Welcome to Tobii Q4 2025 report presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by raising their hand or typing them in the form below. Now, I will hand the conference over to CEO Fadi Pharaon and Interim CFO Åsa Wirén. Please go ahead. Good morning, everybody. This is Fadi Pharaon, new CEO of Tobii, and I'm joined here by Åsa Wirén, our interim CFO, and Rasmus Löwenmo Buckhöj, who's heading communications. It's my absolute pleasure to be addressing you today in my new role at Tobii, and I'm really looking forward for a good collaboration together. So let's start. We ended the year with solid and significant cost efficiency measures that are here to support our journey towards profitability. However, the fourth quarter of 2025 has been weak in terms of both revenue and results. We've witnessed continued headwinds from the global state of geoeconomics, as well as currency-related challenges, as the Swedish krona continued to strengthen. All in all, this has led to generally weaker sales. But at the same time, the solid work towards cost efficiencies has continued, and in Q4, SEK 43 million have been achieved in run rate cost reductions. Well, this means that we have already achieved SEK 72 million in total cost reductions since Q2 of last year, and hence, we are moving steadily towards the SEK 100 million target. Now, these lowered costs have contributed to an underlying EBIT for the company of -SEK 1 million. Furthermore, we've made substantial non-cash, fair value adjustments and write-offs to a net value of -SEK 195 million. So these comprise write-offs of goodwill and projects, as well as fair value adjustments of contingent considerations for previous acquisitions, mainly related to AutoSense. These adjustments are mainly because new business deals haven't materialized in the anticipated rate, and that has delayed the original plans for AutoSense. In addition, we've seen that the international automotive market has developed weaker than expected at the time of the acquisition, which has further now affected negatively. So all in all, the reported EBIT for Q4 is -SEK 196 million. Now, for those wondering why we published the report earlier than planned, it's because as soon as the board decided on these adjustments and write-offs, we released the press release as well as the report. Now, we're also encouraged by the fact that our free cash flow has strengthened during this period to +SEK 57 million. And as we informed earlier, Tobii continues to evaluate and engage in strategic initiatives that will help us strengthen this cash position. As one outcome of such initiatives, we had a driver monitoring system technology asset licensing deal was actually secured in Q4, and that resulted in one-time revenues that have been partially paid in Q4, while the remaining majority will actually be paid in the first half of 2026. So now let's review the performance of the three-year business segments. As you know, we at Tobii have three business units. We address different use cases and different customer segments. I'll start from the top with the Products and Solutions business unit, which delivers vertical solutions to thousands of customers yearly, ranging from university research lab to enterprises, as well as PC gamers. In Q4 of 2025, the products and solution business represented 57% of Tobii's net sales. The EBIT result in Q4 is -SEK 1 million, and it's not been impacted by any adjustments or write-offs. The result is partially due to the strengthened Swedish krona, but mainly due to trade barriers that continue to affect our product sales in the U.S. as well as in China. We are focusing on our consultancy services as a way forward to balance out the mix. Second, the Integrations business. This unit engages with customers who want to integrate Tobii's technologies into their own offerings, like assistive communication or VR technologies. Again, in Q4 of 2025, this business represented 24% of Tobii's net sales, and the EBIT was -SEK 24 million. But if we exclude the adjustments and write-offs, the EBIT would be or would have been +SEK 8 million. We also saw a new design win for a VR headset, which was secured during the quarter, and we noted an uptick in interest in smart glasses. The third business unit, AutoSense, is one that focuses on developing and providing driver and occupant monitoring solutions to automotive OEMs and Tier 1s. In the fourth quarter of 2025, this unit represented 19% of Tobii's overall net sales. This is actually a significant increase compared to last year, and the reason for that is the one-time off revenues that were generated by the DMS technology licensing agreement that was signed in that quarter. As I mentioned, the majority of the revenue of this agreement will come in the first half of 2026. This segment delivered a negative SEK 172 million EBIT, and if we again exclude adjustments and write-offs, it would have been a negative SEK 9 million. Here, I'd like to invite our CFO, Åsa, to please go through the financials. Thank you, Fadi, and good morning to everyone. The fourth quarter continued with weak revenue development, with total revenue amounting to SEK 193 million. The stronger Swedish krona had a negative impact of SEK 17 million in the quarter. Reported EBIT amounted to -SEK 196 million, and includes the non-cash impairments of goodwill and projects, together with adjustments of continued considerations, totaling a net of -SEK 195 million, resulting in an underlying EBIT of SEK 1 million. Although this represents a decrease to previous years, cost reductions have efficiently offset lower revenue. This is also evident when looking at the development over the past eight quarters. Please turn to the next page for further comments regarding Products and Solutions. Fadi mentioned explanations for weaker sales, but here it's clear how cost reductions have or are having an impact. The drop in results in Q2, as you may recall, was impacted by project impairments of SEK 33 million. On the next page, we can see the development for Integrations, with both lower revenue and margins. One contributing factor is the imaging-related revenue that ceased in the second quarter of 2025. The margin on this revenue was 100%. Underlying EBIT, adjusted for goodwill impairment of SEK 32 million, amounted to a positive SEK 8 million. On the next page, we can see the development for AutoSense during the quarter. Revenue have been positively impacted by the initial part from the DMS agreement. Reported EBIT includes non-cash goodwill impairments, a minor part, SEK 36 million, regarding Tobii's legacy automotive business, and SEK 176 million relating to the acquisition of FotoNation. The seller's opportunity to receive additional considerations in the first case expired on end of December 2025, resulting in the reversal of a previously recognized earnout liability of SEK 18 million. SEK 49 million of the reversal is attributable to the revaluation of variable considerations related to the FotoNation acquisition. In addition to this, projects have been impaired by SEK 18 million during the quarter. All in all, as previously mentioned, non-cash adjustments add up to -SEK 195 million. Underlying EBIT, adjusted for non-cash impairments and revaluation, amounted to -SEK 9 million. The goodwill impairment is a result of the annual goodwill review, for which Fadi previously presented the reason in his presentation. The reported values represents management's and the board's best assessment at the time of the report. And then, if we turn to the next page and take a look at the balance sheet. Tobii's balance sheet has naturally been affected by actions taken, such as lower intangible assets via impairment, reduced liabilities due to repayments to the Swedish Tax Agency earlier this year or last year, reduced liabilities due to revaluation, but also due to the stronger Swedish krona, which decreased the debt denominated in U.S. dollar. Cash and cash equivalents as of December 31 amounted to SEK 117 million. We report a strong free cash flow for the period, SEK 57 million. Key components include the payment of SEK 47 million from Dynavox, which I mentioned already in the third quarter, was to come in the fourth, and the initial payment for the DMS transaction in the fourth quarter. Our credit facility of SEK 50 million was utilized with SEK 47 million as of the balance sheet date, and as reported in the Q1 2025 report, the credit runs until 31st of March this year, and we are in ongoing discussions regarding financing solutions. During 2025, SEK 91 million relating to the COVID loans was repaid to the Swedish Tax Agency, and a further SEK 40 million will be repaid during Q1, 2026. Given the company's current position, there remains a risk that Tobii may not have sufficient financing for the coming 12 months. Addressing this is one of our top priorities and also described additionally in the year-end report. I would like to take this opportunity to summarize a number of the strategic measures that have been implemented during the year. The ongoing strategic review encompass the entire organization and can be structured into 4 different categories. One being cost adjustments, another one being product portfolio evaluation, a third, divestments or development of partnerships, partnerships for various business segments, and the fourth, of course, being strengthening our financial position. Some examples. When it comes to cost adjustments, in 2025, the initial savings program was completed, resulting in a reduction of OpEx by SEK 263 million. The goal was a SEK 200 million. A further savings initiative of SEK 100 million was launched in Q3, with additional cost reductions already identified: SEK 43 million in Q4 and SEK 29 million in Q3. Several projects aim to enhance competitiveness and improve cash flow. When it comes to product portfolio evaluation, such as duplicated functions arising from the acquisition, have been consolidated, and a clearer prioritization is being applied to future investments, with unprofitable segments discontinued. For the investments and partnerships, non-core assets have been divested, including the Attix spin-off, as well as non-strategic patents that were divested during the first quarter of 2025. New forms of collaboration and partnerships are being developed, and the DMS deal presented in Q4 is a notable example to that one. And to strengthen our financial positions, all the mentioned categories are designed to improve the company's financial position and cash flow, resulting in a more focused and efficient Tobii. In addition to operational measures and divestment, work is being conducted in parallel with advisors to explore various financing and capital market solutions. While significant progress has been made across all areas, the review process is ongoing and will continue over several quarters. By that, I would like to hand over to you, Fadi, for some final words. Thank you very much, Åsa. So let's summarize the quarter. Q4 2025 was a weak quarter for us, but with strong delivery on our SEK 100 million cost-cutting program, as well as a strategic review initiative with the DMS technology licensing agreement as one proof point. This has enabled us to achieve a healthy cash flow for the quarter of SEK 57 million. Now, we took significant write-offs and adjustments, mainly towards AutoSense. We remain fully committed to grow our business with DMS and OMS, and the recent single-camera DMS plus OMS launch with a premium European OEM has garnered keen interest in our interior sensing offering. Our ambition for the long term is to achieve a sustainable, positive cash flow, so we can enable value creation and also ensure we have the full capabilities to drive profitable growth. We will continue our focus on our sales and commercial initiatives to do so. Now, in the near term, we remain focused on addressing our financial needs. These previously announced cost reduction target is progressing well, and it will definitely improve our liquidity in 2026. We continue executing on strategic reviews, which include potential divestments, and as earlier announced, the board has engaged an external advisor to evaluate financing and capital market options. The ongoing work is aimed at resolving our financial needs, and that allows us to further focus on our objective to achieve sustained profitability and positive cash flow. Considering all of what I mentioned, the board decided to remove the current financial targets announced in 2024, and we will be sharing new ones in due times. Finally, on a personal note, I'd like to share that I'm very delighted to be joining Tobii, and I'm highly motivated and energized to work closely together with the team in shaping the company's trajectory forward. Thank you very much for listening, and Rasmus, can we please now open the Q&A? Yes, thank you. We will start with questions online, and we have a question from Daniel Thorsson, from ABG Sundal Collier. Let me let you into the call, Daniel. The next question comes from Daniel Thorsson, from ABG Sundal Collier. Please unmute your microphone. Yes. Hi, Fadi and Åsa. Can you hear me? Yes. Hey, Daniel. Excellent. Hi. So, a couple of questions. I'm a bit curious, how large was the free cash flow from the DMS deal in Q4 alone, and what do you expect in H1 from this one? You know, we don't comment on specific customers or projects. But as we've said, there was a part coming in Q4, but the significant part will come in Q1, and, I mean, during the first half year of 2026. Okay, so more expected than we saw in Q4, at least? Yes. Was the underlying business in Q4 free cash flow positive? Yes. Okay. And then for your full year 2026, you mentioned a comment that you, if I heard correct, that you may not be 100% financed throughout the next 12 months, but do you expect a positive or a negative free cash flow in 2026, based on what you see today? You know, we don't comment. We don't do forecasts or outlooks in that way. We have mentioned, like, the long term, and the assessment of the 12 months ahead of us, and I think that is what I can comment on at this stage. Okay, excellent. Then I have two questions regarding the business. First one, in terms of automotive progress, is the market more challenging due to higher competition and price pressure, or is it just customers delaying some projects that you expect to come later? Well, the market is part of the explanation for the delays. As we all know, the automotive market has had a lot of different competitive forces, strategies between, you know, conventional fuels and electricity. So there's a lot of moving parts, let's say, in the entire supply chain, and that would naturally sometimes lead for certain delays. However, of course, with the EU regulation coming in in this 2026 year, we will see that, you know, putting, let's say, an acceleration on those plans. Okay, so it doesn't sound like you have lost business to competitors, it's more the market being delayed. Is that correct? And we're seeing now more and more keen interest, actually, in our single-camera DMS and OMS solution since we have press released last year that we are working with a premium European OEM. So we believe that we will have, you know... We will have to work, of course, on all this keen interest and do our utmost to put it in a pipeline. Okay, excellent. And then the last question on the business here, I'm a little bit curious around the smart glasses market. Do you have any design wins that you can share, or customer names, or any expected design wins that will result in product launches within the next 12 months or so? No. I mean, we don't share any forward-looking, statements on design wins or not. But, I mean, as you can see from the general trend, the smart glasses is a developing, market that's still being shaped. I would say early days. A lot, of course, of technology interest, and eye tracking, you know, would play a certain role in the smart glasses market. So we are very keen here at Tobii to, make sure that we cement our role in that market, and let's see where that would lead us. Okay, but can you comment if you are involved in any projects that you expect to start production phase in the next 12 months or not? Once, you know, once these events take place, we will be able to communicate it. At this moment, we won't comment on any projects. All right. Okay, fair, fair enough. That's all for me. Thank you very much. Thank you, Daniel. Thank you, Daniel. Thank you. We have no more people in the queue waiting to ask a question online, but we do have a number of questions written in the chat, so we will head over and start to go through them. Now, the first question comes from Jeppe, asking: "Can you explain what the major automotive supplier will receive through the DMS licensing agreement, and what the total revenue for AutoSense will be from this deal? I'm assuming the question is targeted towards the newly signed DMS technology licensing agreement. So as the wording itself says, it is actually a technology licenses, so it's a new way for Tobii to monetize on the R&D work that we've done. In terms of explicit terms on the value, that's something that we will not be commenting on. But we will see, of course, the outcome of the payments that will come in H1 of 2026. A follow-up question from Jeppe: "What revenue contribution was recognized from the DMS licensing agreement with the major automotive supplier in Q4, and what contribution is expected in Q1? Additionally, from which quarter should we assume that no further revenue will be recognized under this agreement? As I mentioned, when Daniel asked the question, that we are not commenting on specific customer deals or amounts. So but what we have said is that part was recognized in Q4, and the remaining part will come during H1 2026. A follow-up question from Jeppe Baarup: "Why haven't new business deals materialized in the anticipated rate for AutoSense? I mean, as I mentioned before, partially it's because of the international automotive industry, where we've seen a weaker than expected development, but also mainly because we have been working very hard on getting that very important single-camera DMS and OMS project out with the European premium OEM. And since we've done that, I think it has been a clear signal to the industry that single-camera interior sensing does provide a very high value. So we are gonna, you know, definitely leverage on this kind of a premium flag project that has been now out in the market, and we're gonna put all of our efforts to ensure that we can work with all of the interested parties and, you know, engage in the sales engagement that's required, actually, to turn those into, hopefully, contracts in the future. Another follow-up question from Jeppe Baarup: "With no new OEM design wins for SCDO, should we interpret this as evidence that competitive intensity is higher than expected, driven by peers delivering solutions that match or exceed your offering? I think it is no secret that, this is a competitive market, and I'm sure you have seen consolidations as well over the past few months. But that's why our strategy is to carve a clear leadership role by being first with a market-implemented and validated single camera for DMS and OMS. Follow-up question from Jeppe Baarup: "AutoSense competitors have secured design wins that include alcohol impairment detection. When will AutoSense be in a position to deliver this capability? ... I think I'll need to get back to you. I don't have the full roadmap, to be honest, yet in my head, but, let's get back to that, to... Was this Jeppe? Offline then. Another follow-up question from Jeppe: "What was the license revenue contribution for SCDO in Q4? We don't comment on that specifically for SCDO. Jacob is asking, "What was the impact of the DMS payment, and what is the expected sales of DMS contract in Q1 2026 and Q2 2026? I think I repeat myself once again that we don't comment on specific customer deals, and we don't give any forward-looking statements. And a follow-up question from Jacob: "You utilized SEK 47 million of the credit facility. Will you have to repay this in Q1, and will you be able to extend the credit liability? We have described the situation in the report, and, as we say, there we are in discussions, so I think that is what I leave it to that at the moment. A question from Peter: "How much of the performance in AutoSense is driven by one-time licensing agreements, and how does the performance, excluding any one-time payments, compare to Q4 2024? How much of the performance in AutoSense is related to the AutoSense division, is driven by the commercial market versus the passenger vehicle market?" A fourth question. Let's break them up. Let's start with, "How much of the performance in AutoSense is driven by one-time licensing agreements, and how does the performance, excluding any one-time payments, compare to Q4 2024? You know, the answers to those questions would be too detailed to share publicly, so we don't comment on that. How much of the performance in AutoSense is related to, is driven by the commercial market versus the passenger vehicle market? Again, I would say same answer that Åsa has already given. Mm. We're not in a position to deep dive into proprietary information. Final question from Peter: "Does your outlook for this division differ between these two segments versus the performance so far? Same answer. A question from Jacob: "Have you received cash for the DMS deal? Can you elaborate on the- Working capital, I guess. ... working capital dynamics of the deal? We have received one part of it, but the main part will come during the first half of 2026. And what was invoiced during the fourth quarter was also received in 2025. A question from Emil: "So no more revenues from the Tier 1 deal after H1?" And the Tier 1 deal referring to the DMS licensing agreement, I understand. As we've communicated, it will come during the fourth quarter and the first half year of 2026. Mm. I don't see any further questions in the chat. Is there any other questions? If not, thank you everybody for listening in and your interesting questions, and we'll be meeting you for the next quarter financial report. Mm. Thank you very much.