio, which Espen will touch on the accounting of. This quarter, we recorded a gain on sale for the Cloudberry transaction of EUR 28 million, and that will be a one-off link to the valuation of the consideration paid. That has come through in our net result and shows through in the financial statements. Our net debt, as we touched on, shrinks to only EUR 3 million. In the Sudan case, we have finished in the district court. We are expecting a verdict in December of this year, and it was announced by the judge on Friday of last week that that will move into February of next year. So we are slightly delayed on the result and the verdict from the Sudan case. We remain fully convinced, as we have done all along, of a full acquittal in this case. We expect that to be the result, and I think the reality of writing what is two and a half years worth of a district court trial into a verdict is just taking longer for the judge and the team than what was originally expected. We have sat and looked through this to see if there is anything to read into it, and there is absolutely not. I think it is just a short-term delay in the verdict, which is very, very disappointing. We had been looking forward to seeing the end of the Sudan trial at the end of this year, but unfortunately, now we will have to wait until mid-February to see the final results from that trial and the verdict. If we spend a few minutes on Cloudberry, we now own 27% of Cloudberry. It is a really strategic shareholding for us. In their Q3 results, and I urge you, if you are interested in more than what we are sharing here today, I urge you to go and have a listen to their Q3 results from this morning. They delivered 295 GWh of production, which is a record for Cloudberry. Also, NOK 165 million of EBITDA. And what that means is a EUR 1.1 million contribution into Orrön's financial results, which we will share in Espen's section a little bit more. I think the most important element from that portfolio, my takeaway from the Q3, is not only is it a broad Nordic platform with over 2 TWh of production, it has all of the ingredients we need to be successful in this sector. We are of the right scale and size. We have a fantastic team. We have a lot of development projects, both in powered land data centers, but also in the traditional renewables, and a long pipeline of life extension and repowering opportunity. When we look at the Nordic market, it really is strengthening already today and into the coming year. We are seeing strong futures prices, low hydrological balance across the Nordics. We are seeing the gas price staying strong through the winter, historically low levels of storage, and that is pushing us into a very high Nordic system price as we enter the winter months and into next year. What that translates into, you see on the chart here, which is directly from the Cloudberry results, is a very strong underlying earnings for Cloudberry, from revenue all the way through to CFFO. And I look forward to seeing this portfolio continue to deliver strong results as we move into the new year. Turning our minds to our remaining asset in Karskruv, I think there's not much to say other than business as usual for Karskruv. We're producing power in line with what we expected from the asset, high levels of uptime, good performance, and year to date, we've achieved EUR 77 per megawatt hour, excluding the hedging that we've put in place. When we look at the system price for next year, we see similar levels on the system price, and we expect to produce similar levels on the gigawatt hours next year. The EBITDA for this year is EUR 15 million-EUR 19 million, depending on what the Q4 pricing looks like, excluding the hedging, and we expect to be within that range next year as well, based on where we see the market for next year. It really is a strong core asset. It delivers good, strong cash generation for the company, and we expect another strong year of performance for Karskruv next year. Turning our minds into the development portfolio, I think this portfolio has matured nicely over the last three or four years. We started this platform in 2023, Orrön Energy entered this platform in 2023, which already at that point in time had applied for a range of grid connections across the U.K., and we deepened that in the U.K. and further into Germany. Where we're standing today is with a 17 GW pipeline, 10 GW across traditional renewable and storage assets, with around 7 GW in the data center space. The U.K. and Germany are leading that charge, with France coming behind, slightly less mature, and we're seeing a significant portfolio, certainly in the U.K., where we're awaiting final grid connection dates and the connection agreements. In Germany, we're going to see that application process coming to a decision at the end of November. What we've done with these portfolios is our view on the future renewables projects has been for a while that we need to generate projects with an energy hub concept, where renewables is producing more in line with baseload power, and we've been building that portfolio for a number of years. The renewable and storage projects co-located with the data center and demand projects gives us a really fantastic platform to be able to deliver these integrated energy hubs. As we see more and more regulation changing across Europe, this puts these energy hubs more into the fore in terms of what not only grid operators are asking for, but also governments and society are asking for less impact on the power price and for new demand centers to bring power to the grid as part of that demand application. We're sitting in a perfect position where we're moving into key milestones on these projects in the same time that we're seeing the data center and AI market with insatiable demand for capacity, and we're seeing the regulation changes pushing us towards this concept. I think grid has become a bottleneck, and it doesn't matter who you speak to across the sector, across the industry, whether it's in the U.S., whether it's in Europe, in Asia, in the Pacific. Everywhere, grid is the scarcest resource we have for anything related to data centers and AI demand. We have secured strategic grid positions early in key markets, primarily U.K. and Germany, where you see on this slide we have 3 GW in the U.K., which has secured Gate 2 grid connections. What we are awaiting is a final grid connection agreement, which will come, we expect, in the early part of Q1 next year, which will give us the connection date and the final location with the formal agreements. That is spread across 1.8 GW of solar projects and 1.1 GW of data centers. If we turn to Germany, then we have 10 GW of grid applications lodged across battery and data center projects. These are in the energy hubs, or largely in the energy hub concepts, where we expect to hear more at the end of November. Our projects are quite mature in that pipeline, and where we see the benefit is in the grid reform in Germany, where the grid operator has put forward a set of criteria on securing of land, securing of long lead items, co-location of technologies, et cetera. We rank very, very highly. In a majority of our projects, where 11 out of 11 is the maximum score, we rank between 9 and 11. So we are fairly confident that we will see a significant amount of that 10 GW awarded in the grid connection agreements coming towards the end of this year. When we selected the sites in Germany, we selected those nodes which had available grid capacity and were scoring extremely high in that, so we do expect to see some positive results out of the back of this reform. That puts us into a very, very strong position. With grid being the bottleneck, we have a range of projects that will very quickly move to ready-to-permit, where we have already engaged with the local municipalities. In some projects, we already have the first decision on permitting, and we will move into next year to secure more of those permits and push these projects towards ready-to-build. It is a fantastic platform. I think the teams both in the U.K. and Germany have done extremely well in a changing environment with changing legislation and emerging markets, and I think we are positioned extremely well to capitalize on that portfolio. When we look at the energy hub concept, I think you can see a schematic on the left-hand side of this chart, where for a single grid connection, we will then have some infrastructure sitting there which distributes the grid between the three projects, which are somewhat co-located, certainly behind the grid connection, but physically separate within the municipalities in which we operate. This energy hub concept allows us to have solar projects bringing power to grid, battery projects which help both on the demand side and also on the supply side to regulate our power in the right way, and very importantly, given the valuation in the AI and data center space, it unlocks the ability to meet all of the recent regulations and efficiency regulations around the data center side. We're seeing a lot of traction from both the grid operators and the local municipalities around these concepts. We expect these hubs to be coming forward to market very, very soon, and we should expect to see the results of that. On the right-hand side, you see three of our projects in Germany. We have around 13 projects which are moving through this grid application process. This is just three of the more mature ones, where you see around that 1 GW size split between solar battery and data center. This process is live. We have a range of early-stage bids on this, and we expect to see more on this process as we secure grid at the end of November and move into the tail end of this year. On the final slide before I pass over to Espen, I'm not planning to go through this in detail, but a lot of our investors and stakeholders have been asking us around the detailed status of the projects, where are they, in which countries, in which technologies. We've shared a little bit more here on the project background. We expect to share more as we go through the coming quarters and share with the market exactly when we see both the grid results in Germany, the grid results in the U.K., and an update on these projects moving forwards. Importantly, there are some really key triggers, especially around grid, that are coming in the next three months or so. I really look forward to seeing these projects being able to unlock all of the key elements around land and grid, allowing us to unlock the final pieces of the permitting discussion and move forward into construction and sale on a range of these projects. With that, I'll pass over to Espen to run through the financials for the third quarter. Thank you, Daniel, and good afternoon, everyone. I'll go through the financials for Q3, which is obviously very much impacted by closing of the Cloudberry transaction, as we'll see in a couple of the slides, how it impacts our numbers and cash flow. Starting with the highlights for the quarter, we had revenue of EUR 2.3 million in Q3. That's only from our power generation. We didn't have any contribution from project sales in this quarter. Please keep in mind that project development and sales is very volatile and lumpy by nature, so it's not surprising in itself that you have a couple of maybe back-to-back quarters without any significant contribution before you then will have a very material impact in later quarters. So EUR 2.3 million of revenues, as I mentioned, EUR 1.4 million of EBITDA. Of which EUR 1.1 million is from results of associates, and this is our net share of Cloudberry's net result for the month of September, being the one month in the quarter following closing of the transaction, which occurred end of August. This is also how we will reflect Cloudberry's result in our P&L going forward. Our net share, the 27.01% of Cloudberry's net profit will end up in our EBITDA as a result from associates. Achieved price for the quarter, EUR 43 per megawatt hour. We will cover the achieved price year to date a bit more in detail on a later slide. Strong pricing throughout the Nordics, but at the same time also our price, achieved price impacted by hedging for the quarter. Strong operational performance for Karskruv in Q3, with volumes coming in line with expectations, 53 GWh during the three-month period. As Dan alluded to earlier, as a result of closing of the Cloudberry transaction, we are reflecting a gain on sale of EUR 28 million in Q3, which is then part of our discontinued operations net result, as you can see in our quarterly net result, which we posted this morning. We are ending the quarter with a very strong balance sheet. Net debt close to zero, EUR 3 million on net debt. We have total liquidity of EUR 47 million, which provides us with a lot of flexibility and optionality, and it underpins all our current future business plans. As Dan also mentioned, if you look at the current sizing of our credit facility, EUR 50 million, it is obvious that that is a very, I would say, conservative sizing compared to the underlying value of our portfolio. With, as of yesterday, our shareholding in Cloudberry close to EUR 150 million. As Dan also mentioned, Karskruv assets generating EBITDA between EUR 15 million to EUR 19 million this year, if you exclude the hedges and with a double-digit EBITDA multiple being an expectation for an asset of that size and quality, that quickly takes us to the EUR 300 million or more, as Dan mentioned, before adding any value to the greenfield portfolio. Clearly, EUR 50 million is a very conservative leverage, and it is obvious that we have the option to explore increasing that further if we would like to do so to accelerate more organic investments if and when that becomes relevant. As of today, as I said, we have sufficient financial backing and headroom to deliver on our business plans. One also important asset, which is part of our company, is our tax balances and tax losses carried forward. I mentioned this in the past also at our capital market days. Now we have updated the figure post the closing of the Cloudberry transaction since parts of those tax balances were attained to the entities that were part of the transaction. We have EUR 334 million, which is now part of continuing operations as of year-end 2025. Very important to note the material value that also potentially represents to the company. If you apply the tax rate in Sweden to this figure, this will lead to a total saving in future payable cash tax close to EUR 70 million. Clearly, we do not expect to end up in a tax-paying position based on our Swedish revenues anytime soon. This means that our cash conversions or the portion of EBITDA that flows into cash flow is expected to be very high for the coming years due to these tax shields. If we then move to the 2026 outlook, on the left hand of the slide here, you can see our updated outlook and guidance. If you start with power generation, we expect that to end up in between the 220 to 260 GWh range. Please note that we have narrowed that range slightly as opposed to our previous guidance, which was 210 to 270. This is then to reflect actuals year to date, and we feel very confident that we will end up within that range with our best estimate being close to the midpoint. As I said, you know, it has been good operational performance from the Karskruv wind farm throughout the year, and it looks set and is still continuing into Q4. Operating expenses, we expect to end up between EUR 4 million to EUR 5 million here for the full year, probably more closer to the high end of that range, which is mostly driven by land lease costs, which in turn is a reflection or is just a direct consequence of higher power prices, as land lease costs is typically just a percentage of our revenues. So obviously, that is one cost item we are very happy to pay a bit more than expected. So probably closer to EUR 5 million than EUR 4 million in total operating costs for the full year. When it comes to G&A, we have the same guidance there, EUR 4 million-EUR 5 million for 2026. Here, we will probably end up closer to EUR 4 million as opposed to EUR 5 million, and if you look at the current run rate of EUR 3 million year to date. Sudan legal costs. I expect this to total EUR 4.5 million for 2026. As you know, the court trial concluded in the past quarter, in the second quarter, with a verdict expected the 17th of February, and we have very marginal costs now going forward until year-end, with then the current expectation of ending close to EUR 4.5 million compared then to actuals year-to-date of EUR 4.2 million. CapEx, we have increased our guidance there from EUR 8 million to EUR 10 million for the calendar year. This is to reflect the higher development activity, with the higher capital allocation primarily to our German energy hubs, as Dan mentioned earlier in the presentation, and also additional investments into our data center platform that is really driving this increase from EUR 8 million to EUR 10 million, which we now expect to total for the year. If we then move to some key financial metrics for the quarter, and also on a quarterly basis, going back to the same quarter last year. If we start with revenues, we had EUR 2.3 million of revenues, as I mentioned earlier, for the quarter, without any contributions from energy sales in this quarter. If you compare that to Q2, the previous quarter, you can see we ended up quite similarly on revenues from power generation, with pricing being somewhat lower quarter-on-quarter, driving most of that decrease, which is then somewhat offset by higher volumes. Comparing to the same quarter last year, revenues are up in the order of EUR 700,000 if you only focus on revenues from power generation, which is then driven by higher volumes. It is quite a material uptick in volumes compared to the same quarter last year, which is then backing that increase in revenue. If we move to EBITDA for the quarter, and if you focus on EBITDA excluding Sudan legal costs, which you can see in the gray dotted line on the chart here, which we have said in the past is definitely the most relevant metric to look at if you are evaluating future EBITDA and cash flow generation potential for the company, that is to focus on this underlying cash flow generation, excluding the Sudan legal cost. This quarter, we had EUR 1.5 million compared to EUR 3 million in the preceding quarter, with the EUR 1.5 million variance then being explained mainly by the project sales, which had a EUR 2.4 million EBITDA contribution in the second quarter, partly offset then by the Cloudberry contribution we had this quarter of EUR 1.1 million, which then explains most of this difference from EUR 3 million to EUR 1.5 million. If you compare to the same quarter last year, we have EUR 900,000 improvement in underlying EBITDA, excluding non-cash items and Sudan legal costs. There, the project sales EBITDA contribution, which was EUR 1.1 million, is fully offset by the Cloudberry contribution of this quarter. This increase in EBITDA is fully explained by higher revenues from power generation and also, to a smaller degree, lower G&A costs in the current quarter. If we move to achieved price, looking at year-to-date, and this is then for continuing operations, being the Karskruv wind farm. The average system price has been EUR 78 per megawatt hour year-to-date, up until end of Q3. Overall, very constructive price environment, as Dan also mentioned, supported by elevated gas prices, very supportive hydrological balance, and also lower than normal nuclear availability throughout the Nordic region all year. This very strong price environment is also set to continue for the remainder of the year and going into the start of next year, if you look at current futures prices. If you look at the average spot price for the SE4 price region, which is what is relevant for us or for the Orrön Energy revenues, because that is where the Karskruv wind farm is located, you can see that that is a quite significant premium, EUR 88 per megawatt hour year-to-date. On top of this premium, we also need to take into account the other revenues we have from that wind farm that has averaged EUR 1 year-to-date, and that consists of ancillary revenues and sale of GOs. Hedging, as I mentioned earlier, our hedges has had a negative average impact of EUR 16 per megawatt hour year-to-date. That's just a reflection of prices has improved significantly since we entered into these hedges last year. Since we're not fully hedged, we still have a material merchant exposure. I mean, this is actually then the outcome we prefer, you know, after you have entered into these hedges. So that's EUR 16 per megawatt hour. Then we also need to take into account the capture price discount, which has been EUR 12 year to date, representing 13%, which then takes us then to or leads to the average achieved price year to date of EUR 61 per megawatt hour. Couple of things to look at to derive our achieved price, the two key variables is the premium of the SE4 price region to the average Nordic system price, and is also the capture price discount. Those are the two key factors driving our achieved price and revenues relative to the Nordic system price. If we start with the SE4 premium to the system price, this has actually been a consistent premium all the way since the SE4 price region was introduced. That's 15 years ago in 2011. We've seen a premium relative to the system price, like I said, every single year. For the last 10 years, so the 10-year period from 2016 to 2025, the premium averaged more than 30%. Last year, we saw more than 50% premium relative to the system price. Year to date, it has been 13%. I think it's fair to say that if you look at the data in more detail, typically have a slightly lower premium when you have very high underlying baseload prices, which typically widens when you have somewhat lower average system price. But a very solid and persistent premium to system price, which we do expect to continue, which will definitely underpin our revenues and cash flows from the Karskruv wind farm going forward. Capture price discount, we've seen a very positive development when it comes to capture price discount for the Karskruv wind farm. We had a 22% average capture price discount in 2024, which improved or reduced significantly to 12% in 2025, and we had 13% year to date on average. This is partly explained by the price curtailment or low price curtailment optionality that we have on the Karskruv wind farm. But in terms of expectations going forward, we do expect that to stay quite close to what we have seen over the last couple of years. Although, please keep in mind that capture price discounts are very volatile. It will vary from quarter to quarter, but as a more longer term average, we think the last couple of years is a good guide for future expectations. Cash flow and our liquidity position. You can see our quarterly cash flow was very significantly impacted by closing of the Cloudberry transaction, and we'll go through the bits and pieces here on this slide. If we start with the CFFO for the quarter, EUR 4.3 million during Q3, then we had a negative cash working capital impact of EUR 600,000. CapEx was EUR 3.6 million for Q3, of which EUR 3 million was related to our continuing operations, and this is then investment into our greenfield platform, which also Dan has talked about earlier. So, short-cycled investments into these projects, making them ready for divestments and taking them to key milestones. Then the very big cash impact for Q3 was the disposals of our entities, closing of the Cloudberry transaction. It shows up as EUR 86 million positive cash flow impact in Q3. That consists of repayment of intercompany loans that we had contributed to the entities that were divested to Cloudberry, and also shareholder loan contributed to MLK since Cloudberry settled and consumed the debt in these companies at closing of the transaction. So, EUR 86 million positive cash flow impact for Orrön. Then we had some small other impacts totaling EUR 1 million, which means that our total net debt position reduced from EUR 91 million as we entered Q3 to EUR 3 million at the end of the quarter. So, almost EUR 90 million reduction in net debt and ending the quarter very close to zero net debt position. If we then look at our liquidity at the right-hand side of this chart, it's very clear, as we said also earlier, we are now in a very robust financial position, EUR 12 million of cash. The undrawn portion of our external debt facility is EUR 35 million. As I said before, we think there's room to increase that quite significantly if we would like to explore that, which then results in total liquidity position of EUR 47 million. As I said before, that provides us with resilience and a lot of optionality. With that, I'll hand the word back to Dan. Thank you, Espen. Finally, to sum up the discussion from today, our view is and has been for a long time that Orrön remains a compelling value proposition. We're trading today at between SEK 8 and SEK 9 a share, which really doesn't even give full credit to the value of the Cloudberry stake plus the Karskruv stake. In terms of the next even three months, let alone six months, we're going to see the resolution in the Sudan case. We're going to see Nordic pricing remain strong through the winter if we believe the futures pricing. We're going to see the value of that Cloudberry stake increase on the back of their cash generation. Karskruv is set for a fantastic quarter as we step into just where pricing is today, let alone this energy mix and supply deficit coming into the fore over the next quarters, let alone with the boom in AI and data center spending and the demand side in the Nordics really shifting. I think the producing asset base has a lot to run in terms of value and gives us a significant uplift. Sudan going away makes a big difference, and then finally, the greenfield portfolio is one that we are going to see the value coming out of that over the coming quarters as well. With the sales processes moving through, hitting key milestones on grid and other elements, we are going to see the value of this portfolio increasing. With that, I will invite Espen to come and join me up here again. I think we move forward into the Q&A. Thank you very much. We have a lot of good questions already. If you are joining us online and you have a question and you have not yet submitted your question, I suggest you do that now. Let us start with a question around the Cloudberry transaction. Are you intending to be a long-term shareholder of Cloudberry, and can you give some more details around the strategic rationale of the transaction? Yeah, I think the strategic rationale, we shared a lot of that when we announced the transaction. The portfolio within Orrön, we wanted to grow, we wanted to get bigger, and were not finished on our journey. The combination with Cloudberry gives us the start of a really fantastic Nordic platform that can then continue to consolidate across this space. I see the future value potential in that journey has only just started. In terms of our shareholding, we remain an active owner in Cloudberry. Two of our leadership team are on the board, myself and Henrika Frykman. We are involved in the day-to-day discussions with Cloudberry and their leadership, and we have support for the company and intend to hold this share long term. As part of the transaction, we do have a lockup period, which is 12 months, so we will retain, no matter what, we will retain until that point, but we expect to hold this much longer given the value we see and the ability to unlock that value from Cloudberry longer term. Great. We also have a few questions around power prices. With electricity prices in SE4 approaching levels seen during the 2022 energy crisis, how does your expected Karskruv production in Q4 2026 compare with your production in Q4 2022, primarily in SE4, and to what proportion are you exposed to current spot prices after hedging? Yeah, maybe I'll let Espen take the hedging in the second step, but SE4 is a fantastic price region. We're seeing the full impact of the current futures pricing and current pricing, to be honest, in SE4 already. Karskruv in Q4 wasn't online 2022, but if we look into this coming year, we expect somewhere around that 60-70 GWh. If we assume a price of EUR 100 a megawatt hour, it gives us EUR 6 million-EUR 7 million worth of revenues coming in, maybe a bit over EUR 1 million in terms of OPEX. So Karskruv contribution in Q4 before any hedging or overhead is in the order of that EUR 5 million-EUR 6 million. Maybe on the hedging, Espen, levels that we're hedged in? Yeah, so on the hedging, we also disclosed in our report, but more than half of volumes, expected volumes in Q4 are merchant. Around 40% of our expected Q4 volumes are hedged for Q4. Yeah, this is also as we are detailing in our report. When it comes to next year, we currently don't have any hedges in place, so the remaining hedges we have is for Q4 this year. We put those hedges in place last year to protect the downside, which was a, we think, prudent thing to do to protect the downside scenario back then. Today, the company's in a very different position with basically no debt or very close to zero net debt position, and we are also single asset companies. I think if you look in terms of future hedging, as it looks today, the rationale for hedging is not the same as it was a year ago, so less likely that will add to those positions. The only thing remaining now is this less than half of our expected volumes in Q4. What is your view on power prices going into next year? I will take that. Mine is very bullish, as always, but Espen? Yeah, as both Daniel said and also I mentioned, I think it is a very constructive price environment. We see a lot of commentaries out there stating that the risk is more skewed to the upside than the downside or during the winter season. In the Nordics, you have elevated gas prices, historically low gas storage volumes in Europe. You have a very supportive hydro balance situation, and you have lower than normal nuclear availability. I think obviously the winter temperature and winter weather is always an uncertain factor and a big driver on prices at the end of the day. But if you look at all the fundamental factors and we end up somewhere close to normal temperatures, I think we should expect very strong pricing throughout the winter. And if you just look at current futures prices, I think current futures prices for 2027 on average for SE4, which is the one which is relevant for Karskruv, that is close to EUR 90 per megawatt hour on average for next year. Good. Then we have a few questions around the energy hubs. When do you expect the first energy hub project to be sold? Yeah, I think the energy hubs, we have three of them in the market today, so we are inviting bids in for those. We expect grid confirmation to come through at the end of November, then through the course of December, we'll continue those discussions. Very difficult to share much more info than that on an ongoing process, depending on where bidders and where the sales processes line up. So we'll be able to share more of that most likely later this year or early into the new year for those projects. And when it comes to the valuation you're targeting for the energy hubs and data centers, is it the same value as you have divested so far for the solar projects, or are you looking at other valuations? Yeah, I think it's a fluid market on some of this. If we look at what we've done on solar, we've sold at around EUR 50,000-EUR 60,000 per megawatt. In the battery market, we're seeing a premium higher than this, so somewhere EUR 50,000-EUR 100,000 per megawatt. If I step into the data center market, if we look across the AI-led inference side or even the AI training side, we're seeing certainly multiples of that. The lowest multiples we're seeing EUR 200,000-EUR 300,000, up to EUR 2 million per megawatt, but it's heavily dependent on location, on connection date, size, and scale. There's so many factors determining the valuation, and given the scarcity, there's such a wide spread on values. Although we remain excited around the potential within the data center world, the solar projects are still a good return for us as a company. The battery are a very strong return as well. The data centers, should we be able to unlock them, will be very material for the company, but it's too early to share any hard information until we get a project sold. Are you also looking at taking projects further down the development cycle to de-risk them and get a higher development premium? Yeah, of course. I think as we're getting into this, we're testing the market routinely at ready-to-permit and early stages, and what we're finding is the big multiples are coming at ready-to-build and beyond. You should expect us to, from this point forwards, to high-grade the portfolio and take some of these projects further into the development cycle to really unlock that value. How much of the 17 GW portfolio do you expect to be able to realize in project sales? I think it's hard to say today. It depends on the grid, depends on the local municipality approvals for the zoning and building permits, and it depends on how much we're able to generate. We've generated this portfolio essentially from scratch over the last couple of years. It's a massive-sized portfolio when we look at the capital to build it out, and there's more than enough opportunity. Even if it was half the size or a quarter of the size, it's still ample opportunity. What I really like is the ability of our teams to generate and originate new projects, which is going to backfill the pipeline if any projects fall away. SpareBank has highlighted a potential spinoff as a way to unlock the value of your data center portfolio. How do you view that option, potentially including a separate listing, and what timeframe could be realistic for this? I think it's a very interesting proposal and opportunity. It's absolutely clear today that there's no value for this portfolio within Orrön Energy. Some of our analysts look at the cost and factor that in as opposed to any upside. We've seen some successful spinoffs over the last little while, with Magnora spinning out a data center company as one of them, raising capital. I think you should expect that being one of the Lundin Group companies and thinking about value creation in the right way, that this is something that is very much a discussion that's alive. However, we also want to see the value uplift from grid and other elements coming through before we move into that. I think you should expect us to be discussing these opportunities within the course of the coming 6-12 months. Could you please talk more about the sales process for the data center projects in Germany? Is the hyperscaler delivery pipeline thesis still intact? I think the AI world, everyone can read it in the news, whether it is a bubble, whether there is underlying demand, and what that looks like, and whether valuations are right or debt is right. I think what we are focusing on is the scarce element of that pipeline, and there is no doubt today that every single company needs more computing power. The question is how you finance it, which companies you sell to. All of that becomes a very important element. But today, there is huge demand for grid-connected, large-scale computing power. We have a fantastic portfolio in Germany. When you look at what is on the market today, people are sanctioning, outside of the U.S., people are sanctioning 10, 20, 30 MW data centers with running room to 50 or 100 MW. Some of these, we start at 500 MW of capacity, ready on day one with a grid connection. We are right in the hyperscaler domain. We are building energy campuses of 1 GW. So the ambition for the company is really large scale, and I expect once we get into some of the key milestones being de-risked, we are right up the alley of the hyperscalers, given the size and scale of these projects. Great. Following the ongoing greenfield sales processes, are you considering a special cash dividend or anything else to return value to shareholders? I'd love to return value to shareholders. However, we need to get a project sold first. The teams are focusing on the very important element of securing project milestones, moving them through the key gateways, and looking at the sales processes. Once we have some revenues, then we'll discuss how best to deploy that capital, whether it's internally within the company or sharing it with our shareholders. Yeah. We touched upon the value a little bit earlier in this Q&A, but let's go back because we have another question around the value of the DC sites, or the data center sites. Could you please elaborate a bit on this? Yeah, I think it's hard today, given the many moving parts, whether it's location, length of time until online, what type of grid connection you have, what type of co-located capacity you have. There's so many variables, but the number one thing is true that there's scarcity today, and the valuation significantly outweighs the cost of getting these projects to market. However, there's huge complexity and difficulty if you're to come today and try and establish the pipeline we've built. Because we applied so long ago for some of these projects and have been working through the land positions, the municipality discussions, long lead items, et cetera, we end up ranking very, very highly. We see huge value potential, but it's hard given the range of outcomes and the long-dated nature of the projects. It's hard to put a finger on the project size and, sorry, the project value when it comes to a sales process. Once we sell some of these projects, we'll come back to the market and share what that looks like. What are your capital allocation priorities, given that you have a low net debt and EUR 50 million credit facility? How will you use this liquidity headroom? Yeah, I think today we're looking at the valuation and really standing up this greenfield development portfolio. Karskruv alone is kicking off cash flow. Cloudberry is delivering free cash flow as well at the moment from its portfolio. I think those two portfolios are running well. The one for us now is to start monetizing projects and ensure we capitalize the greenfield portfolio in the right way, then we'll look from that point forwards. Once we have that recurring cash generation, we'll reset the expectations around capital allocation between continuing to scale up and grow the business and prioritizing shareholder returns. Regarding going back to the data center energy hubs, can you give us any information around the interest from potential buyers? Absolutely. We see huge interest, but we're quite early stage still. I'd say that you can crystallize a project sale today if you're ready-to-build. You'll have 100 people willing to take it off your hands today if it's a data center project. Where we are just before we're getting grid, there's a smaller buyer universe, but there is a hell of a lot of interest once we have grid secured. What we're seeing is this milestone in Germany at the end of November is really critical. We'll share with the market the outcome of that once we have it, then I think we continue to engage with a deep buyer universe to move forward on the project sales once we get to that point. And then finally, have you received any further information from the court regarding why the verdict of the Sudan case had been postponed? An explanation for the delay? Yeah, I think the explanation is, as I have said before, and also is in the public domain, the judge has come out stating that he needed more time to write the judgment. There is nothing more to read into it beyond that. I think it is as simple as needing more time to write the judgment, and there is nothing we can read into it beyond that. Great. That was the final question. Thank you very much, and thank you everyone who has joined us today. Please get in touch if you have any questions, and otherwise, I wish you all a lovely day. Thank you very much. Thank you.