Hi, everyone, and welcome to Ovzon's Capital Markets Day 2025. This is a special occasion. Not only is it Ovzon's very first Capital Markets Day, but it's also taking place here in the same studio where many of us gathered a year and a half ago to watch the successful launch of Ovzon's first satellite, Ovzon 3, and we just saw some highlights of that in the videos. Very nice seeing so many familiar faces here. My name is Katarina Kaiser Edfast, and I will do my very best to guide you through this busy schedule that we have today. Welcome again, all of you here in the Stockholm studio. We have a full studio audience, so that's amazing, and also welcome to all of you joining online. Like I said, a very busy program, and we will do our best to stay on time. We will facilitate one Q&A session at the end of the day, so please save any questions until then. We have arranged with some pens and notebooks for you if you need. And for all of you joining online, you can send in your questions already now in the webcast. Later, we will also have a coffee break, where you can mingle with the Ovzon team and also have a closer look at the terminals on display here in the studio. But with that said, I think it's about time to get started with our first speaker, and that is, of course, Ovzon's CEO, Per Norén. Per will give an introduction to the satellite communications field and a brief overview of the company to really set the stage for the rest of the day. Please join me in we lcoming Per Norén. Thank you so much, Katarina, and welcome everyone to our first Capital Markets Day, as you heard. We'll take you through from the top of the broader picture of where the world is heading and how we fit into that, down to some details around our technology, our solutions, our customers, our markets, and our strategic direction for the company going forward. As you can see on the agenda, I'll start with an introduction. We'll look at the financial journey we've been on, connected, of course, to our operations, customers, market, solutions, technology, and then moving into what the future holds for us. How to do an introduction of Ovzon? Well, it starts and ends with people, I would say. This was founded by an idea by humans. We happen to utilize space as our means of delivering a service, but it starts with people anyway. So you will see many of the group management team up here today, our CFO, Andy Löfgren, our CMO, Kristofer Alm, our Space and Systems leader, Martin Eriksson, and our CEO, Tom Hopkins, obviously. But we also have other members of the group management here. Lars-Ola Klockervold, who is our Chief Engineer, is in the room today. Kenneth Danielsson, our CTO, could unfortunately not be here due to a family situation. He would have been here, of course. And of course, many of you might have seen that we just hired a very esteemed Chief Commercial Officer in Jeanette Ekqvist, who starts on October first. I'll come back a little bit to what her task will be going forward. We also have a very, very, dedicated and strong board of directors, that have been with us, many of them, for a very long period of time. So I would like to introduce our Chairperson, Regina Donato Dahlström, who is also in the room today, and also our now, biggest shareholder and investor from Öresund and Nicklas Paulson. Thank you. They will also be here to answer questions that we might not be able to answer. Let's start to dive into the company. If we look on Ovzon on a page, I would say that we have a vision that is a greater calling than the specifics that you're gonna hear from me and my colleagues around customers, markets, et cetera. We believe that we play a very essential role in connecting and protecting people, society, and organizations for a safer world. We'll give you some examples of that when we go through customer cases, use cases. But we believe, and I think our employees and our shareholder base, many of you here, I think it's important to put things in context where the world is heading today. More on that in just a minute. We have an approach to how we do things, and as I said, people, of course, are very important to us. We have some phenomenal employees that have both been users of our systems, so they have. Actually, it has protected them out in the field. So we also have highly educated engineers and PhDs and so on that are developing the technologies, and then many of us are out in front and working with customers and partners in the world. So we have what we call the Ovzon way. We have really not done anything without it either verified by a customer or in partnership with the customer. I think that's very important to understand. We're very specialized. We're a sniper company. We're not everything for everyone. We're specific, we're detailed, and we're targeted. People, of course, we'll come back to that. You'll see some of the team on display, and you can judge for yourself, and then I think we have an approach to business. Business is, to us, not just business. We don't leave any customer behind. So if it starts with the customer, it also comes down to how we service, support, develop, and expand the business, and it has to be a 24/7 job that we have. That's how a specialist company actually works with what we do, and then, of course, we are, in its foundation, a technology company. Everything was founded on the technology idea that was there. However, I think we are nerds in terms of that technology needs to provide a value. So we don't just produce technology or innovate technology, we do it in the context of that it needs to have a value creation over a period of time. You can see in our performance and the history of the company, you can see that we've really been on a journey. We were in a phase of heavy investments after our IPO in 2018, and heavy investments with one major customer that used our technology and solutions. But you can see now that for those that follow us closely, we have now four consecutive quarters with positive E BITDA. We have... And that's from Q3 2020 to Q2 2025, and we have a growth trajectory that looks very different to where we've been historically. And we're very proud to say that we believe that the technology investments we've done are proving to be equal or better than requirements, and it's proven in that customers actually buy and expand the usage of our capabilities and technology, which will then turn into financial performance. We have a strong order book, SEK 1.2 billion, and we have visibility of revenue and cash 24 months out, which normally would have been at maximum 12 months. So we're in a very different platform and stage as a company, so the capital market days come at a perfect time for us to tell the story about the future. Now, let's start on a very, very high level. Where are we? Where are we in the world today, and where is Ovzon filling the void, so to speak? I think these are global forces that are shaping the strategic landscape that we play in, and these are just examples of that. But in essence, if you look on communication and digitization, we've talked about this for a long time, but it's actually true that 65% of GDP in the world will be spent on digitization and communication. Whether it's storing of data, a digital infrastructure, connectivity infrastructure, et cetera. It is mind-blowing that it will go from 15% today to 65%, just to give you a chance. Connectivity is a very important aspect of that. Satellites and space. Satellites and space is a new market. It is not just the technology or exploration of space, which is, in itself, very important, but it's become a strategic asset to any country, and you have to have a strategy as a country for how you're gonna utilize that capability. That also builds a market, it builds an economy, and I think countries that are foresighted will actually invest in this space, pun intended. There are over 10,000 active satellites in orbit today. 90% of them are close to Earth, so-called Low Earth Orbit. They're the next generation of internet, where you use space as the component for connectivity. 80% of those 90% are actually Starlink. We'll come back to the competitive landscape in a minute. But Starlink and Amazon, Project Kuiper, are driving a lot of investment in this industry, which also contributes to both innovation, but also an economy of scale. We think that's good for what we do, for sure. Security and defense. So if you look at. It's, of course, on any country's agenda, given the situation in the world today. But however, if you look on where cyberattacks are targeted, which is also a fundamental part of our society today with comms and digitization, you can see that it's targeted at energy and utilities, communications and IT/telecom, and government and defense. Those are the three biggest sector for cyberattacks. Of course, the other parts of society, banks and other pieces, are obviously also part of that, but these are targeted attacks. They're not random. They are targeted, and they will continue in time with how we evolve as a society. And of course, the geopolitical and resiliency situation that we have in the world with Russia's full-scale invasion of Ukraine or the situation in Gaza, I would say, and other parts of the world. And you can see that in the investments in defense today. This is just one number based on that all NATO members are going to put 5% of their GDP into defense. It's $150 billion, just that increase alone. So all of these aspects is where Ovzon plays. We play in the intersection of connectivity, security, and resiliency, and we have a very specific solution for those that really have critical missions. So while this is frightening and threatening to us as humans, it has meaning for us to Connect and Protect our customers and their stakeholders. I don't think maybe I need to go into this, but I think it's worth mentioning that we believe that even though we might be focused in specifically defense and government sector, the entire society requires satellite communication as part of their infrastructure. And if countries are not taking that seriously, they might not have a fallback solution when it comes to connectivity, so space provides that opportunity. It is low, a very high barriers of entry because it's difficult. It's taken a long time for Ovzon to get to the point to where we are today, but we are there. We have the most capable solution for those specific customers that we serve, and I think we have something extraordinary unique, which will take you through what that means and how that's displayed. But we think that we're in the beginning of a growth into other markets and segments, potentially in the future at full scale. Now, our value proposition. Many questions that I get has to do with how is the satellite doing, et cetera, et cetera. It's doing great, but however, I think it's important to understand that the satellite is an asset that we own and manage in space. We use that asset to deliver a service. We are a service provider. Many of our competitors, and Kristofer will talk about this in just a minute, many of our competitors provide satellite capacity. They provide bits and pieces to an integrated solution, but none have what I call the circle of life here, the integrated value proposition, which we deliver end-to-end, turnkey solution. It starts with what we put in the hands of the users, or what's put on a vehicle or a vessel, which could be manned or unmanned, the mobile satellite terminal. You'll see more of them on display, but we invented and set the industry standard for the smallest terminal with the highest throughput, and we're not done yet. We'll come back to that. So the terminal plays a very important role, just as the mobile phone plays an important role for making calls or actually consuming and sending and receiving data today. The satellites are there so that we can design networks, meaning providing bandwidth or broadband to connect to the terminal. We have one asset in space. We then utilize others, and then we build networks that are redundant, that are resilient, and are, in most cases today, sovereign for nations or for specific customers. We're very good at that. We do not own any secure gateways. We have strategic partners we work with. That's where the signal comes down from the user to the satellite, down to Earth and connects to fiber, and you get the signal back. We don't do that, but we select, we select a few partners. These are very important assets. They're often viewed. You can view them from air, from space, and they have often been there for many, many years. When Russia invaded Ukraine, they took out a lot of this infrastructure, by the way. But without it, unless you have specific technology, you cannot have a signal. So they are very important, and they're an infrastructure that we are dependent on, but not as dependent maybe as some of our competitors, as well. And then in the end, it's about not leaving any customer behind. Having a global and local model for service delivery. We do that by having a dedicated service and support model that makes sure that each customer, each user, are connected and have the highest performance and resiliency at any given moment in time. That's our circle of life. No one in the market has this integrated piece with controlling all of the pieces of it. So where do we play? And we'll go into this much deeper, but if you just think on the communications market, telecommunications and communications connectivity market, at the base of this triangle is kind of the fixed telecom operators, which most of us, at my age at least, we're used to having from the get-go. But the fixed telecom operators are big. They provide networks and access to connectivity in, in, and it's part of the infrastructure of any country. Then mobile telecom operators, of course, have taken over a lot, a big portion of that. They play a very central role. Then you have satellite system operators that actually ensures that the satellite industry can connect to this. So you have three layers of redundancy, basically. And then you have what's called Low Earth Orbit providers that start called Starlink, OneWeb, or Project Kuiper, that is driven by Amazon. All three have fairly different objectives, but one thing I think is in common, and they are consumer-driven, from the beginning. They're being utilized for connectivity that is complementing or taking over some of the lower level on this slide, lower level pieces. So you can see, they require many more satellites. The satellites are smaller, they're closer to Earth, and you need many of them in order to ensure that you have connectivity all the time. If a satellite is not above where the terminal is already, you do not have connectivity with Leo. So you need volumes of satellites so you never miss a connection, basically. And then in the upper part of this is where we play. So in general, we don't see actually Starlink, Kuiper, or OneWeb as main competitors. We see them as main complementary solution providers. Now, will they make attempts to get into the more specialized mission-critical communication? Yes. Can they do it? Yes. But can they fulfill the standard that needs to be there for no failure environment? We believe that that is far away from where they are today, and we believe we fill that void in the marketplace. That's how we play. Now, I've already mentioned that we've been on a journey. Some would say that you haven't achieved more since 2006. I would say it takes a long time to build a world-class company, and it needs to start somewhere, so I think at the foundation in 2006, I would like to introduce also Per Wahlberg, who founded the company. Per, if you just come up and say hi. Up here? Yeah, yeah. There he is. You need two pairs of Per to build a successful business, as we say. But Per's idea from the beginning with the team was actually focused, as the video said, on the smallest terminal with the highest throughput. That task in itself is very difficult, and we'll come into why that is very difficult. It started there. That, in turn, drives mobility. Mobility is where it's at. You can connect anywhere, even in remote areas where there is no connectivity, et cetera. That, in turn, means that you have to have a very resilient system. You have to be able to not lose connectivity when you're out there. The foundation was that. Our first customer was actually the U.S. Department of Defense. It was the first customer for the terminals that then turned into say, "Hey, Ovzon, you should really help us with a turnkey solution, because why would we buy all these pieces and put them together ourselves?" Which is the foundation for who we are today as well. So the combination of the foundation and the customer, and then we started to develop terminals, the Ovzon T5. We got the first customer for our integrated services, and in 2018, we did an initial public offering on Nasdaq Stockholm, and borrowed money to invest in our own first proprietary satellite, Ovzon 3, in our own On-Board Processor, and in the next generation of the smallest terminal in the industry, the Ovzon T7. Huge undertaking for a fairly small company, and we can today say very successful with the launch of Ovzon 3, with the launch of new terminals, and with the launch of commercial service on those customers. And ending up in the end of May this year with a large contract with the Swedish Defence Materiel Administration for a 24 month contract. So it's taken us some time, but if you're gonna be in space, you have to be there for the long run, and you have to have endurance, and the best is yet to come, I would say. Now, as I said, we are in a commercial scale-up moment for the moment. The order that we got, of course, is over 24 months. It's over SEK 1 billion. We've started to deliver large amounts of mobile satellite terminals, and we continue to do so. We have stood up ten X the number of networks that we previously had, about ten X of what we previously had before, to serve this customer and to broaden the usage of the Ovzon SatCom solutions that we have. And it's a mix of our own satellite, Ovzon 3, and also satellite capacity from third parties. Globally, this is where companies can actually go wrong, I believe, when you try to take on the world in one go. We're, as I said, we're a niche provider. You need to build relationships with customers. You need to be, to know that you're delivering what they expected, and you need to do that day in and day out. So we're very strong in the U.S., we're very strong in Sweden today, and we are starting to expand more disciplined in Europe and within NATO as well. So that's it. We have a global opportunity, but we're concentrating our on a step-by-step approach. And I think to wrap things up in the introduction, that's kind of the background of the company. So we're now, you know, at a stage where we also, as most of you have seen, refinanced. Earlier this week, we announced that we have a new loan facility with Danske Bank that actually is gonna help us reduce our financial costs now, but it also sets us up to look at how we scale up the company and how we finance the company going forward, because we do have plans to expand on that global opportunity, obviously. It's not a one-trick pony here in how you do that. You have to understand how you approach the market, who you target, when you target them. The model is that it's not just the end users, even if are very, very strong with the end users, the ones using the system. But these decisions are made by politicians, they're made by defense leadership, procurement leadership, and other stakeholders that are influencers in society. So, in business to government, it takes time. You have to have endurance, and you have to build up the trust, and then you can speed up both the development and the delivery of the solution. So the go-to-market is one piece, and then we have three sort of really separate pieces to our integrated solution. The terminals are its design, development, and production has to do with supply chain resiliency, how many suppliers, sub-suppliers you have, how you assemble the terminals, how you quality assure them, and how you deliver them, and how much inventory you take. It requires capital investments in order to do so. We have a very lean and agile model for it today that we are very proud of, and we've been able to scale with that. But if we see a tenfold scale in that, this will require some fundamental shifts in how we scale that up. When it comes to networks and space, more satellites, which we are looking at, requires investments as well. We all know, basically, you can see it in our numbers, that it costed us about SEK 2.3 billion-SEK 2.4 billion to design, develop, launch, and now have the satellite, Ovzon 3, the On-Board Processor, so on, in service. So here, and it takes about three years if we would order a new satellite or two today, it would take us three years before we get them in space. So meanwhile, we have to have strategic partnerships with others that provide similar capabilities, that we then utilize to build networks and solutions. And finally, the global service delivery, that landscape is changing somewhat. It's a global function we have, but it also requires local implementation. Many countries want signals to go down in their countries, of all the security aspects that I talked about earlier, and they also want local support, clearance of their staff, et cetera, et cetera. So that model requires some automation, some process changes, and some delivery as we evolve with where the world is going. But none of this are new things to us. All of this we've done in the scale we've done it, but if we're gonna scale faster, it will require smart choices and smart investments as we go forward, without taking away what the core function is of what we do, driving profitable growth with our business and never run out of cash. And with that, I think I'll... And we'll go deeper into this in a minute, but with that, I think I'll hand it back over to you, Katarina, and progress in the program. Yes. Thank you, Per, for that great introductory presentation, and before you go and have a seat again, you've been with the company now for, is it four and a half years? Yep. It's been a very eventful period, to say the least. What would you say is the greatest accomplishment you're the most proud of? I think the greatest accomplishment, from a personal perspective, standing at Cape Canaveral and seeing the launch of Ovzon 3 and the On-Board Processor live, and not being nervous about that it would fail, and that it's been a great success, and it's in service, is probably the number one thing. But I would say also really the endurance of the team and that we're now in profitability with cash in the bank, and that we can now start to look at scaling and so on, is probably what makes me sleep well at night. I think I feel very proud of that journey as well. Thank you so much, Per. Thank you. We will hear more and see more of you during the day. Yes, next, we will turn to Ovzon's. Yes, please give him a hand. Thank you. Next, we will turn to Ovzon's financial performance and priorities. Ovzon's CFO, Andreas Löfgren, joined the company in May this year, bringing extensive experience in financial leadership. Today, he will outline the recent results. He will talk about the new refinancing that was communicated earlier this week, and also, of course, how Ovzon is positioned going forward. Welcome, Andreas. Hi, everyone. I joined in May this company, and it's been a very interesting journey so far, and I really read up and dug into the numbers, and yeah, I'm really looking forward to meet all of you and tell a little bit about myself to begin with. I'm not new to the labor markets. I've been actually working before I got this job. I spent more than 20 years at Skanska, that do construction and specifically for me, then product development, and that's where I've had my roles, CFO for various business units. I've been in multiple countries, but especially, I think, the portion of product development, I think, comes in very handy when I talk about heavy investments, as Per was talking about, into satellites. It has the same kind of similarities, so I think actually I bring something to the table here. So with four months into the job, I'm gonna go do a recap for five years. As I said, I have read up. I'll actually start with something that never lies, which is the cash flow. Per was onto this in the story in his segment here, and it's basically, I'm just putting numbers to what he just said. So I'll start with the investments, as you see here, over the past five years. It's the darker bars, and it's mainly the Ovzon 3 investments into that satellite. What we're trying to do then is to find some kind of operating net that would support some of this investments, but it's been hard to keep the head above water in the beginning, 2021 to 2023. But as you see, in 2024, it's actually turning the corner. We're turning profitable. We're starting to have our own satellite, bringing in some profits, and actual volumes coming up a bit. And then, as you see now, per July, it's a pretty heavy cash inflow. And this is then due to growth, but also some customer payments that we received then in the beginning of July. If you listen to our earnings call on Q2, that bar was negative, so it's completely shift now in our situation. If you look to the right, you see the net debt, and has the same kind of development as the investments. It has been piling up and then peaking in 2024, and now it's been reduced quite a lot, and that has also to do with that we have now received the cash. It's a net position, so cash is taking down the net debt. Again, it's a completely different situation that we have been in the past. Moving on to the order situation. I mentioned that we have some record orders coming in, and you can see that from these bars. It's quite a difference versus the previous years from 2021 up until now. It's not just only one. We have one very big order, but it's also others coming in, and actually we had an additional order also after this one connected with the same client. And with orders, as you don't burn them all at once, we now have a backlog that's pretty significant, and that backlog, as Per mentioned as well, it's we have good visibility now. It's also something that's new. Usually 12 months at a time, now this is 24 months. We actually have visibility now into 2027, so that's something completely new for us, and that makes things a little bit easier to forecast and plan. You see the pie chart there? You have, like, 20% in 2025, and then you have 40% of orders that is connected to 2026, so pretty good visibility. Then move over to the P&L. You can see we've been hovering around the 300 mark in revenues, annually, and now it's quite a step up to 460, if you look at the rolling 12 months, up until Q2 2025. And what's more interesting, I think, is of course the profits. So EBITDA has been negative but improving, and now you see we got breakeven in 2024. Volumes coming up, we have our own satellite with... where we have better margins. We're also getting to get rid of some idle costs, in terms of third-party capacity that was lying, idle. So we've really trimmed the company as well. Now we're then going into more growth mode now when we have a big order, and we are also then can increase top line, and then that brings this EBITDA. Profit is interesting, so I would like to dig a little bit deeper into the profits here. Now it's per quarter and shortened to three year. Here you see the EBITDA again quarter by quarter, and then you see the improvement that has been done now. Five quarters in a row, it's been improving, and actually, the four past quarters has been profitable. Again, a step up in this quarter, Q2. Margin's also improving for the same reason. Once we have these volumes that are going up, we have our own satellites, where margins are higher, having OpEx costs under control, this is what happens. We can grow the top line by not having to take on a lot of costs, more than necessary. Also, when it comes to the EBIT, it is profitable in this quarter, and that was a long time ago before that happened. It's not only the EBIT, actually, the EPS is also profitable this quarter. That means then when you have reduced everything, or taken all the costs all the way down to interest costs, it's actually positive now in this quarter. That interest cost that has been a real burden for us for a long period of time. So that's been, I would say, my main focus when I joined, okay, let's see what we can do to make this change. And luckily, we are in a completely different situation in the world now. When we got the loan for this, investments to do the satellite, there was actually no one out there, really. So this, loan that we got, it was expensive, but, I mean, it has served its purpose, really. So we wouldn't be standing here without, that loan, and have our own satellite and bringing in the revenues that we have now. So we're grateful for that it was able to, come into, to reality. So that's good. But again, a bit too costly. So with a situation where the world is different, we are in a different, situation, we see, have noticed a lot more interest. So as we communicated just the other day, we have now been able to refinance, and we're doing that with Danske Bank. We are then gonna set up a revolving credit facility and then a term loan, meaning that we have a solid foundation, and we'll also have some flexibility in our financings. We can pull that lever a bit up and down, and it's for two year plus an one-year extension. And one very important thing that was, of course, to get a competitive price on the margin. So we have versus our own loan, old loan, and where we stand now, we're actually reducing costs by some 70 million SEK annually. And that is not... Cost means higher EBIT. So it's super good, I think, that we have done this transition and have this solid foundation instead. To get to those 70 million in EBIT, it takes quite a lot of revenue to get there. And this is then on an annual basis, so it's a really good thing, I must say. So we're really happy about that. I'm really happy to have then Danske Bank with us on this journey. So looking forward to that cooperation. And we also have a lot of good help from our friends, legal advisors, team and partners, and also good cooperation with Cederquist in this transaction. So we're eager to get this over the finish line. We're getting it done by the end of this month. That's the plan. Yeah, so that's setting the scene for where we are today and where we're coming from. Katarina, where do we go next? Thank you so much, and you answered many questions already, but I actually received one already from the online audience. So one question for you is- Okay. You talk about profitable growth. How will you achieve that, and why is it critical? Well, critical, I mean, profits always comes first, so that's why we're here, to bring profits to the table. And how we're gonna make that happen, I mean, it's with the solid foundation that we have now, and then being able to plan a bit more and stay focused on what we do, and then having cost control, I think, is gonna be very important. So really try to control this growth and not go too eager, and stay focused on what we're good at and really do that. I think that will definitely bring us forward. Thank you for that clarification, and to sum up then, what's the one financial message, if only one, that you want all of us to take with us today? That we are on a completely new level, have a much more solid foundation and much more visibility going forward. So that's... Yeah, we're a completely new company, I would say, with good potential going forward. Sounds good. Thank you so much, Andreas, and looking forward to hearing more from you later today. Thank you. Understanding customers and markets is key to Ovzon's success. Kristofer Alm, who is Chief Marketing Officer, will present an overview of the customers that Ovzon serve, the competition, and the opportunities that lies ahead. Welcome, Kristofer. Thank you. It's great to be here. I think Katarina already mentioned it a bit. I don't know if you heard me say it on the rehearsal, but one of the things that is very fond to me is last time I was on this stage, and a few of you were here with me, I was holding a glass of champagne. And I think when we saw that clip of the satellite going up, I was kinda getting the pulse back up. It was a little bit like I was watching my watch here, and I could see my nervousness coming back. But it was truly a great moment, and I've been with Ovzon for two and a half years, and I would say the first year was that. When I came in, we had just announced the delay of the launch. We had to do some refinancing. Everything was a bit nervous, I would say, so the first six months was nervousness, and then I think we kinda got into a groove, and we felt that we're now launching a satellite. It's actually happening. Some of you were even with us in Florida. Not all of us got to see the launch live, Per. Some of us were there. We got to see a launch, but it was a great experience, and I think it's, it's, it's something that brings very fond memories to me, and I think just to give you a little bit of an introduction to who I am, for those of you who don't know me, I spent more than twenty years in the communication industry. Eighteen years with Ericsson, ten of those in Latin America, Caribbean, Japan. After that, I was in Telia for a couple of years, heading up their procurement for all their mobile and IT systems, so I've been in the communication industry for over twenty years, and I think that when we talk a little bit about the market, I'll try to reflect a bit on that. Because a lot of what's happening in the satellite industry today is a bit of a déjà vu from what I've seen when the mobile industry was evolving with both the Chinese competitors and the introduction of the iPhone, which really shook up the market, and I think Starlink and also Project Kuiper, to some degree, is shaking that up, together with the geopolitical tensions that we're seeing in the world today. So to kind of move over into the broader industry, and Per has been talking about Ovzon a little bit, what we do, and Andreas talked about financials. So I thought I'd sort of take a step back a little bit and look from the outside in, and then sort of take us back into the company. But I mean, if you look at the geopolitics today, it's quite interesting. There's a lot of talk about fragmentation. There's a lot of talk about competition. There's a lot of talk about diversity. But if you look at this picture here, which is actually from The Hague, the NATO forum that was there before summer, and if one thing that happened in NATO is the unity and the common understanding of where they need to be and what the European and NATO countries need to do, has never been greater. So in a sense, this has created a force that's driven Europe together, and all the NATO countries, except Spain, have pledged to invest 5% of their GDP into defense or defense infrastructure. It's 3.5 for defense and 1.5 into defense infrastructure, as it's called. You can discuss what that means, but it can be anything from bridges and tunnels to anything that supports this. So I think the unity is there, and it's of course driving Europe. So we see a lot of focus in Europe, and that has given us a lot of boost because this obviously is one of our home markets. We usually talk about U.S. and Sweden being our two home markets. Also, autonomy has become extremely important because one thing that we've seen and learned from what's going on in the world is that you have to be able... Even if there's unity and Europe is coming together, there needs to be autonomy. Europe has to be able to defend itself. It has to be able to have resiliency. It needs to be able to build communication. So there's a lot of discussions about autonomy and also resiliency. I'll come back to that a bit. Obviously, at the end of the day, the defense budgets are going up, and Per talked about $150 billion extra per year needed to reach those levels, and that's per year, on top of actually already an increase. So a lot of countries like Sweden, as you know, have been increasing their defense spends already before this. I think they're looking at somewhere around $250-$300 billion a year in spend in defense in the NATO sphere. If we move a little bit over to the industry side then, and I think Per already mentioned it, and I did as well, I mean, the big topic has obviously been Starlink. But one thing to note now is Amazon Kuiper coming up, and this picture is quite funny. I don't know, this is the suit guy versus the polo guy. I don't know if that's kind of the rebel versus the business guy, but Amazon is really pushing hard now, and they've launched 100 satellites. So I think this is gonna force Starlink to have a real competitor on their home turf, which is the mass market, the consumer industry, and I think that's gonna push them a lot. What's that gonna mean for the industry? I don't know, but it's truly a challenge that we'll see coming. The other thing that's happening is that, and Per also talked about it, the congestion in space, and there's a lot of discussion about how many satellites is there room for in space. There's new EU regulation on that coming out. We are actively participating, giving our input to that. I think the... It's actually another benefit for us, and Martin will come back and talk about the different orbits that we have, but in the GEO orbit that we are working in, it's very controlled, it's very regulated. LEO orbits are not at all that way. It's very crowded today, and on top of the Amazon and the Starlink, the Chinese are launching quite a few satellites of their own, so it's getting more and more congested by the day. I talked a little bit about the shift and focus from resilient to resiliency and sovereignty. This is something we see, so almost every discussion we have today in Europe centers around: How can we build resiliency? How can you provide sovereignty? And sovereignty, meaning how can I control the service? Because another shift we're seeing is that governments are relying more on commercial companies to help them, but they still wanna retain control. So it's kind of like eating the cookie, but still keeping it. But I think this is another one where we come in and have a lot of uniqueness. But if you look back then, of course, the Starlink expansion, and from my own experience, I mean, 2007 is a year that's very, you know, interesting if you follow what happened in 2007. Anybody remember what happens in 2007? Exactly, the iPhone. And I think if you look back at technology evolution, I remember it so well. I was sitting in Ericsson, I had this little... Probably a lot of you finance guys had it as well, the Ericsson was a three eighty or something, and you had the little pen, and you had the touch buttons. And everybody's like: "iPhone, is that really gonna work?" And it wasn't that good in the beginning. It didn't have very good connectivity, it wasn't very fast, but they introduced something, and they believed in it, and they drove it forward. And today, the market is completely different. Did it kill the market? No, but it changed the market, and it created a new type of market. And I think the similar trend is what we're seeing today. So we don't really, as Per said, see Starlink as a competitor. We actually see them driving a lot of interest into our industry, and I think that's very positive because the satellite industry has been a bit of a boom-and-bust industry. There's been a lot of investment, and then it's gone down, and new investments and gone down. And I think what we've lacked is companies driving scale, and that's what we see now. We are starting to see true scale, and I think that's something that's gonna benefit us all. Then there's competition. I think, of course, when we talk about competition, we usually don't talk that much about Kuiper because they're not really there yet. We talk a bit about Starlink, but it's more the traditional players, which we actually partner with as well when it comes to capacity. But if you look at that market, there's been six big companies, and they've all merged now. And again, this is very similar to what happened in the mobile industry. I don't know how many remember Motorola, Nortel, Lucent, Alcatel, Siemens. They're gone, right? And they were giants. They all merged, and now there's Nokia and Ericsson and a few Chinese companies. So we're seeing a similar trend here, where companies are starting to merge. Problem is, these big mergers are not easy. If you look at the SES Intelsat merger, it's the latest one, a GEO constellation. It's gonna be very complicated. It technically, and especially SES, a very successful company, but big mergers of equals tend to create a lot of inward focus. So we think that this is gonna be another opportunity for us to continue, and these companies are gonna focus on consolidation and integration rather than, you know, really building the solutions they need to compete with us. Eutelsat, OneWeb. OneWeb, you guys follow the financial markets, you probably saw the OneWeb, and the stock price went up like crazy. I don't know what it was when Starlink was discussed not being an option in Ukraine, and Starlink and OneWeb was gonna be the solution. I think OneWeb has a few hundred satellites, and they're actually quite old, so the service quality they can provide is nowhere close to what Starlink can provide on a commercial LEO service, and not even close to what we can provide for a resiliency service. So I think this, again, the French government has gone in, they have injected money, they changed the CEO, so there's a lot of doubt if they can actually provide what they need. And then we have Viasat and Inmarsat also integrating. So it's a market where you can see a lot of nervousness on the traditional players. So this is kind of the geopolitical industry and competition, and now I'll move a little bit more into where we are as Ovzon in our market segments. If you look at the satellite market today, there are different ways to divide it, but we usually divide it in three main areas. We talk about satellite infrastructure. This is the traditional launch capabilities, rockets, hardware. Then you have application, the orange part here, which is a bit smaller but growing, and then you have the communication area, where we do most of our business. We're actually a little bit into the blue as well because we build our own terminals. Good news is this is a $1.4 trillion market, and it's growing. It's growing quite a lot. We're looking at somewhere 6-9% CAGR up until 2032. And then if you look on the communication area, we are focusing on the government and defense, which is about 15% of this. So it's 15% of a very large piece, and the good news is that 15% is growing faster, and the sort of growth pace is picking up. And of course, the requirements are moving from, you know, mass market coverage solution to specialized, sovereign, guaranteed solution. The problems are getting harder to solve, and I think Tom's gonna come back and talk about that, but that's really good news for us. If we then drill into the government and defense, remember that 15% of it. If you look at the orange line, you can see, and we've talked about this in our annual report as well, it's somewhere around $8 billion this year. We think it's gonna almost double up until 2032. If anything, we've been talking about 7% CAGR. Now, in the last couple of months, starting to think it's gonna hit almost 10%. So we're probably definitely seeing a doubling. So if anything, next time we do these updates with our analysts and others, we'll probably this forecast will go up. And Europe is driving this. The investments in Europe, like we talked about, are massive. Also the requirements, we're seeing a lot of drive from unmanned systems. We'll come back and talk a little bit on that when we talk about technology and why we're building our terminals, but the requirements are shifting again. They're becoming more specialized, more demanding, and they talk about more resiliency. So it's not just buying bulk capacity as it was maybe five to 10 years ago, where the government would go and buy bulk capacity, and they put together a service. So looking at our segments then, we talked about government and defense. We divide that into three distinctive areas. We talk about defense, national security, and public safety. If you looked at the previous graph, you could see that defense is the overwhelming part of the spend. It's about 85%. National security, though, is actually growing fastest, but it's still quite, the requirements there aren't as stringent. It's more bulk capacity. So we see really that the defense spend is spilling over into the national security area. The area, investment-wise, which is still relatively low or very low, maybe just 1-2%, is public safety so like we said, what is driving defense? Well, I already talked about it. I think it's quite obvious. The geopolitical situation is driving defense spending. The NATO, the Trump effect, everything is pushing the market. But we also see in Asia, there's a lot of tension around the Chinese expansion in the South China Sea. That's also pushing a lot of investment. The U.S. focus is shifting there, so it's not just in Europe. For the national security, it's somewhat different. We've been working a bit with our Italian customers, and we know that for them, maybe the war in Ukraine is not what keeps them up at night, but it's the immigration flows, it's what's happening on the Mediterranean and eastern, closer to Israel and the other Gaza Strip, that's, that's a bigger concern. Public safety, we continue to work with that segment. We're very proud of the work we do there. We think it's, it's really ties into our motto that, that Per mentioned about Connect and Protect, but it is a small market. What we're seeing is that countries like Sweden and the Nordic countries, where we talk about Totalförsvar or total defense, MSB, which is the organization driving public safety in Sweden, is actually starting to get their own funding now. And that means that they're gonna have money to support public safety and build solutions that can connect into the defense sector. So I think we're seeing a lot of upswing here as well, and this will be a sector we keep a close eye on. Okay, so why then an Ovzon solution, and why is it good, and how does it connect all of this? We're gonna come back to this several times, but I just wanted to give you an illustration of how we view it. One of the things that's being talked about when we meet our defense customer is Multi-Domain Capabilities. And what does that mean? Well, it basically means that you wanna connect different domains within your defense sector, whether it's a small drone team, or it's a helicopter, or it's your headquarters. The problem today is that they all rely on different communication means. Some have radio, some have fiber, some have satellite, and they're all vulnerable, and they're not well interconnected. This is where we come in, and we provide a satellite connectivity where everything can be interconnected without the dependency on the ground segment. So you create the resiliency, and you can also provide sovereignty, meaning the customer can control their own network. Because one of the things that's been seen, and you probably read about it, is that early in the war in Ukraine, when the Ukrainians wanted to knock out the Kerch Bridge, and they used these drone boats with Starlink's antennas, Elon Musk turned off Starlink because he didn't think that was a good way to use the service. It very early showed European countries and globally as well, that you need to be able to control your service. It doesn't mean you have to own all the technology, but you need to be able to control it and rely on it. I think this has been a real game changer for us and really opened our customers' eyes to what we can offer. It doesn't actually stop there. I mean, you also can look at it from a public safety perspective, and I think Sweden and Finland are, even though our Totalförsvar concept might not be as well developed now as it was twenty, thirty years ago, we have the concept. On paper, it means that you interconnect everything, and nothing is stronger than its weakest link. Therefore, we see that our service, and actually what we're gonna do is, you know, take this slide and the previous slide and build them together, because we think that's really where the strength comes. But a lot of these institutions rely on ground-based terrestrial networks. And if you look at a picture of Ukraine today, and you look at means of communication, there is pretty much a line straight through Ukraine, and everything east of that is only SATCOM. Everything west of that has a mix, because basically everything east closer to the front line has been knocked out by the Russians. The only thing that works is SATCOM. So, that means that you need a resilient communication, and to be able to plan for this, and the European countries are learning quickly. I think, moving forward and trying to summarize a little bit what I've gone through here, the market is growing. Obviously, that's good news for us. It's due to some tragic reasons. Some of it is bad, some of it is needed, and I think a lot of the kick that we and others and the Europeans have got in our butt was good for us. I mean, we needed to get off our high horse and realize that we need to invest in this. I think the message has been heard, and we've spent, Per and me, a lot of time with some of our politicians here in Sweden, and they are super... You know, if you look at the journey they made from two years ago to where they are today, it's astonishing. We are on a first-name basis with all of these politicians now because they're so interested and wanna learn more about our technology, and I think that's really rewarding, and as a Swede, I'm really proud of that, and being a Swedish company. But the customer needs have changed. You know, we used to talk about, you know, coverage and global, and people used to ask us: Can you cover the globe? Nobody talks about that today. They ask us: How resilient is your solution? How much sovereignty can I get? Can you build me smaller terminals? How much throughput can I get? How quick can you adapt to my requirements? So the requirements have become much more targeted than they were maybe just 18- 24 months ago. This is good for us. I mean, we realize our focus was the right one. When Per started the company, the idea was to build a solution for our end users, and we're still there. We're building solutions for our end users and applications for them, and we're gonna come back and talk more about that later. We're delivering on these sovereign capabilities, so the deal with FMV Sweden is a fantastic example of that. We have other deals as well. One of our challenges, we can't talk about everything we do because our customer wants to stay... Part of being resilient is about staying invisible, to a sense, so that's one of our challenges as well. And we continue to focus on the defense, national security, and public safety because we see that those markets are very much in tune with what we're doing, and the geographical focus we have is very good. So, I think with that, Katarina, I'll leave it back to you. Yes. Thank you so much, Kristofer. Yes. Okay, so you talk a bit about the competition. Yes. Okay, so what is Ovzon's greatest unique selling point, USP, compared to your peers? Yeah. Usually Katarina says, "Keep it short," but you didn't say that now, so. No, I think it's actually... We talk about performance, mobility, and resiliency, and I think those three together is really our USP. But if you just wanna mention one, it's become really resiliency. Because we used to focus on performance and mobility, and when you have that, we've turned that into the most resilient solution. And that, the way we've adapted and really pushed that forward, and our customers are seeing that, that's something I'm super proud of and I think stands us apart from the competition. Okay, so talking about standing apart- Yeah. What gives a company of your size the edge when facing competition from much bigger players? I think it's... Firstly, it's because we focus on a smaller segment. Remember, I showed this big picture, and all these big companies are focusing on the whole pie, but we're focusing on a very specific niche of that segment, and we are adapting to their needs, and we're actually almost ahead of the market in terms of what we can provide. And that means that we are very focused and on a specific segment that's growing, and most of our competitors are not. They're building for the mass market. So I think that really allows us to stand apart, yeah. Okay, thank you so much. Thank you. Thank you, Kristofer. And with that said, we will now turn to the technology that underpins Ovzon services. Per, welcome up on stage, and you will also be joined by Tom Hopkins and Martin Eriksson shortly, to discuss the technical capabilities and the coefficient that sets Ovzon apart in the market. Welcome. I'm not gonna be up here for too long because I'm gonna allow those that have much deeper understanding of the technology and how we deploy it with the customers some room to talk about it. But I think it's very important to understand what I said in the beginning, that the underlying company here is a technology company that has never developed really anything without having it verified or in partnership with a customer, meaning a solution. Now, what do companies do that becomes unique and stand out in value? They set industry standards. You can write industry standards in regulated markets, or you can create an industry standard.... For Ovzon, it's been obvious from the beginning that I think if you dive very deep into the development here, that what we call the Ovzon Coefficient, which I happen to believe is now the standard. These three things that we talk about, performance, that's translated into highest throughput. How much data can you send and receive? Mobility, the smallest terminal that can send and receive that, and then resiliency, meaning how can you guarantee that it's up all the time and not be disturbed or so? Those three, in pure physics, actually pulls apart at times. You can optimize for performance, you can optimize for size, weight, and so on, for mobility, or you can optimize for resiliency. But we have to optimize for the totality, those three together. And I think those choices are very difficult. They're very specialized. They require a deep understanding of technology. They require a deep understanding of customers, and they require a deep understanding of how the totality is gonna work all the time. We know that we are the standard, because kilo for kilo or cubic centimeter for cubic centimeter or megabit for megabit, no one else can deliver and delivers today what we do. And that needs to be verified only... not only by a claim of the CEO of a company, but by the verification from the customers that that's the case. So I'm gonna hand over now to Martin Eriksson, who leads a lot of the charge for the technology development around this. He can explain this a little bit more, and then we're gonna evolve into our CEO, Tom Hopkins, that really talks about how the customers are deploying and utilizing the Ovzon Coefficient for their benefit. So with that, I'll hand it over to Martin. Thank you very much, Per. So, it's great to be here, get a chance to talk a bit about the technology behind Ovzon. I've been with the company since two thousand and eight. And the last few years, my main focus has been on the Ovzon 3 satellite and the Ovzon On-Board Processor. And, as we've heard, it's been a long journey, and so it's very exciting to be able to offer these capabilities that we now have on orbit to our customers. So I'll talk a little bit about that, but first, I'm gonna flesh out a bit more about the Ovzon Coefficient and pick up where Per left off. So at Ovzon, you know, from the beginning, we have had a laser-sharp focus on mobility. Whether the end user is actually On-the-Move or not, being mobile, mobility is an essential part of the mission. For us, mobility really translates to miniaturization. The end user equipment, the ground terminals, they have to be compact, lightweight, and if it's an On-the-Pause application, meaning if the end users carry the terminals with them, they also have to be very portable. But this poses a challenge when it comes to meeting performance requirements, because the most straightforward performance parameter for a communication system is throughput. How much data can I push over the satellite link? That is a direct function of antenna size. The larger the effective area of the antenna is, the more throughput you can have. Same goes for the amplifier. The higher power density you have in an amplifier in the terminal, the higher the data rate. So that then becomes problematic because both antenna size and amplifier power drives overall terminal size. So for us, it's not performance on its own that is the best metric. As Per said, these axes, the performance and the mobility, they kinda work against each other. So it's performance per unit mass, performance per volume. That is what matters to us. Now, resiliency is much harder to quantify because it means everything from, you know, being able to operate in all types of climates, all kinds of weather, to being able to cope with unintentional interference or even directed targeted attacks on the communications infrastructure. And this also has to be implemented in a way that doesn't drive complexity, that doesn't bog down the network, makes it impossible to use, doesn't sacrifice ease of use, and doesn't sacrifice overall performance. So it's finding that balance between these three performance parameters, performance, mobility, resiliency, or compromise, if you will, indeed, optimizing for all three at the same time. That is the Ovzon Coefficient. And as this chart shows, and as Per said, we argue that we are the industry leaders in this respect. Okay, so before we dive into the Ovzon 3 ecosystem, I wanna talk a bit about satellite orbits. So take a step back and see what kind of key aspects of satellite communications are directly derived from the type of orbit that is being used. So here we're gonna look at three different broad classes of orbits. We have the geostationary Earth orbit, GEO, medium earth orbit, MEO, and Low Earth Orbit, LEO. And I'm gonna focus here on GEO because that's the orbit that Ovzon is using, and LEO, because that is what is drawing the most attention now. We've heard, you know, how we see, SpaceX Starlink, Amazon Kuiper, Iridium, OneWeb, and several other actors are operating in LEO. In MEO, much smaller, but then we find, like the, SES mPOWER constellation and, of course, also all of the positioning and navigation, satellites like GPS, Galileo, et cetera. So, and as Per said, it's very crowded in LEO now. 90% of all satellites in orbit are in LEO, and that is growing almost exponentially. When we add more mega constellations like Kuiper and the Chinese ones, it's gonna get really crowded. Whereas in GEO, there's around five hundred or so, satellites. So starting with GEO. The orbital period of a satellite, meaning the time it takes to make one lap around the world, depends on the distance to Earth. So as you move further away from Earth, the orbital period increases, and at a specific altitude of thirty-five thousand seven hundred and eighty-six kilometers, the orbital period equals 24 hours, meaning it's the same as the orbital period of the Earth. So if you align the orbit of a satellite at that altitude with the equatorial plane, it will remain fixed with any point, on the Earth. And that is very different compared to any lower orbit, where the satellite is always moving with respect to the end user. And that has a number of implications. So first, let's talk about access. In GEO, you have 24 hour access to the satellite. It sits there in the same position in the sky. You can access it anytime you want. In LEO, or in any Low Earth Orbit, for that matter, the satellite will appear over the horizon. You have to lock on to it, track it as it moves across the sky, and then, before it disappears, immediately switch to the next satellite that is coming. If you want to maintain continuous connectivity, that's what you have to do, switching all the time between these satellites that come and go. And depending on the altitude of the satellite, that can be a very short duration of time. So in LEO, it's only a few minutes. What that also means then is that in order to be able to track all these satellites, you need a full hundred degree-plus cone of unobstructed free sky to be able to connect to these continuously. It also means that you're transmitting in all these directions at the same time, which is not good for someone who doesn't want to be seen. Contrast that with GEO, where all you need is really a line of free sight between yourself and the satellite. Okay, let's move to the space perspective. The very high altitude of GEO means that you see a full one-third of the Earth from a single satellite. So that means that you only need three satellites to have global coverage. In lower orbits, because of the relative motion of everything, if you want to have continuous coverage of any portion of land, you need to cover everything. And that's why you need several hundreds and in many examples here, then several thousands of satellites to be able to provide a continuous, global, connectivity. And if you have many satellites, you also need many gateway ground stations. So a gateway ground station, Per mentioned it, is the destination, the ground destination node for the signal coming from the end user. So the end user will transmit up to the satellite, it will come down to a gateway ground station, and then take a terrestrial path, off towards its end destination. And whereas in GEO, a single, gateway ground station is sufficient to support a full GEO satellite, and whereas a user anywhere in that coverage, and remember, it's one-third of the Earth, can reach that, gateway ground station located at a secure facility with just a single hop over the satellite without touching any other network. In LEO, it's very different. If you have thousands of satellites, you need hundreds of gateway stations distributed across the globe, and the end user does not get to decide which one to use, and also does not get to decide which terrestrial path to use from that gateway ground station to his final destination. So that is, one, a security concern, and two, it's a latency contributor. Because low latency is the one obvious advantage of Low Earth Orbit. It is true that it takes a shorter amount of time for the signal to propagate from ground to the satellite because of the shorter distance, but the relevant metric for latency is really the total latency, so from the starting point to the endpoint, and that is not only dependent on satellite altitude. Okay, so let's look at the Ovzon 3 ecosystem. Ovzon 3 is a critical mission communications platform. It's a GEO satellite with an all-steerable antenna architecture that is really tailor-made, purpose-built to meet our customers' requirements for performance, mobility, and resiliency. So it is equipped with five high-power user beams that can be pointed anywhere over the visible Earth. Again, it's one-third of the Earth on customer request, and then via the gateway station, we can provide our customers access to internet or whatever private network services they want to have. So the gateway station acts as a central hub for this communication. The user terminal, the end user using the user terminal, will transmit up to the satellite, down to the gateway station, and then on to the terrestrial piece. We call that the Ovzon Pegasus service, and that is how almost all satellite connectivity works today. But the Ovzon 3 satellite also has the Ovzon On-Board Processor integrated aboard, and that is a software-defined regenerative capability. And regenerative here is important. What that means is that it allows for direct communications between these two ultra compact user terminals. So whether they are located in the same beam, the same steerable user beam, or in different steerable user beams, they can now connect and communicate directly with one another without passing the gateway station. So we call this the Ovzon Orion service. Now, the On-Board Processor also provides a number of other features, you know, adding new layers of resiliency in particular, and we'll talk a bit more about that later on. Okay, so the Ovzon gateway station infrastructure, as Per said, we don't own that. That is provided by partners that we have long-standing relationships with. But all of the equipment, which is network-centric, so that touches the network, that is located in Ovzon data centers, that are under direct control by our network operations team. And then we have what is called the TT&C system. That is used for actual satellite control. TT&C stands for telemetry, tracking, and command, and that is what is used to keep the satellite in orbit, in its orbital position. It is used to configure the payload and is used to monitor the overall health of the satellite. This is a separate system on the satellite. It's completely separate from the communication system, and it's protected by many layers of redundancy and strongly encrypted, and so again, via a system that we call the Ovzon Payload Control System, our network operations team and our missions engineering team can reach into the TT&C system and do all of the customer-specific stuff, like, change the pointing direction of the steerable beams, configure the On-Board Processor, et cetera, so that's kind of the, what the architecture looks like. Now, if we take a closer look at the mobile satellite terminals, so we've heard that the founders of Ovzon had a long background in the satellite terminal industry. And they brought a foundational insight into this company, which is that the end user doesn't really care about what technology is being used for the communication function as long as it works. So whatever goes on beyond the terminal is really not important, but the terminal itself is. It is indeed the ultimate customer interface. So therefore, we take terminals very seriously at Ovzon, and that is why we have developed and manufactured our own line of terminals as well. So on the left here, or on this slide, I should say, we see the core of our current terminal lineup. We have on the left On-the-Pause terminals, meaning they are designed to be used while stationary. So we see the Ovzon T7 and Ovzon T6. Ovzon T6 is the larger sibling. They are both fully featured, self-contained units that can be put on the air in less than a minute by non-specialist users. And, the Ovzon T7 here is a good example of what we were able to do in terms of improving the Ovzon Coefficient and taking a step in mobility by controlling not only the ground segment, but also the space segment with Ovzon 3. The Ovzon T7 is the first terminal that was designed with Ovzon 3 in mind. And it shows the direction that we are taking with future development as well. On the right here, we see On-the-Move terminals, again, two types, the Ovzon P20 and the Ovzon P30, two different sizes. They can be integrated on the moving platform, and they will then automatically acquire the satellite signal and track the signal as the platform moves. They can be integrated on any type of moving platform. We have a very long experience of doing this. We put them on cars and trucks and boats and ships, and fixed-wing and rotary wing aircraft. And we have a very, very skilled and experienced integrations team that can help our customers with these types of applications. Okay, so my last slide. This is a capability summary slide of Ovzon 3. And most of what you see here is really common to all of our services. It lays the foundation for performance, mobility, and resiliency. So we have, you know, starting with the smallest terminals and the highest data rates, really the quintessential part of performance and mobility. Then we have a system design, which allows for all-weather availability, integration on any type of platform, and also operations in a GPS-denied environment. That is crucial to our success. Our COO, Tom Hopkins, will talk more about that later on. We have the Ovzon On-Board Processor, which allows for a host of other features, as I said, the software-defined onboard signal processing. Critically, the single hop feature, being able to communicate directly between two disadvantaged terminals, and also being able to operate below the noise floor, which provides a new level of operational confidentiality. Lastly, what we call autonomous operation, the ability to operate without any teleport in the picture at all. So with that, I will hand off to Tom. Thank you. Good afternoon. My name is Tom Hopkins. I'm the Chief Operating Officer for Ovzon. I've been with the company now for just over five years. Prior to my experience at Ovzon, I was fortunate enough to run a business unit, a P&L for Raytheon Company in the U.S., that focused on the U.S. defense and intelligence markets. And prior to that, I had a career as an officer in the U.S. Army, focused on, again, special operations, intelligence, and technology and communications. We are over an hour into our session here. There is a noted lack of circulation of fresh air in the room, and I wanna be respectful for that. I do have two things to talk about this afternoon. The first is to walk you through some operational environments that are most importantly becoming critically important to NATO over the last three years, most of them, but coincidentally, and fortunately for us, they're all environments where we offer unique capabilities and particularly well-suited to be successful in these environments. And then the second thing I'll talk about much more briefly is our global service delivery model and how we think that's such a big part of our success. So we'll start with just a quick overview. I'll talk a little bit more about each one of these operational environments. One is really a public safety issue that came about with the Summer Olympic Games last summer in Paris. The other is our unique ability to command and control unmanned systems, which again, are becoming critically important to the West and to NATO countries. The third is our ability to be successful well into the Arctic. We've done some testing. I'll share those test results with you. I'll talk a little bit more how we're gonna continue to challenge ourselves in the Arctic environment. Finally, we talk quite a bit about the contested environment. I'll give you all a little bit of a summary of how we define that contested environment, what it means to us as a satellite operator and a service provider, and how we're uniquely suited to operate in that environment. Okay, so let's start in Paris. Last summer in July, the Ovzon 3 satellite went into commercial service, last summer on the fifth of July. That very week, we had a team in Paris, working with the French elite security and counterterrorist force, the GIGN. The risk assessment, the threat assessment identified two primary risks as it relates to the GIGN's ability to secure the Summer Olympic Games. One was very simply that masses of crowds that would come to participate or observe or enjoy the Olympic Games would overwhelm the public infrastructure. The second risk is that public infrastructure is also vulnerable, as it always is, to terrorist attacks that could have a significant impact, negative impact on the Olympic Games. The solution, the GIGN came to us and told us they needed to be able to operate mobile networks, completely private mobile networks that were off the public infrastructure and tie them together via satellite. That satellite had to be independent of the public infrastructure. When I mean public infrastructure, not just the mobile networks, but the commercial power infrastructure as well, 'cause that can be very easily targeted and overwhelmed. What you see here is a picture of the Ovzon T7, beautifully poised against the Eiffel Tower in Paris. But it was a real, a symbol of how we were able to provide the French security forces the command and control on a completely private, completely independent network to provide security to a very successful Olympic Games. This was literally the first week. They were the first users on the Ovzon 3 satellite, and the first week that the Ovzon 3 satellite was in commercial service. We did not anticipate such a quick start to testing that satellite in a real-world environment, but it went tremendously well for us. Okay, next, I'm going to talk a little bit about unmanned systems, and why, and a lot of what I'm gonna say is refer back to what Martin just covered, I think, fortunately for us. But you know, as Martin kind of said, traditional satellites all rely on an Earth-based terrestrial teleport that connects outstations. So it does routing and switching between outstations. The Ovzon 3 satellite and the Ovzon 3 On-Board processor, which we call the Ovzon Orion service, takes that switching capability and function that's usually in, on Earth in a teleport and puts it in orbit. It puts it on the spacecraft. Very unique for a geostationary orbit. As Martin said, this makes us completely independent of a teleport. We think teleports, ground-based teleports are very vulnerable. They're all very big, very visible, very stationary targets. And we think in a hostile environment, in a wartime scenario, those teleports are gonna be targeted just like they were in the early days of the conflict in Ukraine. We now take that switching capability, we put that in space, and what that allows, as Martin kind of alluded to, is if we use a naval scenario where a big focus now in NATO navies is for a capital ship, a navy capital ship, to be able to command and control multiple unmanned platforms. You think of the capital ship, the manned ship, as the command and control center, and they're controlling large numbers of unmanned platforms to conduct the fight at sea. In a traditional satellite environment, you'll see that the command and control ship has got to go to the satellite, back to Earth, back to the satellite, and back to the unmanned vessel. And what that does is create latency, and latency is always a problem when you're controlling moving unmanned platforms. The Ovzon 3 Orion service that we show on the right directly connects the command and control system directly to the unmanned platform, essentially cutting the latency in half, making you completely independent of what we think is a vulnerable teleport, and makes for a much more efficient command and control of unmanned platforms. So the picture is actual UGV, unmanned ground vehicle. This was a collaboration that we did in December of last year with FMV, with the Swedish Armed Forces. This was in Kiruna, Sweden. You can see the street cones there. And not only... The antenna you see on there is not in the room here, but that's an Ovzon F50 antenna. That antenna is talking on the Ovzon Orion service to the On-Board processor and directly down to a Swedish Armed Forces command and control center over 900 km away. We effectively enable the Swedish Armed Forces to effectively remotely control that unmanned ground vehicle through an obstacle course. We just weren't moving across a flat surface. We were actually steering it through an obstacle course, and that's what those cones represent. Okay, that's us with unmanned ground vehicles. I mentioned that test was done in Kiruna, and Kiruna, as most of you know, is inside the Arctic Circle, about 140-150 kilometers inside the Arctic Circle. All of NATO, all of Europe, all of the US, all of Russia and China are focused on the poles, on the North Pole. They're focused on the Arctic. It's a part of the great power competition now to gain access and secure access to the High North, to the Arctic. We realized that 145 kilometers inside the Arctic Circle, we were very effective with the Ovzon 3 satellite. One of the limitations of a geostationary satellite, because they are parked over the equator, is they have to deal with the curvature of the Earth as you get closer and closer to the poles, both north and south. Our proposition was that the power of our steerable spot beams could overcome some of the traditional weaknesses that geostationary satellite providers face when they approach the pole. In general terms, you don't think about geostationary satellites to work above 70 degrees north and 70 degrees south. We had realized we were at 68 degrees already, and we did very well. We created... We decided we were going to continue to challenge ourselves and see how far north we could go, and could we outperform what is traditionally expected for geostationary satellite providers as we approach the pole? So we built an overland expedition. We had four all-wheel drive vehicles. We had partners from four NATO member countries participate with us. And we started driving north from Kiruna, where we had a known good reference point, and we stopped at every degree of latitude going north, and you can see them marked on the map there, until we reached the highest point in Europe, which is the North Cape or Nordkapp of Norway. And at each stop, we tested, we ran voice, video, and data. We used both the Ovzon T6 and the Ovzon T7. And again, we were trying to validate our proposition that we would be able to overcome some of the inherent weaknesses of GEO providers as we approach the pole. So, the good news is, this is the North Cape. This is at 71.2 degrees north, so just above 71 degrees. This is the Ovzon T7. That is, you can see, has a very low elevation angle, so we're probably between 4 and 6 degrees of elevation, that high north, that far north. But, the terminal and the network, both the T6 and the Ovzon T7, operated flawlessly, as if it were sitting under the equator. We were very impressed, with the performance, not just that far north, but in some pretty extreme, Arctic conditions. This was in March of this year. So that's our experience in the High North. We realized that there's more north between North Cape and the North Pole. We will continue to challenge ourselves. We have plans for a second expedition. It obviously won't be overland because we run out of land, but we're going to continue to challenge ourselves and push ourselves and move farther and farther north, and you'll-- I'm sure you'll be reading about that in the coming months. Okay, so the one of the most important environments, again, in the last three years since the Russians invaded Ukraine, is this idea of operating in a contested environment. For many years, for decades, after 9/11, after the United States was attacked on the eleventh of September, over a couple decades ago, the West and NATO was really focused on the Global War on Terror. And we had a lethal enemy, and we worried about a lot of things in the war on terror, but we didn't worry about electronic warfare. We didn't worry about direction-finding equipment. We didn't worry about GPS jamming and GPS spoofing. It was a lethal enemy, but not a very technically sophisticated enemy as it relates to fighting in the spectrum. All that changed three years ago. We talked about the focus on performance and mobility and resiliency. Our traditional customer base have always been, "Give me as much data-... In the smallest devices you can, because I'm fighting a very 24 hour cycle against a mobile and agile enemy, and I need massive amounts of intelligence data to prosecute that fight. And overnight, they came back to us and said, "Hey, love the idea of small terminals, love the idea of big data rates. We really want to survive on the battlefield. So we got to manage our electronic signature, we have to manage our physical signature, and we have to operate, be able to operate against a very sophisticated adversary, a near-peer in a contested environment." What is still surprising for me to think about, but we started the OBP, the Orion service design, how many years ago? Seven. Seven years ago, long before, but when we were right in the middle of the War on Terror, when we didn't really worry about the contested environment, but we built, we started the design of an On-Board Processor that brings near-peer capabilities that came into commercial service last July, that could not have come to the market at a more relevant time. And how that all happened, whether it was, you know, brilliant planning seven years ago, that was before I got to the company, I will have to give Per Wahlberg credit for getting that right. But we absolutely brought the right capability to the right markets at exactly the right point in time. So what is the contested environment? These are all the things that we worry about. Detection of the terminals on the ground through enemy or adversary electronic warfare equipment. Geolocation and interdiction. So if you can be seen electronically or physically, then you can be interdicted, and if you can be interdicted, then generally you have a bad day in that environment. We have to worry about protecting the user's information. They trust us with their mission-critical data, and they trust us that we're gonna pass that in a secure environment. We have to deal now with GPS jamming and GPS spoofing. Had never worried about that before. We have to worry about actual jamming of the satellite, and we have to worry about jamming of the terminals on the ground. It's a whole new ballgame that became a reality three years ago. The last bullet is anti-satellite operations. I will tell you that over the last three years, and I'll kind of explain a bit how we got this experience, but we've dealt with almost every one of these environments very successfully over the last three years, with the exception of the last one. A world of experience, hard-learned lessons over the last three years. We can talk for a minute about GPS jamming. This map is from a commercial source. It's drawn. The red and the yellow are where the instances of GPS jamming are greatest. This data is collected from commercial aircraft, which are obviously very reliant on commercial GPS signals. You'll notice in the Black Sea and in Ukraine and Belarus and western Russia there's a big white gap, and that's not because there's no GPS jamming. That's actually where it's most intense, but there's no commercial aircraft flying there to collect the data. So that's really where it's most intense, and this picture doesn't really represent that well. But one of the key takeaways from the picture is this is not ice. This is not limited to the battlefield. It's not limited to the Black Sea in Ukraine. You can see it extends well into Southern Europe, well into the Baltics, well into the Baltic Sea, well into Scandinavia, and we feel that this is the new reality. We think that this is part of the Russian focus on hybrid warfare. We don't expect this to end when the war in Ukraine ends, if, if and when it ends. We think that this is very similar to the idea of cutting undersea cables or all the other hybrid warfare things that the Russians are undertaking around the world. So we kind of feel like this is the new reality, and you've got, if you're gonna be serious about resilient communications, you have to be able to operate in this environment. And we are uniquely suited to operate in this environment, both in large and small networks. We are completely independent. We operate completely independent of a GPS signal, and the important caveat here is we operate independent of a GPS signal and any other external signal. So you'll see that there are a lot of satellite operators say they don't need GPS to operate, which may be a true statement, but they're talking about GPS in the narrow sense of a specific constellation. They still rely on other Low Earth Orbit signals to understand their location in the world and get their timing to enter our network. Our terminals are smart. They make an assessment of the value of the GPS signal they have. If they have confidence it works, they use it, and they enter the network. If they don't believe that the terminal is, or the location information is accurate, they'll ignore it, and they'll take a little bit of time, about a minute or so, to do the math on the terminal itself and enter the network without the assistance of GPS. Our understanding is we're unique in our ability to do this, certainly at scale. This is all a big part of our ability to operate in a contested environment, and also our ability to operate or offer resiliency to our customers. We talk a lot about the technology that enables to do this and our techniques, but a lot of this is also our corporate culture. We have a very specific customer base. Those customers have an expectation of discretion and privacy. They don't want to read in the newspapers about how we support them or where we support them, and we honor that. We understand why that's important. So we don't talk a lot about that, but our corporate culture is a big part of the resiliency that we have. We always tend to focus on technology and techniques. Those are important, but the company culture is also very important. Okay, I'll switch now to the global service delivery model. And I will say this, so part of my obligations as a Chief Operating Officer is service delivery, is customer support. We run the 24/7 network operations center. We have a tiered support model, so, you know, tier one support for, you know, the things that you're familiar with, if you forget your password, or something doesn't work, or the light doesn't go on, and then we have a tiered support that goes up to engineering levels and very complex engineering levels after that. When, as Martin mentioned, when we think about our company and when our customers think about our company, we focus on the tangible. We focus on the terminals, the things that we can put on our hands, that we can measure and weigh, and many times, almost always, that's the first impression for a user, for a customer of our company, and that's a very important first impression. But the lasting impression, the enduring impression, is the relationship we build with those users and the support that we provide them, and I would argue that is a much more important relationship than their first impression with the terminals. So the terminals and the equipment, the tangibles, are a really important start, but over time, the most important function for us is to have a relationship to support those customers well, to make sure we're answering their calls, that they're there, we are there when they need us. And I think with that, Katarina, I'll turn it back over to you. Yes. Thank you so much, Tom. Yeah. And you gave us some great examples here, but what stands out with Ovzon solutions from a customer's perspective? I guess I would... Somewhere in this briefing- Mm-hmm. I can't quite remember. We must have talked about our mission statement. So the Ovzon mission statement is to connect the world's critical missions via satellite. Yes, we did. We chose critical missions very thoughtfully and deliberately. We talk a lot about defense-related support, and because that is, as you've heard, the majority of our revenue base. Just in the last few years, we supported voter registration in Colombia, in very remote areas of the jungle in Colombia, you know, essential to a thriving democracy. We supported avalanche life-saving efforts to rescue people from an avalanche in the Alps in the last few years. We supported a catastrophic flooding in Belgium and Germany. We supported the earthquakes in Turkey. We supported the flooding in Libya. When our users, our customers have critical missions, they come to us. When it's literally a life and death matter, they come to us, and they've, I think we've earned their trust for those critical missions, and that's very rewarding for us. I think every Ovzonian comes to work, my hope is every Ovzonian comes to work every day knowing how important what their job is because of the kinds of missions that we support. Good. Yeah. Thank you so much, Tom. Thank you also, Per and Martin. Yeah. I will also say that the full presentation will be uploaded to the Ovzon website after this event is closed. We will now move into a well-deserved coffee break, and we will be back with more discussions in about 25 minutes. Please use this time to meet Ovzon representatives and mingle a bit, and also have a look and feel at the Ovzon mobile satellite terminals. We'll resume promptly at 3:15 P.M. Thank you. Welcome back to Ovzon's Capital Markets Day 2025. And a reminder to all of you watching online to keep sending in your questions to the Q&A session later. Before the break, we learned about satellite communications in general, but more specifically about Ovzon's financial journey, their position in the market, and the unique technology that sets them apart from the competition. We will shortly turn to the horizon and focus on the future. I know that you're eager to hear more about that, but before that, as you can see, I have all today's speakers with me here on stage, ready for some panel discussions, right? Right. Oh, yeah. Right. Good, and I think I will just start with one question, and you can divide among yourself who's best to answer what question. All right, so first question: As many countries, especially NATO members, are planning to double or significantly increase their defense budgets, do you think this will also translate into increased investment in space capabilities? I think you should go. Yeah, okay. Yeah, definitely. I think it's actually and what we're forecasting is that it will probably more than double for two reasons. Firstly, because a lot of the European countries, if you compare them to both China and U.S., are lagging behind in space capabilities. So there is a race to sort of bridge that gap in Europe today, and this will definitely translate into our sector. That's one reason. The other reason is the need for connectivity and communication. If there's something we learned from Ukraine, is that you need to be connected all the time and during any conditions, as Tom talked about. So this is gonna trigger a lot of investment, both into space, but also into resilient communication. And as you heard before the break, space and SatCom is one of the few ways to provide this resiliency. I think we're gonna see more than a doubling of our sector. Good. Everyone agrees? Yeah. Yep. Yes, we're all here with us. This next question is more on technology. What can we expect as the next step in terms of the Ovzon technology? Is that, is that for us? Yeah, so I think the simple answer is probably that, you know, our focus is on the Ovzon Coefficient, it's performance, mobility, and resiliency, and all of our technological development aims at improving that coefficient. And we saw already, when I was talking about the terminals, how leveraging Ovzon 3 has been able to enables for us to be able to take a big step in that direction, and I think that's just gonna continue. Do you think that we will see, in the near future, handheld-sized terminals? I think, you know, many people consider the Direct-to-Device, as it's often called, communications or connectivity, as kind of the holy grail. And, what I think that clearly shows is that everyone realizes the need for more mobility, and we are certainly there, as well. But so far, the initiatives that are ongoing right now, that's more about extending cellular coverage, so when that fails you, you can step over and do this instead via satellite. And our customers have different requirements than that, as we've heard, today. But in terms of size, yes, we are definitely moving in that direction. For sure. Good. Thank you. Next one: In which areas do you see that the market requires your services and products to expand? I think what we've said right at, in the beginning of, or the first phase of this presentation, is where we will continue to have our core of, of offerings with performance, mobility, resiliency, as is our mantra. I think the big expansion will come from unmanned systems. We have been touching it, but making sure that there are antennas and terminals that can fit on both, large, medium-sized, and very small, in the air, on the water, and on the ground, remotely steered, unmanned vehicles, I think is a big, big market drive. As well as the NATO drive for standardization and interoperability, meaning everything needs to be connected. I think Kristofer had a slide on that, and we've talked about that. I think the resilient communication for unmanned is absolutely necessary, and I think the drive in investments from those $150 billion more in spending on NATO will be a key driver. Any add-ons to that? Can I? Yeah, sure, Tom. Yeah, just I would just say that I think we, this company, are really good at solving hard customer problems, and admittedly, unmanned platforms is absolutely a hard problem to solve. Yep. It gets harder, you know. Ground is fairly easy, maritime is a little more complex, and the air is even more complex than that, but if you simply have a need to move data from point A to point B, we have a lot of industry partners that do that very well and very efficiently, and that's not the demand that we see or we expect to see, but if you have a real difficult problem to solve in terms of size, weight, and power, in terms of performance, if you need very high data rates into unreasonably small terminals, if you are operating in a very challenging environment, whether it's intentional or unintentional interference, that's where we're strongest and best. I think we've been doing very well in filling that market need, and I think we're seeing that need, that demand signal expand over time. Yep. Yep. Thank you. And then the last question for this session, and then we have the Q&A later, but 2025 has really been a year marked by growth. How prepared is Ovzon to handle a rapid scale-up in demand? I'm thinking production, service delivery, customer support, et cetera. I can start. I think maybe Andreas adds a little bit of flavor from a financial perspective, if we're prepared. And we're gonna go into this in the next phase of the presentation here. But I think we have a very solid platform today, financially, technically, operationally, competence, skills, customer base, that we can operate from and expand from. And I see three horizons: Deliver current solutions to current customers, so that doesn't mean a lot of new stuff which is really solid. Horizon two means we have to take the advantage of that there is a huge demand signal coming in, when we need to scale, both in terms of volumes and size of terminals, meaning how many and the smaller size. In terms of satellites and networks, and in terms of like to be able to deliver on a 24/7 scale everywhere. But I think we have the solid foundation for it. The rest is planning, execution, and staying true to our core, and then I think we can take advantage of the big market that is out there for us. Yeah, and if I should add anything on the financials, I mean, I think it's really now to deliver on what we have promised to our customers, and make sure we have a really good, you know, example to show other potential customers that we can deliver, and never lose eyes on the ball. I mean, well, that's it, it's back to cash flow in a bit, when. I mean, it's super important. When you grow, it's easy that you grasp for over too much, and you think everything is just nice and dandy 'cause you have a nice order backlog, but it's actually mainly being able to, you know, make sure that you invoice on time, collect payments on time, and not run out and overinvest. But still, of course, plan for the future and make sure that we forecast correctly and then set plans based on that. Sounds good. Thank you all for those great discussions, and you can go and have a seat again. Per, please stay with me. You can take that table. My pleasure to stay with you. 'Cause now we are finally switching focus to the future. In this next session, you will learn more about Ovzon's strategic direction going forward. And with that, I hand it over to you, Per. Perfect. Well, that's all well said, and I hope we've given you a very, very as thorough as we can, and as broad and detailed as we can, background to the company, where we've been, where we're at, the period of investment that we've been in, and that we're now starting to see the return on investment of those choices we made. That is basically the foundation for how we can scale and how we can grow this further. I think what you can see from myself and the team that is here, that we are kind of no nonsense people. We try to stay very true. We have a very dynamic dialogue around the choices we're making. We're trying to be very disciplined about them, because it's easy to get carried away. We should get carried away and inspired by the opportunity, and we should be extremely disciplined on the execution we're taking. But we will now take you through what our intentions are. So this is, will be very, very exciting, I think, at least it is from our perspective, and you've seen our strategic framework, and we're gonna divide this into each of these pieces and give you more, a little bit more detail around what we're thinking in terms of scaling. What comes first, though, is if we're gonna be able to drive profitable growth, we have to win. We have to be more predictable than we are today in terms of how we win and how we generate revenue, and that we do it in a profitable way, so it starts at the top with how we go to market. And you, as I mentioned previously, we have a new Chief Commercial Officer coming in. I'm not gonna put all the pressure on Jeanette before she has arrived. However, I think we've been very successful the last couple of years in making sure that we are concentrated on the core markets that have the greatest needs and that we have the ability to deliver. However, it's a target-rich environment, and we have to stay very true to how we go to market and understand how we sell and how we win. So I'll take us through that go-to-market section. Then we're gonna walk through what we do in terms of terminals, then what we do in terms of satellites, and then what we do in terms of scaling the global service delivery model, while maintaining a healthy core business and not adding too much cost, as our CFOs pointed out, right? All of these different elements of the framework have different characteristics. If you think about... So the go-to market has the characteristics of having the right people, focusing on the right customer, customers in the right markets, and understanding who to partner with to win. It's very important. It's about building enduring relationships, trust, and using the installed base of references. But it's more having the right people, the right structure, the right sales support. Mobile satellite terminals has a very different characteristic. That has more of a manufacturing side to it than what the others have. They are more... This is very tangible. You have to have a resilient supply chain. You have to make sure that you have the right sub-suppliers. You have to make sure that you can actually meet the demand quickly. That ties capital, because you have to then invest ahead of time to build inventory. And then we have choices to make, whether or not we should produce everything ourselves, we become a production unit, or if we do the third party final assembly, as we do today, and we quality control it and have a center of excellence for design. So this is... And it's a supply chain management aspect. So that is a very, very different characteristics in how you think about it than networks and space. We have proven today that we can build networks based on other suppliers' satellites that are similar in architecture as Ovzon 3. It's good for us because that gives us a rubber band, so to speak. We are flexible. We tie those contracts that we buy from to the contracts we have to deliver on, so we don't have to build up an inventory of capacity that is unsold. For example, however, if we want to secure global reach or our own capabilities based on the Ovzon 3 success, we must look into building, designing and building and launching more own satellites. We'll touch upon that, which obviously is a big investment in itself as well, but I believe we can prove that with Ovzon 3, we have a return on investment already, kind of proven already today, and we will see more of that in the future. The last portion of global service delivery has a lot to do, I believe, with copying what we've done from a centralized perspective and ensuring we can deliver in the local domains with sovereign demands for us. That means a centralized, automated, and more digitized way of running it, so it becomes efficient without losing the touch that Tom Hopkins talked about in the customer intimacy and making meeting the needs of security and sovereignty in that. So they are all different. They all. If you have leaders for each of them, they will all ask for money to invest in order to achieve their objectives. The whole thing has to do with integration and making choices that are smart, that are timed, and that are cost-effective, and that meets the needs of the market. Then, if the market goes faster, you can accelerate. If the market adoption is slower, you can hold back a little bit, but yet scale up. So we're gonna take you through what that means. The good thing is, if we start with go-to-market is, we are not changing our focus on where the money is, where the needs are, and where the customers are. We are focused on defense. We're good at it. We have reference points. We know how to sell, we know how to deliver, and we know that the technology meets the needs and requirements of today and tomorrow. That's really good. So we're not going to change customer segments. However, because defense is so strong and you can hear from our competence and skills levels, that it feels like we're in an aquarium here soon. But the defense budgets are there, it's a main priority. However, if you scale up to other market segments, as Kristofer alluded to in his market analysis part, you have to understand if the same business model applies. There is no doubt the same technology solutions apply, but you have to, to really understand how the business models apply. So if you look at, for example, public safety market, that we've shown a few examples of, we believe, I would say, that there's a huge market for us there. It might not be the same business model. It might be so that that market requires a lower cost subscription of our services, and then you turn the meter on when they're actually in use, avalanches, migration screens, wildfires, et cetera. And by that, you have a very profitable growth in that market. We're currently looking into how we would go to market there and what the business development aspects of that market is, because we believe it actually has large, big promise, and the core of our what we do is there. But the good thing is, we're not changing markets. We know where to focus. We're not changing our solution set. We've taken you through it and ourselves. We know that it's all about the terminal, the network, the signal, the contested environment, and 24/7 support and service to make sure that we are not becoming a on a need basis, as Starlink actually is today. You have to have a satellite over you to have connectivity. We guarantee connectivity. We're staying true to that. So we're not changing our core model and our core service model. It's good. Same customer and markets, same service model, same technology. The global opportunity is there now, and I think the installed base is very important. As a matter of fact, we believe that the installed base of Sweden, U.S., U.K., and Italy, we've had a few other customers that have come and gone in other geographies, but that's really the installed base that represents the majority of our revenues and so on. This, we have to put an iron ring around and make sure that we continue to serve, expand with, and innovate with. It's very important. However, we also have some countries that are unnamed as customers. What Tom did not mention, that I can mention now, is through the High North Expedition and that with those Nordic countries that participated, we got a new customer. If you read our press releases, that customer, as Tom said, would not want us to say who they are, but it's an unnamed European country. We also have other unnamed European countries as customers, so it's a very good installed base, and it's concentrated in a geography which we can reach from here, which is also good, and Sweden's entry and Finland, but Sweden's entry into NATO opens up doors for other types of collaboration and interoperability discussions, so we think we have a very strong platform to grow from. The U.S. market, obviously, with the situation, that I think President Trump actually woke Europe up to do what Europe is doing right now. It was a good thing for Europe, as Kristofer said. I think we are gonna double down in the U.S. on the U.S. market as well, because it is the largest defense economy in the world, the largest defense spender. It's somewhat chaotic for those that are trying to procure and utilize our capabilities and solutions because there are orders and counterproductive orders coming on what the priorities are, but the market is there, the size is there, we are there, and we're gonna win that market back to be bigger than what it has been for us. And then I think the near environment here, Nordics and Baltics, and Northern Europe are actually there. Now, we already have opportunities in Asia Pacific, we already have opportunities in the Middle East, and we already have opportunities in North America. But you cannot be everything for everyone all the time until you have built a core organization that can actually deliver on that, or else you're gonna dilute yourself and you're not gonna win anything. So our concentration will be installed base and the next targets. That's where we're going right now, building up an organization and select partners for that. Now, how do we win? We often get this question, and I think most of what we have discussed before is actually that. We are a turnkey solution, we're end to end. The customer does not have to do a lot of things. Of course, they need to train, they need to understand how they use it, and they need to trust that we have an integrated model working with them, but we are integrated end to end. We have a unique portfolio of terminals. It needs to be developed further. The big drive is towards On-the-Move. Huge drive towards On-the-Move, and it cannot be for smaller on-demand systems, cannot be the Ovzon P30. It maybe cannot even be the Ovzon P20. It might actually have to be even smaller than that. And as Martin said, in the coefficient, performance, mobility, resiliency is hard. So we are gonna double down on innovating in this space, but that's how we've won so far. We have advanced satellite networks, and we have dedicated support and service. So we think we know what it takes to win and what we sell. Now, selling. We are not selling widgets in this company. Even if we sometimes lead with the physical product, the terminal, and it's important, as we said, in the value chain, it's not the end game. The end game is resilient connectivity and resilient communication. That is really the end game for our customers and for us. So it is solution selling, and I can say that in those countries where we've been successful, we've touched every level from government all the way down to the end user that actually is going to use this to protect and connect on their missions. So we have to actually sell, solution sell, and not try to come with, "This is the answer. What's the question?" It's all about thought leadership. It's all about education of decision-makers with money, all the way to decision-makers that has the need. You have to cover all those bases. It's very difficult to do in one person. Maybe there are a few in the world that could do it in one person, but it requires a team of pre-sales and so on. It's about relationships. Tom talked about it and not leaving any customer behind. That's important, but it's also about continuing to build trust with decision-makers and those that set the norms for how you buy and what you buy. And that's not done overnight, so if we would replicate the model that has made us so successful in Sweden in each country, you would need a lot of people, so that's not really a fully scalable model, so we have to find select partners combined with ourselves. We have found that it's difficult to sell through large resellers, system integrators, because they're not specialized, they're generic. We have to be part of that, and sometimes that conflicts the channel, right? Someone is gonna resell for you and put a margin on top of you because they are the one that holds the relationship. But if we cannot be there and go into the details that we did with you here in the first section, it is not gonna be well understood what sets us apart from competition, really, and demonstrate that ability. So you have to build those relationships. We talked about the customer intimacy, expand geographically. And then I think the biggest opportunity we have in how we sell is to partner with OEMs, so-called OEMs, original equipment manufacturers and platform providers. Imagine that there was an option to click in when you order a CV90 or a CB90, so the boat or the vehicle, that says, "I want connectivity," and that connectivity is Ovzon, and in the factory, when that is produced, a terminal is implemented, it goes off the production line, is delivered, and you turn on the service. That is where you can scale dramatically if you do that. OEM manufacturers don't like anomalies. That would be an anomaly to put something on, but if the end customer says, "We want this," they would do it. So that gives you a little perspective on how we're working with that. I think that's how you scale, and that's how we sell. Finally, I think we win. We've probably hammered ourselves to sleep with these messages around the Ovzon Coefficient, performance, mobility, resiliency. But I think also the market actually talks about that. I want the industry standard. I cannot live without it. I think that's how you position yourselves as a niche provider in the market. That's how we win all the time. We can prove it through demonstrations. They are often very costly. They often take as much time as implementing a solution for a customer, so we have to be selective when we do them, but when we do them, we go all in. And we recently had some with all the players in the industry, in a country in Europe, where we did not know that that country or those units were jamming and disturbing the signals. They didn't. No one knew it, but we now know that we were the only one that could keep the resilient connectivity up. So I think we prove, through those kind of investments we do in that, that that actually works. We talked about the contested environment. That's an example of that. So I think we have a very good understanding of what it takes. To scale here requires investment and build out of an organization of people, where the salespeople are more ambassadors and mini CEOs of the company, and can have discussions both with government officials and down to end users. That's how we win in a very niche market. So that's the go-to-market side of it. Now, as I said, different characteristics of this. So we're gonna take you through the terminal side, the network and space side, and the global service delivery side as well, and what our intentions are. First up is actually the mobile satellite terminals, and I'll hand it over to Kristofer Alm to take us through that. So good to be back. Do we have some energy? We got that waterfall thing. I don't know if that was sort of a aquatic tank or something. It felt like a floating tank. I brought this little thing with me, and I think it's it actually represents a lot of what we're doing today. And Per talked about this, that unmanned platform is really where we see the drive and the demand going today. And this, we call the Ovzon T8. It's the newest sibling in our little family. It's a prototype we've developed, and we call it. I don't know if it's our little baby, we called it this morning, and we haven't agreed yet, but it's gonna weigh about 1.5 Kg. The antenna design is ready. We know the performance, we know how it works, and now we're working on packaging into working prototype, which we'll have ready next year. And I think the beauty with this product is that we've taken the antenna design from the Ovzon T7, and we've made it round. So it's, we use our existing technology, and we scale it to fit the customer use case. And because it's very compact and high performance, we can build an antenna of this size. And this will also be an On-the-Move, so it can actually track. So then we are all of a sudden providing a satellite terminal that can go on flying drones, for instance, because it's gonna be so small. It would also be able to go on boats and other type of vehicles. So it's really an example of how we take our existing technology, reiterate it, and then we can quickly go to market with new platforms. So I think this represents a lot of what we do today. So with that, as a sort of an opener, I'd like to take you through the mobile satellite terminal. I'll also talk about networks and space, and then I'll invite my colleague, Tom, here to take us through the global service delivery. When it comes to our mobile satellite terminals, if you look at what we have, you know, 6- 12 months, it's pretty clear it's about scaling and meeting demand. We have a huge task in front of us of delivering to meet the customers' requirements and the demand. I'm very happy to say that when we closed the FMV order in June, within a couple of weeks, probably, we delivered the first batch of terminals out, and we've continued to deliver the terminals according to schedule. So far, we are more than delivering according to demand. The problem and the challenge we have is, we got another order during the summer, as some of you saw probably with the press release, and we see the demand is continuing to pick up, so we can't rest just because we met the first wave of demand. I think that's one of the things that we are super focused on now, and Lars Sjöblom and his team are working to both scale up our production capabilities. We are looking at how we can strengthen our supply chain, because we need to work very closely with our sub-suppliers. Because putting the terminal together is just one piece, having all the equipment and the components is the challenging part. At the same time, we need to be able to meet the customer's requirement on these terminals, because they are going straight out to customers in the field, and we want them to work. So we have built out our capability in our office and so on, now to really test and verify that whatever we deliver out and whatever we do, meets the quality requirements we have, and I think this has been a steep learning curve, but really, the volumes and the demand from our customers have pushed us in a direction that we probably would have gotten this otherwise, but it, the speed we're doing it now is tremendous. Every day I come to the office, something new is happening, and it's really amazing to see. I think another feeling I had, and remember I talked about. I've been here for two and a half years, and the amount of new people that are starting to come into the office, young engineers, to help us with this journey has been tremendous. Customer adaptation, this is a good example. We've been requested by the customer to build smaller platforms. We're doing this now. Then we have our On-the-Pause and On-the-Move portfolio, which you can see at the back of the room, and Martin talked about them. We also take this mission design, and this is the example of that. Then we're looking at new generation capabilities. How can we integrate AI? How can we automate the testing? How can we do new use cases? All of this is going on at the same time now, and it's, it's a tremendous amount of activity, and we're trying to scale up to meet this demand. Moving on then to satellite networks. I think Per mentioned it, and a few of you, we have done an RFI before the summer. We're sitting now with our technology team, evaluating the responses and looking at a few different suppliers to see how are we gonna build the next generation of Ovzon 3. The good news is we have some really cool designs in front of us. So the hard question now is: how much are we gonna innovate, and how much are we gonna do the same? 'Cause obviously, we want to build on the success. Our customers love what the satellite can do for them, but they obviously want more, and at the same time, we want to enhance the Ovzon On-Board Processor. The good news is, it's field-programmable hardware in space, so we'll continue to develop that and enhance it. So by launching new satellites, we're in no way gonna make it obsolete, rather the opposite. We're gonna get more scale, and we're gonna be able to develop the software platform. We have strategic partnerships. We can't do everything by ourselves, both for capacity, but also for technology. And we have a patent portfolio. The patent portfolio stretches both into our terminals, and it also stretches into space. And we'll continue to develop that, because obviously we know that it's an area where security and building our technology is very key. So this is something we'll continue to focus on. But beyond that, we also do. We're involved in research projects. I think there were some questions about Direct-to-Device, which is obviously a new area. We also have the 6G area. We are today participating in a KTH, which is the Royal Institute of Technology here in Stockholm, and we're participating in a project around 6G development. And obviously, we're looking at that, maybe not for the next generation of satellite, but there is also a life beyond that, so we need to continuously develop. We're participating in a project called CELTIC-NEXT. You don't need to know exactly what it is. I had no clue when they told me, to be honest, but it's a European research project where we get access to funding, we can get access to testing environments. So it's about being part of the European ecosystem, and this is very important for us because it gives us that non-competitive environment where we meet other companies and iterate and test things, so this was a super fast run-through. I can see my time is already red. I'm wondering who set that time, but feels like I had to... I could have talked for this a long time, but hopefully, this gave you a little bit of an insight into what we're doing on the terminals and what we're doing into space, and to take us further on the resiliency and service, I'd like to welcome my colleague, Tom, to the stage. So thank you once again. If you recall from our last chat, I showed you a map of Eastern Europe, and it had a lot of red and a lot of yellow. And that is the physical depiction of the contested environment. And we've lived in that environment, in Scandinavia, in the Baltics, in Poland, in the south, in Romania. With NATO partners, we've lived and existed and tested in that environment for the last three years. And over that time, all the lessons learned that we had were directly fed back to the engineers that we have in Söderhamn, the brilliant engineers that are making our products better every day. The product that we put in the hands of our users today is remarkably different than it was three years ago. It's hardened, it's secured, it's now optimized for a very contested environment, and it simply wasn't that way three years ago. It was a good product, but it's a much better product today. It's a much better product because we really focus on closing the loop between the customer environment and customer needs and technical development. And I, you know, fortunately, the operations team has got a wonderful, you know, Martin Eriksson, Kenneth, our CTO, that's not here, Lars-Ola, his team of engineers. It's a wonderful relationship to be able to match those two capabilities together. If you do that well, we're gonna succeed as a company, and I think we're doing it particularly well. And that's really what we're trying to get to in this second lower half of the bullet here. Okay, and then we'll move on here to where we think we're gonna go. This is again. I talked about global service delivery last time I was up here. I told you what I thought made us successful, and really, this is our vision of the future and how we're gonna continue to succeed. And we've frankly done a pretty careful and thoughtful analysis of why we're successful. You heard Per use the phrase customer intimacy, and I think that's probably the right starting point. But it's also a commitment to their mission, that we are as bought in to their success and their environment as they are, and that when they call us, they know that we are as committed to their mission success as they are. And part of that, if we look back to the U.S. market, our historical primary customer has been U.S. forces. Most of the customer support function were folks that came out of that environment. So when I say they spoke the same language, not only did they speak English, but they understood the jargon and they understood the nuance of the communications. We can't replicate that intimacy with a U.S.-based workforce in Italy or in Sweden, for that matter, or anywhere else in Europe. So our model has been to replicate that intimacy and provide tier one local support, literally in the local language, in the local time zone, with an intimate understanding of the cultural and the jargon and the nuance of that customer base. So we don't anticipate any major changes to that. We do have a number of technical concepts under development to consolidate and make more efficient some of our infrastructure. We feel that if it's in, in, in. You know, we've learned a lot, once again, from the attacks on undersea cables. So if you have users in one side of a body of water and infrastructure in the other, that's now vulnerable. It never was before, but it is now. So we've learned a lot from paying attention to what's going on in the world, and we are continuously evaluating our ability to withstand everything that the adversary can throw at us, and we will continue to evolve. So no, the quick summary here is no great changes in our model for customer support and global service delivery. But as we've said, with our technology development, we really are doubling down on the resiliency aspect of that, and we will continue to do so because we think this is the new reality. We don't think this is gonna change when the fighting in Ukraine comes to a halt. So it may not be a terribly optimistic outlook, I apologize for that. We do believe it's the new reality, and we have a responsibility to be prepared to meet it, and that's what we're doing. I think, Per, this brings us back to you, to conclude. That new face. Well, I think there's not a lot to say more, but I will be brave enough to say: we are going to have to scale up the mobile satellite terminals to a level where we've never been. We have alluded to it, but that will require a bit of an investment. I think we have the foundation for that investment already, and we will be able to generate some of that with the profitability we see in the growth we have as well. But that's number one. Number two, we, the RFI of satellites. Yes, there is an intention for us to analyze, to, design and order two more satellites. But that also requires, as Kristofer Alm well laid out, how much new do you want to do, and how much copy of what you already have? And I think it's gonna be much more, this is a direction internally as well, much more of the core is the same, and then we'll add what we've learned from the field into onboard onboarding capabilities and so on. So I'll put that out there, scaling up mobile satellite terminals and doing that. And then, of course, the go-to-market. However, it always starts with running a healthy core business. For those that have been investors in Ovzon for a long period of time, you've probably lived through the investment phase of the company. We are not gonna go back to the phase of where we had. It was really hard to lead and manage the business with such heavy investments and delays and Covid and so on. We're gonna stay above the surface, we're gonna have positive cash flow, we're gonna have profitability, and it comes from knowing what you're good at and knowing what you need to do when, by running a healthy core business. We will accelerate the market, market expansion, number one. It's a number one for us, actually, to win more customers, in the core regions that we talked about, terminals and satellites and delivery. The good thing is, there's not a lot of new for us. We know this. What we need to do is to be smart about how you scale and when we make the decisions, and secure financing if we do major investments like two more satellites. That's basically it. Yes? Yeah. Can you elaborate a little bit on how typical contract is? What, what is the price- Please stand up, please in this, so I think the first question. Can you elaborate a little bit on a typical contract? What is the price of the hardware and, gross margin on that, maybe, and is it a subscription for the satellite service, or how does it work? Yes, we will come to this in questions and answer, but I will answer your question since you got the microphone from Johan. I will answer the question, so in the early years of Ovzon, everything was bundled into one solution. It was subscription-based, it was a monthly fee. Contracts could be three months, six months, or even up to twelve months, and we needed a lot of volume in order to volume of subscription contracts to actually get the growth and profitability going. We, in 2023, changed model because we also calculated that return on investment for Ovzon 3 and onboard processing capabilities that we did, would not reach return on investment as fast as 2025 as it's done now, if we didn't go out and outright sell sovereign capabilities, a full antenna, for at least 12 months to a customer with an integrated service. We did that, and we started a new solution-selling methodology to get that done. I think we've been quite successful with that. Customers sign at least 12-month contracts, hopefully 24- 72 month contract, longer-term services contracts with us today. So the FMV contract, the recent one, is for 24 months, and they pay for the services monthly, but also, they also do cash flow-wise, they pay early because of the need for us to deliver fast to them. What has changed is that we don't bundle the terminals in anymore. We sell the terminals outright because most of our customers are defense, and they go out in the field, and we have no chance of controlling what shape, form, and the terminals are in if they come back, and in what shape they come back. It's actually started a new avenue for us to build out more of a consultative maintenance and repair services for customers closer to the field users instead. So we sell them, we sell them at good margins. Today, the ones we produce are fully ourselves, has a higher margin than the ones that we take from third party and do some modifications to. So we sell them outright. That's about... I'll let the CFO answer this, but that's probably around 20% of our revenue today. 80% or more is actually service revenue, where the margins are much higher and also on three than they are on acquired capacity. So the business model has shifted, but we don't sell terminals by itself. We only sell terminals when we get a service, integrated service contract. It's just that we can't control in a leased model of terminals, what they look like when they come back from a rescue mission with the Italian fire brigade or the Swedish Armed Forces and so on. Okay. So that's the conclusion. Same market, run a healthy core business, accelerate driving profitable growth, and then advance ourselves in terminals, satellites, and services. Now, with that, I'm gonna actually let Katarina come up. Yes, so thank you so much, Per, and I'm so sorry about the sound in the beginning. That's forgotten now with this very interesting presentation so Per, just a quick question for you, trying to be very on point. What will be your top three priorities in, let's say, six to 12 months from now? Top priorities are to make a decision on, one, are we gonna do more satellites? Is the RFI, request for information, answers good enough for us to go to request for proposal, and how do we secure financing from that? That's number one. Number two is how we scale up the mobile satellite terminals and start to produce more like this that brings ourselves into the On-the-Move on smaller unmanned. That's number two priority. But the number one is actually to scale up our go-to-market, so we have predictable long-term revenue and sales going on, so we can do all of the other things in the background. Good. Thank you. Thank you. Now, we will welcome Andreas Löfgren, our CFO. Thank you, Katarina. Financial dynamics. With what was just presented by the team now, that strategic direction that we have ahead of us, we thought it would be good to do, like, a small, very high-level kind of modeling of the financials. So what could happen when we pull and push different levers? How would our financials then develop? And just to be very, very clear, first of all, we don't have any decisions on anything, and secondly, this is not a forecast at all. This is just very high-level assumptions that we have. But I think it's good food for thought and get a better feel for how this company is actually working. So I'll start with the assumptions that we have, and I think you can, when reading them, you understand that it is not an aggressive scenario. It's a pretty moderate scenario. The first bullet here, that's a fact. We are refinancing, so that's taken into the model. We are then expecting that we will have an incremental pre-increase in the utilization of our current satellites, and if that's not happening, we will not launch more satellites, of course. And we will have a majority of the customers I have on contract today, they will be renewed, but not everything will be renewed. We will also continue to use some third-party capacity as we do today. And as Per said, what if we were launching two more satellites? In that case, we need to have some pre-capacity on board, we think, and of course, funding secured. And to put also some another level of pressure on us, that we go back to completely normal industry-standard payment terms. We are in a good position for the time being, but say long-term, that this is just back to normal again, to put some pressure on us. And surprisingly, I will start with cash flow once again. I think that's very important. And Per touched upon that as well. It's very important that we keep our cash flow up on a positive side of things and also being able to fund some of these investments that we think about. But I'll start at the bottom of this graph. You see here investments into two more satellites, one at a time, and that then, of course, means cash outflow, but you can also see our operating cash flow on the top left side of this bar. Well, it's sloping downwards in the beginning, that's the assumption of that we're going back to more industry terms, industry normal terms, but it's actually profitable all the way, and then with time, it doesn't really matter, 'cause in the end, the cash will be collected, so it then ramps up as we ramp up with new customers on the new satellites, and basically, you can say that our cash flow in this scenario would basically finance roughly half of two satellites. As you see, well, probably not likely that all investments ends at one point in time, but for these two satellites, that's it. Then, of course, we will continue generating cash on that assets. So then we were piling up quite a lot of cash in that case. From a balance sheet perspective, what drives the asset side of things will be, of course, new satellites, and in the end, cash will also then be increasing as we don't have that much new investments coming in. As we did not have enough of operating cash completely to finance this, we need some external sourcing as well. In the model, we have just taken a bunch of different ways of funding it. So not just one preferred route here, but a mix. And with time, we're actually then piling up the cash, as I said, and with that cash, there's hopefully some profits connected to it, meaning that also equity will be increasing, and that could, as we see it, be a good recipe for potential dividends, you know, further out. Now it's about to then more of collecting and investing into what we think is what we like to invest in, but with time, that could come. And then actually, when doing this scenario, it was pretty interesting to look at the return on capital employed. We have not had or have any measurements or targets on that, but I think with time, as we might have a heavier balance sheet, that could be something to look at. It looks pretty decent, actually, especially by the end of this scenario. But I think that's something we should keep an eye on as well going forward. And also, we're maintaining a pretty good asset equity-to-assets ratio also throughout this whole journey. So I think we... It could be done in a pretty controlled way or in a controlled way, but with you know, healthy finances all along in cash flow. And then in the end, the P&L. You see the three snakes here, starting with revenue. Of course, with more satellites, there will be more revenue coming if we can combine that with new customers or expanding customers. EBITDA will, of course, also be growing. With top line comes more profits if we keep margins as they are today, and also keeping our OPEX under control. And then I think maybe the most interesting snag here is the bottom one, which is the EBIT, which moves a bit more than others, and that has to do with the transition into new satellites. You take the depreciation costs much faster than you are ramping up on these new satellites when it comes to income, so that has a pressure for a short period of time, and then as it ramps up, we recoup that. But all in all, there's actually a growth, and the growth in EBIT or profitability is outpacing the growth in top line, so I think that's a very good sign for us. Okay, summary. I think this is the first time I've done slides with actually no numbers, so this is... For a CFO, this is like personal development, to be able to talk to something, not clinging on to a number with, you know, a couple of decimals behind it as well. But all in all, we're done our refinancing. We can see that we probably will be able to generate operating cash to fund some of the investments that we plan for. Probably need some additional. We will have a solid balance sheet. With time, that could lead to something good, like dividends, and we will see revenue and profits then increasing with time as well. So with that, Katarina, I hand it back to you. Thank you so much, Andi, and you will be back shortly for the Q&A session, so thank you. Thank you. We will shortly round off this fantastic day, but first, we will try to give you a summary of everything that we've learned today. That's a challenge for you, Per. For all of you watching at home, again, this is a final reminder to send in your questions via the webcast. Welcome again, Per Norén. I will now conduct a summary of the summary. No, there has never been... You can read the bullets for yourself, but I would say the following: We are very excited about where we have ended up right now as a company after many years of investments. We have never seen such a demand in the market. We know we have some challenges, but they are in our hands, they are under control. We are going to be very disciplined in how we approach them. We don't really see anomalies or surprises thrown at us in terms of what the world looks like and what we can control ourselves now. What we can control, but it's never been a better time, I believe, to... To be in the business we are in with unfortunate trends, but I think we serve, and connect, and protect people, societies, and organizations for a safer world, and that's not gonna go away. I will open the door to another opportunity. If you have resilient connectivity, can you also support unmanned vehicles on the road for consumers in the future? I believe so. I believe that there are actually much more than what we talked about today, but we have chosen not to talk about that, because if we start to do that, we are opening a box of things, a box of chocolate that we don't wanna eat yet. We'll save it for a better day. I think it's never been a better time. I think we have a fantastic team. We have phenomenal customers. We've got good financial platform. We know what we need to focus on, and what we're going to do, and we will be happy to come back with more of that in the future, which will also include some more guidance on financial targets. But until now, we have actually not been able to do so because of the unpredictability of some of the components that we've had, but we will for the future as well. So I view this day as the starting day of the next generation of Ovzon, and becoming a world-class industrial company that we all can be very proud of as shareholders and as employees. So with that, I thank you all for being here. Of course, we're gonna go to Q&A, but I think that's the summary. It's a bright future ahead. Thank you. Good. So to conclude, we will welcome all today's speakers back up on stage one last time for the long-awaited Q&A session. Good. Okay, so now we are opening up the floor for questions, also here in the studio. You have one, just raise your hand, we will have someone bring a microphone to you. And if you're watching online, you know what to do at this point. And we already have many questions, so please, rapid speed and short answers. Okay? Thank you, Katarina. Yes. Good. Okay, so the first question over there. Yeah, hi, guys. Thank you so much for all the presentations during the afternoon. My name is Ramil Koria. I'm an equity research analyst at Danske Bank. Maybe just since we already sort of just now touched upon it, Andreas, if the sort of the decision time from decision until satellite delivery is roughly three years, Per, you said you're gonna decide on this, you know, in the coming six to nine months. Should we read that as if, like, you will generate operating cash flows to the equivalent of SEK 2 billion-SEK 2.5 billion in the coming three years? Is that sort of an implicit guidance round about? You said it yourself, guidance. We don't give that. I'm sorry, I can't really go into that. Okay. Yeah. I'll take that as an, as a yes. All right, and then maybe I'm getting ahead of things here, but like, typically... I mean, you mentioned that there is a development process and a sort of a design process embedded into the decision to order a satellite. But if you were to replicate some of the work you did on Ovzon 3, should we expect some economies of scale in the next satellite, in the sense that it will be cheaper, et cetera? Yeah, I think, I, I can take that and maybe connect it to what you said before. No guidance, obviously. But yes, we want to replicate as much as we possibly can, but we also want to leave room for implementing the lessons learned from the usage, use cases, and become even more an industry standard, the next level of industry standard. So I would say that, I said that before, at least 80% of what we've already developed should be used. There is economy of scale. There are a lot of satellite manufacturers, there are new satellite manufacturers that come out in the market. So there's a competitive space in space of satellite manufacturing, which we should take advantage of, because that, it, it can pressure prices. It can, if there are more, architecture in manufacturing that is more modular, shorter lead times as well. So I think we have a great opportunity right now for that. The biggest cost, unknown cost, is actually what the price level of a launch will be. That needs to be also modeled in. Today, SpaceX has a really a monopoly, because we'll have to give them all credit. They've created a shuttle service to space with Falcon 9 and so on and so forth. Will Arianespace and the team in India, and with ULA and others, Blue Origin and others, get there? Yes, eventually, but they are long, slow processes to get there. So I think SpaceX actually sets some sort of monopoly price for launch. I think that's the... That's a big cost for us, or not for us only, but for a launch. But I think there's good price pressure on manufacturing, and there is low price pressure on launch. Just a brief follow-up on that. How large share of total was the launch cost in with Ovzon 3? ... about 20%. Okay, very clear- 20%-25%. Can I just make an addition? Absolutely. Yeah, so, it's also noteworthy to point out that, you know, a satellite architecture, like the one on O3, is scalable. You can do it on many different sizes of basic platforms, and basically, how it determines the number of steerable antennas, for example. So it's not... There's not only one way of doing it. You can do a smaller platform or a larger, but just scaling the whole concept. Super clear. And then just a final question from me. I think everyone in this room can sort of agree that there's big upside if you get FMV-like orders with new countries as well. You know, clearly, there's a stochastic sort of variable to that. No one can predict when such order comes, but the feeling listening to you today is that you sound very sort of bullish on that opportunity. But you know, how far out? When should we regather in this room and evaluate if you were successful in delivering on this venture? How long do you need to actually deliver? I understand your question, and you are- A really good question. Yeah, yeah, yeah. So here's what you can expect from us. We are targeting to do what you described, finding another one of those golden targets that this was, right? In business to government, it's LSD, it's long, slow distance. You cannot fully predict when that's gonna happen. When you have an installed base, you have a higher likelihood of achieving something similar. When you enter a new country and trying to copy what we just did, it's gonna take a longer period of time. So my answer would be, our target is to do that. Normal sales cycles for smaller deals than what we just signed in May is around 12 to... Well, let's say it's average 12 months, depending on the size of deal. We've had some this year that are actually much, much shorter than that, which is an entry point. But for deals like that, I would expect up to eighteen months before you can get anything. But we are not shying away from it. We have gotten the taste for it, and we have gotten the experience in how to do it, and we're gonna try to mimic that in the coming years. Very clear. Thank you so much, all. Thank you. Thank you. Any other questions from the audience here in the studio? Yes, hello. Thank you for a fantastic day here. Very interesting. I have a question around O3 and the used capacity, sold capacity today. How much is sold of the capacity? And you're also mentioning that you're only, you know, building or constructing the new satellite, if you sell out the full capacity of O3. And why has it taken so long time to fill up O3? I'll start now that others... I'll start a little bit, and you can chime in, the rest of you. We do not guide on how much of O3 is utilized, because really, at this time, both for competitive reasons, but also from a lot of you in the room can then calculate price per megabit and, you know, et cetera. We're not fully there yet. I can say that it's utilized much more than you think it is. That's what I would say. And because we have a chance in the contracts that we have today with our customers to mix and match capacity that we buy from third party with O3. What we do as a team is we optimize that for financial performance, customer performance, operational performance, and leaving room for ourselves in believing that there are other larger deals in front of us. So we actually have a very, very. We've gone from carrying inventory of third-party capacity that was unsold, to not having anything unsold, with the exception maybe of some of it for O3. But some of it from O3 is also used for demonstrations to win the larger contracts. So you have to have a little bit of a buffer, because else you're gonna be outsold all the time, and then you can't capture the new opportunities. So the answer is that I think we have a very good model for how we optimize and balance the use of third-party capacity and O3. The third-party capacity contracts we have today are timed with contracts we have with customers, so that means they're not unsold. Trust me, I've been in this business for a while at a company where we did not have this model. Part of what I brought with me was kind of an optimization engine that we have combinedly developed for how to do this smartly. Just a follow-up question regarding the financing. You're talking about healthy financing. In the stock market, we are, of course, very scared for new rights issue to lower share prices than you are listed to. So can you avoid that in the future and do the financing only with loans and other kind of financing options? Well, yeah, that remains to be seen, of course. But the prerequisites for it is so much better than it ever has been before, given where we are now and what we can show in profits and cash flow, and also how the traditional or just bank financing showing interest. So, I mean, it all depends on how we behave and how markets are behaving as well, going forward. So we'll have to come back to that when the time is right. Okay. Thank you. Yes. Yes, please. It's been a pleasure listening to you this afternoon. Thank you very much. I have a question regarding the FMV order, and if you could sort of elaborate, if you have any expectations for that order to be expanded further or not, or if it's like you reached the end? Yes. As much as they want. Yeah, I understand the question. It's a very good question. I think it always starts with that you have to deliver on your promises and create a reference point. But our view is that with such a large order, it's almost also like a Trojan horse. So what we're working on now is to expand it with use cases, with expanded applications, et cetera, et cetera. So if you think about it, I would like to see it as the start of the beginning of a long-term partnership with that customer and other customers, and how we continue to renew and expand and advance use cases. So that's probably the answer I was gonna give. But that means that I have confidence in our technology and in our teams, and in the dialogue with the customer to actually not just buy something off the shelf and then use it, and then we're done, but really expand it into a central nervous system for connected operations. Thank you. And I think we can take one question from the online audience, too, here. So what would the cost be to launch two more satellites? Maybe you can take that one, Andreas. On behalf of launching, o kay. Two more satellites. Well, we will, of course, have to get back to that. And we are in the RFI process, so we don't have the full answer yet on that. But when there's a decision, there will be communication about that. Good. Thank you. I would probably say this. Uh-oh. The cost of a launch of one satellite that we did in January 3, 2024, you know, we were single launch. If we would order two, we could launch them at the same time on the same rocket, likely, depending on... Then you could get a much lower launch cost per satellite. So it has an advantage to order two, but you also have to have secure funding to launch the two, to build and launch two. Precisely. But it would be an advantage to do it that way. Yes. Christian, you have a unique offering, and I wonder, you also said you have good margins on the Ovzon 3, compared to the previous sats or the other satellites. I wonder, is pricing a big issue when you talk to your customers? You can go, Tom. I think it always is. In reality, it always is, but I think quite a bit of that has changed in the last three years. So I'll go back to the fact that we've never sought to be a commodity provider. We're not seen as a commodity provider. People understand they can save money, and buy satellite communication systems that work in a training environment, but aren't gonna work when they really need it. And they understand that there's a premium to pay for that service. So I think in a lot of ways, the world has changed quite a bit in the last three years. I think every satellite service provider will answer the question the same way, is that the price is always a topic of discussion and a concern. I would be disappointed in our respective governments if it wasn't. But I do think that the world has changed around us, and the unique value that we offer our markets is very much in demand, and very much more appreciated than it has been previously. Yeah. Yes? It should be on. It's on, yeah. A question to probably the chairwoman here. Could you and the main owners elaborate a bit upon your view of an offering of the entire company coming from overseas, as you call it, in the US, outside Europe, and in talks about NATO and sovereignty, et cetera, et cetera, and how do you see that if Elon calls you? Do we have a microphone? We got these. Okay, so the question is to elaborate whether Elon calls us? I think on behalf of the main owners on the board, we will politely take the call from Elon and listen to him. But as Per and the team has pointed out, we are very aware of the sovereignty demands in our business, in our unique position. So out of, pointing out the person you're pointing out, that would probably add to the discussion. But we will, bring in any proposal to the board and to the owners to discuss. That particular one, comes with some doubts. I can take one online question here. So I think this one is for you, Per. As you evaluate potential investments in additional satellites, how do you assess the need to adopt Ovzon's organization, and what role could strategic or financial partners play in enabling that expansion? Maybe you can start at least. Ooh, that was a large question. Mm-hmm. Well, we haven't spoken a lot about our organization more than that we're strengthening up, obviously. I think Tom alluded a little bit to the engineering function. We have more volume of work, so we have more demand on producing in the short term. But with new satellites, I would say that the role that Martin Eriksson and his team and our CTO, Kenneth Danielsson played, has been a small team doing phenomenal work. That likely needs to expand to a little bit more of a programmatic approach if we would take on to do more. So I would say that the space and program management function with space would actually have to expand somewhat. I think strategic partnership, if the person that asked the question means how we would reach out and work maybe with other satellite operators and so on, I think that's a very interesting area which we're looking into. We have a very strong organization for how we procure third-party capacity. We have relationships with everyone that has what we need at any given moment in time. I think the business model there in strategic partnership would change. Would we co-invest in someone else's satellite to bring our On-Board Processor, maybe our payload on that? That's an alternative. Would we do revenue share with someone that has capacity, but so we don't pay for it until we have a common customer? There are various ways of doing this. So, I think the question is very, very good, and I think strategic partnerships, and I think space and satellite systems needs a little beef up. Should we go that route in order new. And maybe I can add to that. Yes, of course. Also connected to how to fund satellites, I think one way of partnership is also if there is a customer that's very interested in owning their own satellites, and if they have plenty of money and are willing to invest, I mean, they could own and help us fund, and then we'll do everything else for them. So that's also a way of funding new satellites. Yeah, 'cause that was actually another question here. Do you see the possibility that a country or NATO would be interested to co-invest? Mm-hmm. in an Ovzon satellite with a long-term goal? We do see that, and please call 1-800-Andreas for that. Any other questions from the studio audience? No, we have some more here from the online viewers, so what customer commitments is necessary for Ovzon and its shareholders to have in place before you start investing in satellite? And what approximate timeframe do you use when modeling cash flow, equity, sales, and results? Many questions. Mm-hmm. You want to- So I think, several of us will answer- Mm-hmm ... this question. So I think, first of all, we did when we started Ovzon 3, we had a customer commitment. We had a pre-capacity agreement, a fairly large one, which secured our financing solution and so on and so forth. We foresee that we could get that again, and we would likely go and seek that. I think that's what André was alluding to, that we would seek that out. We believe that there is a great demand from many countries. So I'll say this, not many countries have what we represent: knowledge, technology, something in space, the experience of launching it, the experience of managing it. Not many countries have this. We believe that there is a great need for that. We also believe then that there would be an interest to invest in such capability, either directly or through a pre-capacity agreement. I think we have a pretty good opportunity there. Mm. I don't know if there were... Yes, let's take one more, I think we have time for. So would it be possible to control a fighter jet using Ovzon 3 and your terminals? Would a new satellite have better capacity? So two questions in one. Maybe Kristofer, Tom? Or Martin? Martin, go ahead. No, I was gonna say on the fighter jet question, yes, I mean, that would be... That is a very challenging application, but we are working on providing support for high-velocity communications. So that is certainly within the realm of possible. And the other part, you need that one again, maybe? Yes, please. Okay, so I think it was deleted from my screen. I'm sorry. We can have another one as compensation. So on competition, so maybe this one is for you, Kristofer. Okay. Given the increased competition for satellite spectrum, particularly in many new LEO constellations that are being deployed- Mm. How does Ovzon ensure long-term access to reliable and interference-free spectrum for its services, especially for defense and government customers who depend on mission-critical connectivity, given a more crowded space? Oh. Yeah, that- That's That's a very insightful question. Yeah. It is. You wanna start, and I can fill in? Yeah, so the big challenge in the industry here comes from our colleagues in the mobile industry that are constantly trying to absorb as much spectrum as they can get. And there are some parts of the band that are really optimized for mobile communications, for cellular communications, 5G, 6G, and there are others that are not. But the mobile providers don't really care. They just want to lay claim to all the spectrum that they can get. And that is adjudicated at a global level within the International Telecommunications Union, which is an operating agency of the UN. We are very actively engaged, and we've been very successful over the last few years of protecting our spectrum at a global level. So this is something that gets readdressed every three years at the World Radio Conference. We know we have another round of that coming up. We've gotten great support from the Swedish PTS. They understand the value that we bring in our spectrum to Swedish National Defense. And we're confident that the World Radio Conference and the ITU are gonna continue to support us. Yeah, let me just add that too, sorry. Go ahead. But we actually have our own team as well, of regulatory team. Correct. Yeah. Yeah. Yep. Overseeing this all the time. Yeah, and they're a very busy group, a very small, but very busy group, constantly researching the market and the industry and the demands. We've been successful with the ITU and the Radio Regulations Board, leading up to the launch of Ovzon 3. They really have been very supportive, and we expect that support will continue. Mm-hmm. No, and I think that we're much closer to more governments today than we were maybe a few years ago. Yeah, I know. PTS is a good example where we are. Like Andreas said, we have a team, and we've expanded that team, and we've hired some really new great competency into that team, together with some seniority. And we've been educating PTS together with our customer, because the end user, FMV, in this case, comes to us and talks about this, and we work as a team to secure this, and we're initiating those dialogues in other countries as well. So I think with the increased focus on defense in Europe, they realize that spectrum is an asset they need to secure, not just give out to a global industry. But that said, we are participating in sixty satellite concepts as well, and looking at maybe not for the next generation, but for the future. We also see that it could be something that could be advantageous to us for sort of a future generation, but maybe not for the next generation of Ovzon satellites. We wanna kind of take advantage of that volume game, but still protect our industry, and I think we're in a much better position today than we were only two years ago, because of our customer base is in this boat together with us, so it's in their interest. They control the spectrum in their respective countries. In that sense, I think we have a good position now. Yeah, there's always a pull between the satellite industry and the mobile industry. Sweden is actually an interesting case study, 'cause a large part of the industry here has been in the mobile sector. Now there's a very fast-growing, emerging space sector in Sweden as well. PTS has adjusted to that. They now understand that they've gotta find the right balance between the two industries, and we're really pleased to see the position they're taking and the support they're providing. And I think Sweden is a small country, but when it comes to spectrum, obviously the Nordics is very strong here because of the Ericsson background and everything. So it is a good region to work on this topic from, because it has a lot of credibility globally, and people listen to what the countries in the Nordics say. So I think we have a good partner here- Mm-hmm. -to, to help us drive this globally. Thank you. Big question, big answer. Sure. I think we take one more, and then we round off. So you need three satellites to cover the world, right? But how many do you need to cover the needs of your customers? Well- Mm. Interestingly enough, we have the team here was very foresightful and made sure that we had over 10 orbital slots. Those are difficult. There's a heavy process to apply for them. So we have the chance to add more satellites to our fleet. Hence, we are not nervous about getting approval to put satellites in space. However, you know, if we, let's say, we order two more satellites and put them in space, and we cover the globe, that might not be the answer the customer base want. We might actually want to have satellites fairly close to ourselves. Tom talked about the Arctic. There are other regions, so there might be strategic reasons not to do a global reach. There might be and complement with third-party capacity instead. Mm-hmm. There might be a reason to have networks that support one another for an even stronger business case based on the customer's input. Thank you. I think we have one more question from the audience. Your calculation on the lifespan on the Ovzon 3 currently? Lifespan? Lifespan. Yeah. Eighteen. 18 years is what it's according to accounting rules. Then it might live longer or likely live longer. Yeah. Thank you. So I think that was all for questions and answers. I'm afraid we don't have more time today. If you had a question that wasn't answered in this session, please send it to ir@ovzon.com, and we will get back to you shortly. And that also brings Ovzon's first Capital Markets Day to an end. Thank you to all of our speakers, thank you to the team behind the scenes, and to all of you who attended here in Stockholm and online. We appreciate your interest and engagement, and we really look forward to staying in touch as Ovzon continues its journey. Thank you. Thank you. Thank you, Katarina.