Hello and welcome to today's webcast with Prevas. With us presenting today, we have the CEO, Magnus Welén, and CFO, Helena Burström. If you're calling in and would like to ask a question, please press star nine to raise your hand and star 6 to unmute yourself when you get the floor. You can also submit your questions using the form to the right. With that said, please go ahead with your presentation. Thank you very much, and welcome all to this presentation of the Q4 results for Prevas. This meeting today will follow this agenda. We will start with a short introduction. We will review Prevas financial performance. We will have a market update and finalize this meeting with a Q&A session. Okay, looking into Q4 of 2025, how did Prevas perform? We actually made a quite stable revenue performance. We had a negative organic growth of -1.7%, and we had a positive growth due to acquisitions of 1.8%. So the net sales were slightly above last year for the quarter. Looking into the profits, we can see that Prevas has increased the profit from 32.6 million SEK last year up to 35.1 million SEK in 2025. This equals to an EBITDA margin of 8.1% compared to last year of 7.5%. What is the underlying reason for this improvement? One big part is that we for the fifth consecutive quarter improved the EBITDA in Finland from last year SEK 0.1 million up to SEK 3.3 million in 2025. This is one part of the reason for the improvement, but also, of course, it's a result of all the actions that we take in Prevas in order to increase the efficiency. We have made numerous actions in 2025. What we also see in Q4 is that the operating cash flow continues to be strong in Prevas. We deliver a cash flow of SEK 40.6 million, which if you compare it to the EBITDA of SEK 35.1 million, really shows that we have the ability to create a strong cash flow in Prevas. The board is proposing a dividend of SEK 4.0 for 2025. This equals 73% of the profit after tax for 2025, which actually is higher than our financial target of 40%-60% over time. So all in all, I believe that we are doing Q4 taking a good step forward in the progress of Prevas. And then if we look into the year 2025, we can see that Prevas has performed a revenue of SEK 1.6 billion. That equals a growth for the year of 2.5% and the EBITDA of 7.5%. We also see that we continue to have a strong cash flow, so the operative cash flow for the year has also increased up to SEK 144 million, almost SEK 144 million. In my book, this year shows that Prevas has the ability to navigate in a more difficult market. During this year, we have seen quite tough market conditions, and we have really taken a lot of action in order to mitigate and to adapt Prevas and find new opportunities to also meet when we see reduced demand. So all in all for the year, 2.5% growth and 7.5% of EBITDA. If we zoom out a little bit, we can see on the sales sides that Prevas is continuing to grow, even though at a slow rate in 2025 due to the conditions that we have been in. But if we zoom out a little bit more, in five years, Prevas has more than doubled the net sales from SEK 772 million in 2020 up to SEK 1,627 million in 2025. It's more than double the size of Prevas in five years. And of course, our strategy moving forward is to continue to deliver profitable growth. Looking into the EBITDA and the EBITDA margins, you can see that on the other side of this slide. We can see that doing H2, Q3, and Q4, we have a positive trend. We are actually higher than last year, Q3 and Q4, which of course is very positive. Looking into H2 as a total, we have grown the EBITDA with 10.2% compared to last year. So all in all, I believe we are moving in the right way with Prevas. And with this, I would like you, Helena, to talk a little bit more in detail related to the cash flow and our financial position in Prevas. Thank you, Magnus. Cash flow from operating activities increased by SEK 7 million to SEK 144 million for the full year. Cash flow from operating activities in Q4 amounts to SEK 41 million. The differences in investment activities and financing activities compared with the previous year are mainly explained by the acquisition in Finland 2024. Cash flow for the period increased both in Q4 and for the full year versus 2024. The overdraft facility of SEK 100 million remained fully unused. Cash at the end of the quarter amounted to SEK 21 million compared to SEK 44 million last year. We do have a strong balance sheet and a solid financial position that will support our continued growth journey. And with that, I hand it over to you again, Magnus. Thank you, Helena. You were mentioning Finland, and I would like to give you all an update of the progress we have done in Finland in Q4 of 2025. This is, as I said, the fifth quarter in a row with a positive trend in Finland. For this quarter, we actually had 19% organic growth, an increased EBITDA from SEK 0.1 million up to SEK 3.3 million. So it's been a tremendous change in Finland, and this is, of course, a consequence of the actions that we have taken. We have reorganized the organization in Finland. We have adapted our workforce slightly. We have also increased the sales focus quite dramatically in Finland. What we see now for Q3 and Q4 in 2025 is that the mix of the business has also changed. We see a higher share of project business, which impacts EBITDA positively. Looking into the future, we can also see that we have larger projects that we will deliver in Q1 and Q2. I'm positive that we will continue to have a good development in Finland moving into 2026 as well. Looking into the market, it's still competitive. It's still a quite tough market in Finland, although we have some positive signals. Generally speaking, my view is that we still have a very competitive situation in Finland. Then a little bit about the general market update. What we saw in Q4 2025 was more or less a similar market as we have had for the complete year 2025. We have very strong demands in the defense sector, in cybersecurity, and outside of that, it's very different because we have some customers with increasing demands, some customers with decreasing demands. So it's been a significant variation in customer-specific demands also in Q4. During the quarter, we have also seen a slowdown in Denmark due to, I would say, mainly the effect of Novo Nordisk that has now reduced with 5,000 employees in Denmark that is affecting the industry. The direct effect for Prevas is quite small, but the indirect effect when it comes out, a lot of engineers in the market, of course, affect us one way or the other. And what are we doing in order to meet this slowdown in Denmark? We have taken actions. We have now decided in Q4 to make a restructuring so that we will adapt our organization to the actual market needs in order to reach good, healthy EBITDA levels as well. We have signed some orders for Q1. The market is not standing still, but it's still quite challenging in Denmark. Looking into the Stockholm area, we have seen a slightly improved market, actually, where we have seen that the utilization levels for our largest region, Stockholm, have increased at the end of 2025. So that is a positive sign, I would say, that we see progress in Stockholm. Looking into the industry breakdown, I would like to spend a few seconds related to that as well. What we see here is that defense has increased from 11% up to 16%. Energy has increased from 10% up to 12%. So it's been in those two areas we have seen quite good increases. But we also have areas within Prevas, within the different segments where we have reduced the portion of our sales. Looking into automotive and transport has gone from 8% down to 6%. Steel and minerals have been decreasing as well. For me, this shows Prevas's ability to be agile in the market because we have a good proportion of the different segments and we have the ability to change from areas with low demands to areas with increased demands. So I think this is a very good view of the situation for Prevas. Then I would also like to emphasize that we have a very strong customer retention in Prevas. What do I mean with customer retention? It's that we have been working with our customers for a long time. Some of our customers we have had and we have been working with since 1985. 28 of the top 30 customers we have in Prevas are recurring. This means that they come back. We had them as a customer in 2024. We have them as a customer in 2025. That is the normal way of doing business in Prevas, to have a strong customer retention. We have customers that come back and buy from us year by year by year. And that is, of course, due to the trust and the relationship that we have built with these customers over time. But that is one thing, to keep the customers you have and to grow on present customers. But you also need to have the ability to actually acquire new customers. And in 2025, Prevas acquired over 100 new customers that we have not had a relationship before. And that equals an invoicing of SEK 100 million for 2025. This for me proves that we have the ability to be very agile, and it's a fantastic platform moving into 2026 with strong customer retention and also many new customers that we can continue to grow also when we move into 2026. A few minutes related to the defense industry. In Q4, we actually grew organically with 31% towards the security and defense customers in Prevas. You can see on the graph that we went from more or less like SEK 65 million in turnover in 2020 up to SEK 260 million in 2025. So it's been a tremendous growth in the security area. Also with these customers, we have been working with them for many, many years, even when it wasn't so hyped in that sense, when the demand was lower, we continued to have a strategic partnership with defense customers. Of course, we can benefit of that relationship now in a situation like this when our important defense industry is growing a lot. What is the major challenge that our defense customers face? It's to increase capacity and to handle the rapid technological development. It happens a lot in the defense industry. What are we supplying to our customers? We support these customers with actually their major challenges. We are helping them to increase production capacity, to invest in new equipment, in test systems, in increased production machinery, etc., in order to increase capacity for the increased demand we see that they see in the market. And we also have a very strong delivery to these customers within R&D, where the technological expertise that Prevas has within vision systems, with embedded systems, within software, etc., is a very good fit and supports these customers in their journey as well. And we will continue to prioritize defense also in 2026. One thing you might wonder is where are the reference cases? The thing is that I can't actually tell you more in detail what we do for this company because these customers, they have extremely high safety demands and regulatory demands for what they do. And so we can't tell in detail what we do for these customers. Then a few reference cases. What are we actually doing in Prevas? Now I talked a lot about figures, about EBIT, but the thing is Prevas is actually about what we perform, the value we deliver to our customers. One customer is Foodhills. It's a company working with pea production. You know peas, yes. We have developed a production system for peas that takes care of from sowing to harvest and also to production. This system is actually integrated with SMHI, and that means that we are gathering weather data from different databases in order to optimize the fields, to optimize when to sow, when to harvest. So this is a fantastic system we have built together with Foodhills. And this system is also handling the production planning, the order system for sorting, packaging, and freezing. So this is an excellent case, I would say, that Prevas has been working with. Another company we work for is CTC. They're working with heat pumps, and we have delivered a test and simulation system for them. We have delivered control and monitoring software, sensors, and hardware for data collection. It's two climate chambers, a power control unit, extensive water circuited with tanks, valves, pumps, heat exchanger, etc. With this system, the customer can actually simulate seasons, temperature, humidity, and other environmental parameters to optimize their products. So once again, we use advanced technology to do good things. Björneborg Steel is another good example where we have built a scalable production control system, an MES system for steel manufacturing. We gather real-time data to support the customer to take the right decisions and improve efficiency in that company as well. Last but not least, we're working with a customer called Haglunds. They are a Swedish-based company developing and delivering professional refrigerators. And we have been working with industrial design of their latest release. We actually received, together with this Haglunds company, a Red Dot Award and also a Grand Award of Design for the design work that Prevas has done for Haglunds. So next time you go into a fancy restaurant, take a glance into the kitchen. When you see the brand Haglunds, you can think Prevas is inside once again. So these were a few reference cases of what we actually do in Prevas. Summary of the fourth quarter of 2025. We managed to increase the EBITDA with 8% versus last year. This is the second quarter in a row when we are increasing the EBITDA compared to last year. So we have actually, so to say, turned the trend, and now we are moving in a positive direction for Q3 and Q4. I'm also very pleased to see the development in Finland where we once again increased the EBITDA substantially from last year, SEK 0.1 million to SEK 3.3 million. We also see a 19% organic growth in Finland. So the team in Finland is now on the right track. It's very, very pleasing for me to see this. We also had a strong growth in defense, +31% versus Q4 of 2024. So we continue to grow in the defense area. We have a solid financial and market position moving into 2026, which means that we have the financial position to actually look into opportunities like within M&A, for example, which we continue to search for different prospects. We have a quite good pipeline as well in that area as well into 2026. So all in all, I would say that we made good progress in Q4 for Prevas. We are on the right track. We're moving in the right direction, but I'm not satisfied because we're not meeting the financial targets of Prevas. So we have a journey ahead of us, but we are taking the right steps moving forward into 2026. And that was the actual short presentation of the Q4. And now we move into the Q&A session, which I hope that you all join in and have some nice questions as well. So thank you very much for listening to this presentation. Thank you very much, Magnus and Helena, for that presentation. And yes, let's open up the Q&A section here. If you're calling in and would like to ask a question, you can press star nine to raise your hand and star six, so unmute yourself when you get the word. And we have a caller in from ABG. We have Dafina Shehu. Please go ahead. You have the word. Hi, it's Dafina from ABG. Thank you, Magnus and Helena, for the presentation. I have a few questions. First, on cost, could you explain more in detail what actions you've taken and how you think about the cost base going forward? Regarding cost base, the major cost we have in Prevas is actually personnel. It's the absolute majority of our cost. What we have done in 2025 is that we have been adapting our workforce related to the actual demands. The consequence of that is, of course, a reduced cost base. But you should also remember when the market is turning and we are growing, then we will add cost because we will employ more people as well. That is one thing we have been doing with the cost. We have also been very cost-conscious during the year as well in order to keep the general cost, so to say, on a low level as well. We have not taken the same kind of measures that we have done in the past and reducing costs in all different manners in order to maintain and fight for the decent margins that we have performed. Okay, thank you for that. On pricing in Q4, have you seen any change in market behavior or is pricing pressure largely unchanged? I would say that the situation is rather unchanged because the market has still been quite tough. But overall, we have been able to slowly, slowly increase prices in Prevas, although at a very low rate. Yes. Lastly, on defense, which continues to grow and is an exciting segment for you, could you say a few words about typical project sizes, contract lengths, and how this segment differs from the rest of the business? Actually, I would say in many different aspects, it's quite similar because one part is when we run projects. It could be the customer needs to increase the capacity in a plant. Then we can support them with actual delivery of production equipment. We support them with a project in order to actually deliver physical equipment and solutions for the increasing capacity. So that is one part is more project-based. And that can be from quite small, a couple of million SEK, up to maybe like SEK 20 million-SEK 30 million or something like that for one project. So that is one part of the business. Another part of the business is more general consultancy. And in that sense, it's very similar to other parts of Prevas as well when we had time and material consultancy services on site. And in those, you have the contract lengths; it's normally like three months, six months. But generally speaking, for the defense industry, the assignments we have are very long. So when you actually get into the defense industry, you normally have a very long assignment. And then also we run development projects, in-house projects for defense. And in those areas, it's a service we deliver. So it's not a product or a machine or equipment, but it's general engineering services shaped as a project. And those can be quite big as well in terms of number of hours. So it can be like 5,000 or 10,000 hours. So it's quite many SEK millions, actually, in those projects as well. So we actually have many different ways of delivering to the defense industry. Perfect. That was all for me. Thank you so much. Thank you. Now let's move on to the written questions that we have received. Start with the first one. How do you view future growth and potential acquisitions? The strategy of Prevas is to grow with profits. The profitability is our main priority. But of course, we need to grow and want to grow the company as well. We see in the strategy, we have organic growth, but also to grow through acquisitions. We work actively with acquisitions as well. We have a pipe of M&A candidates all the time because it's quite long processes as well to build this pipe of interested candidates for M&A. We work actively with M&A in Prevas right now as well. Yes. Thank you for that answer. We'll move on to the next question here. Your proposed dividend exceeds your previously communicated dividend policy. What's the reasoning behind this? Yes, actually, the board is proposing 73% of the net profit of 2025. It's correct. It's above the financial targets. We have a 40%-60%. And the rationale for this is that we have a solid financial platform. We have a solid balance sheet. We have very good cash conversion, very strong cash flow in Prevas. And also the board has a very high confidence in our ability over time to generate profit and growth in the future. Thank you. We'll take one final question here before wrapping up. What are your priorities moving forward? Our priority is to work on the profitability of the company. I'm not satisfied with the profit levels we have right now. Our top priority is to increase profit in the company. When we are reaching more healthy EBITDA margins, of course, we will aim for growth as well. That concludes this Q&A. Thank you very much, Magnus and Helena, for presenting with us here today. I wish you all a great rest of the day. Thank you very much. Thank you. Thank you. Bye-bye.