Hello, welcome to today's Finwire Broadcast presentation with ViaCon Group. After the presentation, there will be a question and answer session. If you have any questions, you can submit them in English using the form on the right. That said, I'll hand the floor to you. Please go ahead. Thank you very much. Here is Stefan Nordström, the CEO of the ViaCon Group, and next to me, I have. Yeah, I'm Philip Delborn, the CFO of the ViaCon Group. We will, as usual, do a short review and presentation of Q4 and full year 2025. I will start with what the quarter looked like in brief and what we see in terms of market and outlook right now. You continue into the financials, Philip. Yeah. We end with the Q&A as usual. If we start with looking at the Q4 as such, we have seen a positive development in the operating margins in the business, and the underlying EBITDA margin improved from 10.3% to 11.3% year-over-year. This comes also from a good cost control that we have implemented, given the more challenging market situations that we have experienced during both 2024 and 2025. Specifically, the margins in the two business units, GeoTechnical Solutions and StormWater Solutions, had a good and positive development. We have also decided to make a reorganization of our business into two business areas. We do this to further strengthen our position and our efficiency, both externally and internally. We have already, from first of January, moved from three business units to two business areas. The former GeoTechnical Solutions and the StormWater Solutions business units, they are now consolidated into the new business area, Water & Ground Solutions. The content of the Bridges & Culverts Solutions business unit remains unchanged, but it is now instead called the Business Area Bridges & Culverts Solutions. We do this reorganization to better realize the clear commercial, operational, and administrative synergies that we see in the business. This also means that from the Q1 2026 report and onwards, we will report into two new segments, and this is the business area Bridges & Culverts, and the other one is business area Water & Ground Solutions. Also, during Q4, we finalized the divestment of the property in our operations in the U.K. We announced already in June 2025, that we had signed a letter of intent regarding the sale of the property in St Helens in the U.K., and the sale leaseback transaction was completed December 19. This resulted in a positive cash flow of around EUR 6 million into our books. With that as a Q4 high-level summary, what do we now see in the market and going ahead? Towards the end of Q4, and also now into the beginning of this year, we have seen a good increase of our pipeline of new business opportunities, and this confirms an increased market activity as we have been expecting also. It also means that we are beginning to see some effects from the larger announced infrastructure investments across Europe, and they are then gradually benefiting our markets. All of it is not seen yet, but this is the beginning of a positive trend, and that's how we see it. Coming out of this situation, we have then, in addition, already now in the beginning of 2026, secured and won several large orders with delivery scheduled for the coming quarters. And that's very, very positive for us. At the same time, the unusually cold winter weather that we have experienced throughout Europe, with heavy precipitation, either in the form of snow or in the case of U.K., a lot of heavy rains across many of the markets where we are active in Europe. This does short term have a certain negative impact on orders with clearly shorter delivery times. We do expect this situation to, of course, gradually improve as we are now moving into the spring season with warmer weather. This is a temporary slower pace for parts of our revenues in the beginning of this year. I think I hand over to you, Philip. Yeah. For the financial. Thank you, Stefan. As always, we start with an overview of the group. If we look at the margins, we see an improvement, Stefan mentioned that earlier in this call. We also see an increase in the order intake in the fourth quarter. If we look at the organic growth in sales, it's slightly negative, -1.9%. If we look at the total growth, that's a large drop, but that's mainly due to the FX rates in Turkey. Adjusted for that, it's -1.9% organically. If we look at the underlying EBITDA in the fourth quarter, we're at EUR 5.0 million, compared to EUR 5.1 million the year before, so fairly close to 2024 year's numbers. Despite the lower top line, we managed to be almost in line with last year, and that's due to the good cost control that we've managed to maintain throughout 2025. If we look at the order intake, we have an organic growth of positive organic growth of 8.7% in the quarter. As Stefan mentioned, the larger infrastructure investment that's planned across Europe, is expected to generate a stronger order intake going forward, both mid and the long term. We look into our business units, this is still the business units, not the new business areas. Start with the Bridges & Culverts Solutions. Here we see a decline in earnings, and that's related to the lower sales. The organic growth in the fourth quarter was -6.5%. One of the reasons for that is that we, in the fourth quarter of 2024, had some larger specific orders that supported that quarter. It was a tough quarter to compare it to. The EBITDA is lower in Q4 this year compared to the year before, and that's related to the lower top line. Also in this business unit, we see a good cost control supporting the earnings. The organic growth is minus. In order intake is minus 14.1%. As we have mentioned before, there is delays in order and decision approvals in some of the markets that's still impacting the pace in Bridges & Culverts Solutions. If we then move to GeoTechnical Solutions, here we see a bit of a different pattern with improved earnings and a stronger order intake. If we start with the organic growth in sales, we are at 6.3% in the quarter, and the activity in several of the markets has now begun to really recover, which is very nice to see. If we look at the EBITDA, we see an improvement, and that's of course, linked to the increased top line, but also the cost is very much under control. Especially nice to see the order intake in the fourth quarter, a positive organic growth of 44.5%. The final and third business unit, StormWater Solutions. We see an increase in the margins and the earnings in this business unit. If we look at the top line and the organic growth, we have a slightly negative organic growth in the quarter of minus 1.1%. The situation is fairly stable in this business unit, and if we look at the earnings and the underlying EBITDA, we see a positive development, partly due to cost, but also a good performance in some of the key markets. The order intake is more or less in line with the quarter, the previous year, - 0.4% only. Finally, a couple of words related to the cash flow and the financial position. The cash flow from our operating activities in the quarter was EUR 1.8 million, compared to EUR 9.6 million the year before. The big change here is the effect coming from change in working capital. It was positive EUR 2.5 million this quarter, compared to a very high number of EUR 12.3 million the year before. That number, EUR 12.3 million, was to a large extent impacted by some prepayments from customers in the fourth quarter of 2024. If we look at our CapEx level, it's on a fairly low level, EUR 0.6 million in the quarter, compared to EUR 1.2 million the year before. As Stefan mentioned, we did the sale leaseback in the U.K. in the fourth quarter, which had a net impact of approximately EUR 6 million on our cash flow. Finally, a couple of words on the financial position and our net debt. When we exited the fourth quarter in 2025, was EUR 89.7 million, compared to EUR 101 million in 2024. Our cash and cash equivalent amounted to EUR 20.6 million, compared to EUR 24 million the year before. However, at now, this includes EUR 5 million of drawn credit facility. We had drawn up to EUR 15 million the year before, that's a big explanation for the cash and cash equivalent position. As mentioned in our previous report and press releases, we during the autumn made amendments to our to our bond and our financing. Without going into all these details, again, these changes were implemented in October 2025. That's now all in place. That was those parts. I think by then we could open up for any questions. Thank you for your presentation. Now we open up for questions. The first question that we received is: Despite an 11% decline in the net sales in the fourth quarter, EBIT improved significantly. What were the main drivers behind the margin improvement, and how sustainable are these efficiency measures going forward? A big part of the underlying reason for the improved margins and also the full year improved underlying EBITDA is the efficiency measures that we implemented in the fourth quarter of 2024 already. As we said back then, that still holds, is that those actions and initiatives are sustainable. It was not a one-time shot. It is structural and operational changes that we did that will benefit our P&L going forward as well. Of course, when we see opportunities, we are willing to invest, but we are very much in control of our cost base. I think it's important to add, Philip, that, of course, getting into 2026, beyond, there is an inflation still. Especially in the former Eastern European countries, the salary inflations are always higher than in the western part of Europe. In real terms, EUR amount of the costs will always go up, but this compensated through the pricing. The structure we have built, at the end of 2024 remains the same. We are, for this year, doing some selected, very selected, new recruitments, to manage the expected return of a higher market activity, which we can see already now, two months into the new year. Overall, we are keeping the structure that we, that we built, end of 24. Thank you. Second question is, organic growth in Q4 was negative, -1.9%, while order intake show a positive organic growth of 8.7%. How should investor interpret the divergence, and what does it indicate about the demand entering 2026? Yeah, I think one could read this as the market coming back. We saw in the end of 2025, an increased activity in the markets, both in terms of pipeline, and that's orders that we have not yet received or won, but that we have on our radar and working on, but also on orders that we gained. The activity has increased. Now, we're not in the peak season, it's the wintertime, so we expect, of course, more, even more activity during the coming months and quarters. The trend is positive when it comes to the activity in the market, I would say. Yeah. There was also the question on the organic growth development, which partly is also affected by currency. Yeah, when we adjust for currency, the top line, it looks a little bit different. The organic growth is adjusted for the currency effect. We had in 2024, as I mentioned, a fairly strong development in certain markets due to specific projects. It could always be some variations on the revenue side in an isolated quarter. I think, I mean, the important message here is that we now see that the pipeline is getting stronger and stronger and that we are securing orders for the quarters to come. Thank you. Next one is, full year 2025 sales were broadly flat, -0.7%. Profitability improved compared to 2024. What structural changes were implemented to achieve this turnaround, and are there additional margin levels remaining? I think I've shared this at several earlier quarterly presentations. We took several efficiency measures around the in the group. We won't go through them in detail, and it's less of interest for you as investors. The important thing here is that they are, as I explained on the previous or before the previous question, they are sustainable, and the structure we have built, we keep. That's the main reason why we have been able to see an uplift in the EBITDA in 2025 versus 2024. When you look at the revenue again, year-over-year, and the organic development, there is also a certain negative currency impact in that number. As the question was formulated, it remains fairly flat. Looking forward in terms of margin development, of course, when the markets becomes more and more active, and the top line is increasing, that's also generating a margin improvement almost by default in the structure that we have. Non-fixed costs are never non-fixed costs. Something always remains in factories, et cetera. That's why you can have an uplift on the margin through the volume itself. Mm. I think about the gross margin when I say this, of course. On the EBITDA margin, it is obvious that the leverage effects are there when we have changed our structure and maintained that level. Order intake for the full year declined by 5.1%. Although the infrastructure investment across Europe are increasing, how confident are you that this macro trend will translate into stronger revenue growth in 2026? We have followed many macroeconomic developments in several of our key markets. In those markets, several new investments have been announced throughout 2024 and also 2025. As we presented in the beginning here, towards the end of Q4 and now into the beginning of this year, we have seen a clear increase in terms of pipeline of our opportunities, meaning the tenders we have outstanding. This proves the increased market activity. In addition, we have been able to already now win several larger orders, which will be delivered in the coming quarters. This is the best evidence of what we have been expecting, and what we continue to see as a positive trend. Next one is: You have decided to reorganize the business into two business areas starting January 1, 2026. What specific commercial and cost synergies do you expect from consolidating GeoTechnical Solutions and StormWater Solutions into Water & Ground Solutions? We will not go into the specific details of this, more than to say that, in order to further enhance the growth of the former business unit, GeoTechnical Solutions and the other one, StormWater Solutions, more support is needed in this business. Then, it was important to us to increase what we call the critical mass, meaning that we can share resources between GeoTechnical and StormWater to a higher degree under one umbrella, called the business area, Geo and StormWater. That's one of the internal administrative synergies that we already see a certain benefit from. There are also some other commercial synergies that are easier to enhance when we have both these two business units under one umbrella and in sort of one department. That's very beneficial for us. Thank you. We receive one last final question, then I give the word to you for some closing remarks. The question is, earnings per share remain negative despite improved operation performances. What are the key factors impacting net earnings, and when do you expect improvement at the bottom line level? Well, I can start with answering the last one. With the positive development of the market and our expectations that this will continue, we will continue to see a positive development of the performance this year and also coming years. This is our clear expectation, given what we now see, not only in terms of an order intake and order backlog, but also from the clearly increased pipeline of opportunities. That is our expectation at this stage. I'll leave the rest to you, if okay, Philip. Yeah, of course. No, I totally agree with you, Stefan. The return of the market and the improved operating earnings will be the main driver of the bottom line, so to say. Again, we have other components like our interest rates or interest cost, which is dependent on the interest rates, which are now at a lower level compared to a year or two ago. Also, we have through the refinancing process during the autumn, reduced our net debt, which is also helping us on our net financial items. I would say the return of the market and the improved activity and operating earnings is the main driver, but we also expect some help when it comes to the cost and cost items below the EBITDA. I think that's how we should summarize it. Yeah, that was the last question. Okay. We have not prepared any specific closing remarks. I think the main message is we did see a positive development of the performance year-over-year in 2025. We do see very good evidences of an increased market activity in most countries and most markets where we are present. We do expect this to continue throughout the year. That's what we see trend-wise right now. We look forward to continuing to develop the ViaCon Group in a positive direction in 2026, compared to the both 2025 and 2024. Yeah. That's it from our side