All right. Good afternoon to all of those who are joining us here in Oslo. To those that are on the webcast, good morning and good evening. Welcome to Helly Hansen's 2026 Investor Day. We are so glad that you are here. My name is Erinn Murphy, and I lead finance and operations for Helly Hansen and corporate investor relations. I joined Kontoor a few months ago, and some of you have already asked, "What were the things that made you join?" The answer has been very simple. It is three things. It has been about the team, which I know you spent time with this morning. It is the culture, and it is the opportunity. My hope is that today you come away with a deeper understanding of all three of those things. But before we get going, as a matter of formality, I need to remind everyone that the following presentation includes forward-looking statements that are based on the information available to Kontoor and subject to risks and uncertainties that could cause actual results to differ materially from the information presented today. In addition, the presentation will reference certain non-GAAP financial measures. Please see Kontoor's investor website for a full reconciliation of GAAP to non-GAAP financial measures. Unless otherwise stated, the numbers you will see in the presentation today are for the Helly Hansen brand on a standalone basis and exclude Musto. With that out of the way, we have got a full agenda this afternoon. In the first hour, you are going to hear the clear purpose that Helly Hansen fits within the broader Kontoor Brands portfolio. Our leaders will then share more about the Helly Hansen brand, our DNA and our heritage, our product and innovation engine, as well as our consumer. Following a brief break, we will discuss the commercial drivers of both the sport as well as the Workwear business, and we will wrap our prepared remarks with the levers that underpin our 2030 financial plan. We will then conclude by inviting all of our speakers to the stage for a Q&A session. As important as the plan is the team here behind the plan. I know you have had an opportunity to meet everyone in the last couple of days, but I am particularly proud to introduce the Helly Hansen leadership team, Børre, Tor, and Patrik, who collectively have been here for 60 years. For those in the room, before we get going, just a reminder to silence your cell phones and no applause in between sections. At this time, I would like to welcome to the stage Joe Alkire, Kontoor's President and Chief Financial Officer. Joe? Well, thank you, Erinn, for that warm introduction. Good afternoon, everybody. Welcome to Norway. What a beautiful day for an Investor Day. Good morning to those of you joining us on the webcast from the U.S. and good evening to our audience in Asia Pacific. Today is a very exciting day for Kontoor Brands and for Helly Hansen. This is a day we've been looking forward to for some time. We're thrilled to be here and to have the opportunity to share with you our long-term strategy and growth plan for the Helly Hansen business over the next five years. What an honor to be able to do so from Oslo, the heartbeat and soul of the Helly brand and its people, a place our Helly Hansen colleagues call paradise. The more time that we've spent here as a Kontoor management team, the more we're beginning to appreciate why. We've got a great agenda for today. Over the next few hours, I believe you'll have a better appreciation for why we have so much confidence in this team here at Helly Hansen, the business we're building together, and the tremendous growth and value creation opportunity that we have right in front of us. Before we dive into Helly Hansen, I want to spend a few minutes on Kontoor the enterprise, what's been accomplished over the past several years, and the way we see the evolution of our strategy shaping our business moving forward. Kontoor has delivered exceptional outcomes since the spin-off in 2019. We've delivered an annualized total shareholder return of 15%. Over the past three years, our total returns have been even stronger at over 20%. We've generated over $1.8 billion of cumulative free cash flow, and we've returned over $1 billion to shareholders through a combination of share repurchases and dividends. With our planned ASR in the fourth quarter, our capital returns will approximate $1.5 billion. We've significantly improved the profitability of the business. We've delivered 600 basis points of gross margin improvement, 300 basis points of operating margin improvement. We've further improved our return on invested capital to close to 30%, which remains among the highest in our sector. These numbers reflect the operational discipline, the execution excellence, and the disciplined capital stewardship that have become hallmarks of Kontoor Brands. Our performance is something that we're incredibly proud of. In addition to our financial performance, we've evolved the Kontoor portfolio, and we continue to strengthen the business. Over the past several years, we've sold non-core and other underutilized assets, such as the Rock & Republic brand a portion of our manufacturing operations in Mexico. We announced the acquisition of Helly Hansen and the divestiture of Lee, significantly improving our financial profile and the growth outlook of a more focused portfolio anchored by Wrangler and Helly Hansen. We executed the first iteration of our Project Genius transformation program, delivering more than $100 million of gross annualized savings. We greatly simplified our organizational structure and our operating model to enable faster, more streamlined decision-making. We've significantly increased the level of investment behind our business. While much has been accomplished, our work is not done. In fact, we think we're at the beginning of a step change in our growth and TSR algorithm. With the unveiling of our growth plan for Helly Hansen today, you are going to see a significant piece of our go-forward mosaic. Where do we go from here? The moves we have made over the past several years have been very deliberate steps to position Kontoor for more accelerated growth and investment and stronger returns moving forward. Our strategy has evolved, and we are building from a position of strength. We are building from the bedrock foundation that has been established, and the acquisition of Helly Hansen was a key pillar on our journey and a significant piece of our go-forward value creation potential. The guiding principles that fuel our success, I would like to spend a few minutes on this because it is important context for the approach we took to the strategy and provide some insight into the core tenets we hold true as a management team and how they influence the way in which we run the company. The first is our culture. Our culture is a competitive advantage. It is part of our magic. We will go to great lengths to protect it and to preserve it. What we have at Kontoor, what we have at Helly Hansen is not easy to create, and we believe it is something that differentiates us. The importance of the TAM and in category leadership, we believe strongly in the addressable markets in which we operate. We have anchored our portfolio around three foundational categories, denim, outdoor, and workwear. These markets are large, have attractive growth characteristics, and our brands are well positioned to continue to capitalize on growth opportunities within these markets. We believe in the power of a multi-brand portfolio and in the importance of brand strength. This is a model when managed with focus and resource allocation discipline that can deliver superior long-term shareholder returns. Acquisitions in our core categories will play an important role in our long-term strategy. We have an unwavering commitment to becoming a more growth-oriented organization and to our transformation. Our growth and transformation strategy is bold. It will require us to move out of our comfort zone and push the boundaries of what is possible, while at the same time respecting the foundation that has been built and acknowledging that what got us here will not get us to where we want to go. Disciplined capital stewardship. The strength of our balance sheet and our cash flow are competitive advantages. We have put ourselves in an enviable position to play offense when the majority of our industry is on its heels. The cash flow component of our TSR delivery model and the healthy balance between earnings growth and cash flow capital returns is a differentiator. Talent is a big part of our strategy. Our people are our number one asset. We are committed to elevating our talent, developing our talent, and empowering our talent. Our people will drive and enable the success of our strategy. Lastly, operating with transparency. This is part of our culture. We operate with a high degree of transparency and integrity. That is both within our organization as well as the institutions we partner with outside of our organization, including our investors. We've earned credibility for consistent execution and maintaining a high say-do ratio, which in turn leads to a high degree of trust in our leadership team. As part of our growth acceleration and transformation, we've defined a new North Star for Kontoor Brands. Our iconic brands are woven together by a deep authority in the denim, outdoor, and workwear categories. We empower consumers to pursue their passions with confidence and authenticity through innovative design, exceptional products, and compelling performance. These words were chosen very carefully. By 2030, we aspire to be recognized not only for our financial performance and our operational excellence, but for category leadership with inspiring products, compelling consumer experiences, and world-class capabilities. We've sharpened our portfolio focus around three core categories: denim, outdoor, and workwear. Each is large, growing, and supported by tailwinds such as casualization, Western outdoor lifestyle, and cultural relevancy driving denim. Increased skilled trade participation and safety requirements driving workwear, and the continued shift to more active lifestyles and wellness driving outdoor. We are planting our flag in categories where our brands are authentic, have deep authority, and have earned the credibility and a differentiated right to win. We're also being more prescriptive about the role each of our brands play within our portfolio, and each of our brands have a distinct role to play in the future of Kontoor. Helly Hansen is our growth engine. The mandate is clear. Expand aggressively in the U.S. and the Alps. Grow in technical outdoor and workwear, two categories where we have massive opportunity relative to where we are today. Double-digit revenue growth, significant gross margin and operating margin expansion supported by increased investment. Wrangler is our balanced grower. The mandate is also clear. Protect and build upon the core business and accelerate growth in women's DTC and adjacent non-denim categories. Mid-single-digit revenue growth, gross margin expansion, increased brand investment, and strong and durable cash generation. A focused multi-brand portfolio managed with resource allocation discipline can deliver superior long-term shareholder value when we're clear about what each brand stands for, invest where we have a differentiated right to win, and build shared enterprise capabilities that make brands better by being part of the same company. Kontoor brings deep expertise and platform capabilities as a more synergistic brand owner of Helly Hansen. Kontoor's deep expertise and capability set at scale are key enablers of a more efficient growth model for Helly Hansen moving forward. This is one of the reasons this acquisition was so compelling. Kontoor's capability set, and we've highlighted a representative set here, these capabilities were immediate unlocks for the Helly business. These capabilities not only benefit Helly Hansen but position Kontoor as a more advantaged acquirer of additional assets in the future. The growth strategy you're going to see from the Helly team today is focused, and it's anchored on three key pillars. Supercharge the U.S., a large and highly attractive market with significant headroom for growth. Expand in technical outdoor, including trail running, hiking, backpacking, and climbing. Power the workwear category globally. Technical outdoor and workwear are two key aspects of our business where we have massive opportunity, have earned credibility, and a differentiated right to win. These three initiatives account for the overwhelming majority of the growth in our five-year plan. We expect our plan to deliver strong financial results. We expect revenue to grow to over $1.1 billion over the next five years, reflecting a 10% CAGR, with even stronger growth in 2028 and beyond as the benefits of our early investments begin to scale. We will drive operating profit to approximately $165 million, reflecting a mid-teen operating margin driven by significant gross margin expansion, operational discipline, and increased brand investment. We also expect Helly Hansen to contribute over $500 million of cumulative cash from operations, supporting our balanced TSR delivery and capital allocation optionality. Our plan is not only financially attractive, but we believe it's one of the most exciting growth stories in all of consumer. With that overview, it is now my pleasure to introduce the global head of Helly Hansen, Børre Hegbom. Børre is a former Norwegian professional skier and athlete. He's been with the brand for more than 20 years and has been a critical part of the brand's growth and success during that time period. He's also the first Norwegian leader of the brand in decades. Børre's leadership through the acquisition of Helly has been exceptional. He's been a strong partner to me in the broader Kontoor organization, and this is something that was evident since the first day we met him. Børre's tenacity, his passion, and his commitment are unmatched. We have an incredible amount of confidence in Børre's leadership, and there is no better person to honor the legacy of Helly and be a steward of the brand into the future. Børre? Thank you. Thank you, Joe. Thanks a lot. That was a nice introduction, wasn't it? It's going to trigger some salary discussions, I can tell you. Okay. Yes, like Joe said, I'm Børre. I've been in the company for 22 years. Before that, I was eight years in Nike, so I guess you can call me a veteran. I probably look like that, too. I had the pleasure of leading Scandinavia first, and then I did Europe, and the last 10 years, I've done sport globally, both wholesale and D2C. What I'm going to do now, I'm going to introduce you to the brand, a little bit where we are today, and where we're going forward. I'm coming back another time later today. Let's jump into it. Helly Hansen is a Norwegian brand, born and raised here in Norway, founded by a sea captain who was tired of being wet. What he did was that he made his own waterproof jacket that he started to sell. That's how it all started. Next year, we're celebrating 150 years. We are one of the very few brands that has more than 100 years. We're one of the oldest brands in this industry today, and we've been here now for 150 years. Our mission is very simple. We make professional-grade gear to help people stay and feel alive. You're going to hear professionals during the whole day today. We have 150 years of innovation. The reason why Helly Hansen has been so successful over the years is three things: product, innovation, and Scandinavian design. That is something to remember, Scandinavian design. That will remain core to who we are going forward, too. We will not drop the ball on product. The company has a long history of innovation, as I said. We were the first brand launching the synthetic mid layer in the 1960s, and we came with the first synthetic base layer in the 1970s. Tor, my colleague, is going to come back and talk more about the innovation and product later. What is unique with Helly Hansen and separates us from the competition is where we play. Most outdoor brands have been on the South Pole, North Pole, and Mount Everest. So have we. But we are one of the very few brands operating on the toughest conditions in the world, the ocean. It is a completely different ballgame. It is not rain and snow that is the problem, it is waves of saltwater coming over you. We make one of the most advanced products in this industry today. My point is, if we can keep these guys protected and dry, we can keep the end consumer dry anywhere. We are trusted by professionals. We work with athletes, fishermen, search and rescue companies, mountain guides. You name them. We have a long-standing partnership, as an example, with a lot of ski resorts around the world. The products they have, you can not find in a store or online. They are customized for their needs. The blue jacket that you see over there, that is for the Norwegian Alpine ski team this year. That jacket specifically is designed and developed together with the athletes of the team. That is how we work with the professionals. Culture. There is a reason why I have been in this company for 22 years. It is a good place to be. We have a very unique culture in Helly. We are very passionate, we are open, we are honest, result-oriented, we are winning, and we are having a lot of fun. I think it is very important that when you go to work, it has to be fun to go to work. I have had the pleasure of working with colleagues in this company that has built the revenue 10 x since we started. More than 10x. Today, there is around 250 people in the company that has been here more than 10 years. I think that is something that we are proud of and is very unique. Where did we end 2025? We ended at $675 million. We doubled the business since 2016. 25% of the total business is D2C. We have 1,300 employees around the world. We operate in 50 countries, and we have 115 brand stores around the world. That is very important to note, ex-China, which I am going to come back to. We have scaled the Helly Hansen brand over multiple owners. The majority of the owners that I have worked under has been private equity companies, owners with a limited approach to investments. Despite that, we have managed to grow this business high single digits over the last 17 years. This is an important slide that you need to remember. What is different under Kontoor? They understand this business. We speak the same language. They can really help us in the U.S. marketplace. They are U.S. experts. We will have access to Kontoor's multi-brand platform. That is a big upside for us, and they understand that we need to invest to accelerate growth. This is truly, and this is honest, I have been here for 22 years. This is truly a game changer for Helly Hansen and the people in this company. It's a new world for us. One of the first things that we're doing under Kontoor, we are separating workwear and sport into two distinct organizations. Today, sport represents 75% of the revenue. Workwear represents 25% of the revenue. We have separated workwear and sport in Scandinavia more than 10 years ago. The revenue is equally the same. It shows the potential of workwear, so pay attention to workwear. We're going to go from a specialist European brand in ski, sail, and workwear over to a leading premium technical brand globally. Three things to remember after today, we're going to go more into details on this, but one, we're going to supercharge the U.S. 60% of the growth will come from the U.S. Two, we will be in outdoor. Keep in mind also, we have a very strong position today in ski and sailing. With the separation of sport and workwear, we will power workwear and give workwear the resources they need to grow the business. With that, I'm handing over to a guy who has just been here for 21 years, been managing product for a long time, done a great job, and here is Tor Jenssen. Welcome. Thank you very much. Thank you, Børre. There you go. Hello, everybody. Like Børre said, my name is Tor Jenssen. I am heading up Product and Merchandising at Helly Hansen. I have also only been here for 21 years, and who knows what I did that first year, but I can tell you the last 21 years have been quite a journey. When I started, I started as a category manager for sailing. The business back then was about $6 million. I quickly took it down to around $3 million, but since then, we have grown that business more than 30x. Like 30 x. I said, quite a journey. Today, I would like to talk a little bit more about our long history of innovation, how we have a professional-driven innovation engine, and also how we have a playbook for entering technical categories. First, allow me to just take a step back and anchor this on our long history and also our brand platform. Our purpose is to connect people and the power of nature. The outdoors is really our canvas. That is where we work, that is where we play, that is where we spend our time, and that is where we charge our batteries. We get up every morning with a mission to create professional-grade gear to help people stay alive in harsh conditions, and help people stay alive in harsh conditions and feel alive and safe in the outdoors. In this work, we are guided by our values, and of course, quality is one of the most important values we have. Meeting consumer expectations with quality product is really the foundation for our company. Another important value for us is responsibility. Being a Scandinavian brand, coming from Scandinavia, being responsible is reflected in everything we do, also in our product. As you have probably already noticed, we are passionate. We are very passionate about this brand, our product, our teams, being part of Kontoor, and also passionate about our future opportunities. I think you have already seen this, both in the team, also from Kontoor management, and I hope you will see this in the rest of our discussions. Another thing we are very passionate about is innovation. This is the most important value for this company and this brand, and it is also one of the most important things for our future success. This brand has a long legacy of innovation and being at the forefront in our industry. If you go back to 1878, that is the first year of this company. This company won an award for product excellence at the World Trade Fair in Paris. Since then, innovation has been in our blood and propelling us forward. Ever since launching the first waterproof jacket in 1877, later launching more waterproof technologies, and then we launched the world's first synthetic midlayer, the pile fleece. Some years later, we launched the first synthetic base layer, the LIFA base layer. We actually started the technical base layer category by launching these products. Some year later, we launched the waterproof, breathable technology, Helly Tech. That was the basis for introducing the three-layer system, meaning you dress with a base layer next to skin for moisture management, you have a synthetic mid layer as insulation, and you have a protective, waterproof, breathable layer on the outside. This system has later been copied by most brands, but we did it first. Another aspect not to be underestimated is how we use visually distinct and differentiated designs. Our design language is really rooted deeply in our Scandinavian heritage. The bold color stories, the bright colors, is what you can find in the Scandinavian outdoors. This is also a very important safety feature because you have to be visible when the weather suddenly turns bad, and the weather in this part of the world can turn bad really quickly, I can tell you. We also take inspiration from workwear, from professionals, and add more visible elements like high-visibility hoodies, shoulders, detailing, just to make sure you are as visible as possible when you are in the outdoors. For these reasons, we are continuously being recognized for innovation in our sport, in our industry. Sorry. We have an amazing group of talented people working in this company. Every year, every team, every category is bringing out new products with new technologies, new constructions, or new materials, and these products go on to win awards. Here are some examples of the awards we have been winning lately. Lately, we have also seen workwear receiving the same kind of recognition for their work on innovation and products. This is not luck. This is something we do repeatedly and successfully. Why can I say this with such confidence? Well, we have three big sources for our innovation. The first and the most obvious one, of course, is consumer insights. We have always been a consumer-centric company. You will hear later from Erinn, my colleague, on just how well we know our markets and our consumer. Another very important innovation source for us is our long-standing relationships we have with suppliers and manufacturers. Combining our consumer insights with manufacturing capabilities and new materials has allowed us to design, develop, and launch a lot of world firsts to the market together with them. But the one thing that really sets Helly apart on innovation is how we work with professionals. If you look at sport, we play in a lot of different technical categories. If you look at workwear, you will see the same. We work in highly technical categories. When you put this together, you can see that we are an expert in sport, we are an expert in workwear, and we play in both of these categories. In the middle sits what we call professionals. At the intersection of sport and workwear, we have professionals. These are the people that don't get to choose their day. They have to go out there, whatever the weather, whatever the situation. These are the pros. Like mentioned, they are search and rescue, they are skiers, they are ski patrol, they are coast guard, sometimes they are athletes. We work very closely with this group of people. We have a separate team that is only dedicated to servicing these professionals with unique products, designed to their needs. On the global basis, we have more than 55,000 professionals that go to work every year in our uniforms, and this is not including workwear. This, we believe, is a strategic and defendable advantage to Helly Hansen. The professionals are our most valued source of innovation, of testing and validating our products and concepts before we launch to consumers. Let me give you some quick examples. Like Børre mentioned, we work very closely with the Norwegian ski team. When they race, they use a race suit. But everything they do in between, they need warmth, comfort, and protection. We sat down with them and developed a jacket and a pant, and that is the outfit in the light blue you can see next to the screen over there. They needed specific details, a lot of extra features, and you would also be surprised at how important good looks are to them. We sat down with them, worked for a long time, and the end result is this outfit. It ended up winning a lot of awards and also turned into a commercial winner. Another example is how we work with ski resorts. We work very closely with ski patrol, and what we found out is that their needs is very similar to the needs of freeride skiers. On ski patrol, you would be surprised. This is a small thing, but to them it is really important. You would be surprised at how many pockets they need for a full day on the mountain. They need pockets for their own gloves, maybe a radio, some food, for someone else's gloves, maybe some more food. These learnings are something we have put into our in-line collections, and that is partly one of the reasons we have been successful. In sailing, we work with a lot of the best ocean racers in the world. Like Børre said, that is the harshest conditions you can have. There are tons of water coming over the boat. We are building products, technical products for them that are unique to their needs. They need double cuffs for extra protection against water. They need a higher collar. They need a face visor. They need a more advanced hood. They need fully waterproof pockets for safe storage, and they also need a high-visibility hood and reflective elements for safety if they fall in the water. These bomb-proof designs are very different from a ski or a mountain jacket, and even from other sailing products. For America's Cup, they will need something that is highly breathable, flexible, and aerodynamic. Just as an example to how different the needs of these professionals can be. Over the last decade, we have started working with mountain guides and search and rescue. Here we are taking the exact same approach as we have done in ski and sailing. We are building technical products to the specifications of professionals, and then we are doing testing, and testing. Making sure the products, concepts are trusted by professionals before we launch it to consumers. Why are we trusted by professionals? We are very proud to say that we are trusted by professionals, and there is a lot of different reasons why. One of the most important reasons is that we have proven technologies that gives us a competitive edge. We also have quite a few unique to Helly Hansen technologies. One of those technologies is Helly Tech. This is our waterproof, breathable, and windproof technology. This technology has been developed over the last 40 years and refined and refined and refined. It is a system that enables us to design and construct really waterproof products for ocean racing, highly breathable products for the mountains, or highly flexible products for athletes. With Helly Tech, we can basically design to the use case, and this is one of the key learnings from working with professionals. There is no one technology to solve all problems. Another key technology to Helly Hansen is LIFA. LIFA is the warmest, driest, and lightest fiber you can find out there, but it's also very, very hard to work with because of its low melting point. This is something Helly Hansen has mastered over the last 50 years. It's also a very good example of how we scale technologies to more use cases. What really started as a next-to-skin base layer has later been developed to be found in a wide range of product types and different use occasions. Our latest LIFA innovations include introducing LIFA into insulation, making it warmer and lighter than anything else we have in the collection. We've also been putting it into membranes and outer fabric using the unique properties of the fiber for water shedding and creating waterproof, breathable membranes without the use of chemical treatments. You can expect to see more innovation coming in this area. Today, we play in multiple categories, and this is an important point for me to make. We are not a cross-category generalist. We are a multi-category specialist. What does this mean? Well, in all of these technical categories, as you know, we go up against other specialist brands. Still, we are the number one technical sailing brand in the world. We are a leader in winter sport and ski in North America. We're a leader in workwear in Europe, and we're trusted by professionals all around the world. With our existing playbook from ski and sailing, working with professionals, creating consumer-centric collections, aligning our resources with our strategic priorities, storytelling through the lens of professionals, and continuous innovation, we are very, very confident that we will win in technical outdoor and in workwear. Our success has been anchored in careful category management. First, building for professionals, then extending in a good, better, best approach, ending up with a full range of commercial products. This is exactly what we did in sailing. First, we designed and developed the Ægir collection with input from professionals. From the same professionals, we got a lot of input for a mid-layer jacket. This jacket later turned into our best-selling franchise, the Crew Jacket. It meets and exceeds the needs of ordinary sailors, and it still brings a lot of the same technical aspects and technology you find in the Ægir collection. This is the exact same model we are currently running in outdoor. At the pinnacle end, you have the Odin concept for mountain guides and search and rescue. Beneath it sits Verglas. This is targeting the non-professional hikers, and this is the assortment we expect to grow and expand our presence in the hiking business. This is the model. We always build first for professionals, extend that credibility to reach more consumers, and meet more needs. In the near term, our growth will be driven by scaling what works, building awareness and distribution for the categories that are already strongest. For the first part of the plan, that's where we expect to see the growth. This is commercial work, putting more excellent products in front of more consumers in new markets. At the same time, we are investing in technical outdoor to broaden the assortment and extend our technical credibility. These products have longer development cycles, so this opportunity will build over time as we launch more and more products. In our plan, we expect technical outdoor to be the biggest growth driver in the last half of the plan. Let me finish where I started. We have a long history of innovation, and we are being recognized for that. We have a professional-driven innovation engine that I believe is truly unique. We have a proven playbook of how to enter these technical categories and expanding the business. If you add the operating platform from Kontoor, we can remove the typical hurdles to quick acceleration. If you add significant investments in brand, product, people, and marketing at levels we at Helly Hansen have never seen before, we are very, very confident that we will win in technical outdoor and workwear. With that, I want to say thank you for listening, and I want to hand it over to my colleague, Erinn, who is going to teach you more about our consumers and our markets. Great. Thank you, Tor. For those just tuning in online, I am Erinn Murphy, and I would love to spend the next 10 minutes grounding us in three key areas. First, where we play today across both sides of our business. Second, what we have learned about our consumer that gives us the right to win. Finally, how we have used these consumer insights in the foundation of our plan. As Joe mentioned, we play across two large addressable markets. The outdoor market is over $300 billion, but we are myopically and specifically focused on the premium segment that sits just north of $60 billion. Within workwear, the $85 billion global market, we are focusing on disrupting the North American business and scaling the European segment. Stepping into the technical outdoor market, there are several structural tailwinds that are fueling this market. First, this is a category that is steeped with innovation, has premium pricing, and we expect premium margins over time. Second, it is an activity-based market. You are seeing the rising tide of participation in several outdoor activities, whether it is hiking or rock climbing or trail running. These activities are becoming a global movement and ultimately create a sticky and recurring consumer base. Third, this is the fastest growing part of the market and is projected to grow at a compounded annual growth rate of 6% each and every year through 2030. Finally, this is a segment that allows us to extend the wearing occasions year-round and create deeper relationships with our consumers. Our team has done extensive consumer research here in Europe as well as in the U.S. I would like to share a little bit more about who our consumer is. We have recruited a highly engaged, active consumer. 20% of Helly Hansen's core consumer have discovered our brand through a professional. As you just heard from Tor, we work with 55,000 professionals year in and year out. We also have a performance-driven consumer. In fact, the top purchasing criteria for our consumer is technical performance. Not surprisingly, our consumer is an enthusiast. They ski an average of 16+ days a year. Finally, they are already active year-round. 75% of our core consumer participate in at least three technical outdoor activities. What you are going to hear throughout the day is that we are supercharging the U.S., so I wanted to share a little bit more about who our consumer is within the United States. Our consumer leans male, but we have amassed a healthy portion of females as well. 73% of our consumer sits under the age of 43, and they are high-category spenders. On average, they spend $1,500 in the winter sport category on a two-year basis. Beyond who they are, we wanted to better understand what drives their purchase decisions, and we surveyed U.S. winter sport consumers who had purchased in the category over the last 24 months. What we learned, and what you will see here, is that there are four top attributes that these consumers care most about when purchasing in the category. It's technical performance, being a trusted brand, warmth, and weather protection. What you're going to see on the next series of slides illustrates how consumers of these leading outdoor brands, which we denote as A through D along the bottom, how they rate individual brand performance across each of these four attributes. This is how consumers of brand A rate brand A against these purchase criteria. This is how consumers of brand B rate brand B against the same criteria. This is how consumers of brand C rate brand C. This is how consumers of brand D rate brand D. We also asked Helly Hansen consumers to rate us against these same criteria. Our consumers rate us the highest across technical performance, as a trusted brand, and in the warmth category. The bottom line to us is clear. While our brand is smaller than many of these multi-billion dollar brands, our consumers already give us disproportionate credit in the most important purchase drivers in the category, and this is our right to win. That brings us to what we believe is one of the most compelling parts of the opportunity ahead. We have an opportunity to drive deeper brand awareness and bring more consumers into the top of the funnel. Today, our aided awareness sits at roughly 30% in the U.S., which is well below that of leading global peers in the same category. In fact, when you look at unaided awareness, we sit at just 3%. How are we going to scale? In the first part of our five-year plan, we will accelerate growth by reaching new consumers within our core category. This is where we have a stronghold today and deep consumer credibility, and yet we are just scratching the surface. We will also grow through expanding share of wallet for our existing consumers as we play deeper within technical outdoor. As I mentioned, our core consumer is already active and participate in several outdoor activities. 75% of our core consumer are already hikers, and over 50% are trail runners. Our consumer is telling us we have permission to extend into these categories and create that deeper long-term relationship with them. What you will see on this slide is the opportunity gets so much larger as we expand. There are 2.5x More hikers in the U.S. than there are winter sport participants. I'd like to shift gears and talk a little bit more about the workwear market. I know everyone here got to see the workwear showroom today, which was very exciting. The category, as I mentioned, is an $85 billion category, and we are focused on the North American and the European parts of that. It is projected to grow at 6% over the next five years. We have already built credit in the harshest climate in the world, which is here in the Nordics. Equally as exciting as the tailwinds powering outdoor are the tailwinds powering the workwear market. We all read the same headlines. This is an industry, particularly in the U.S., that is being reimagined each and every day. The cost of higher education is driving more and more consumers to choose an alternate path away from university. As a result, you are seeing multi-year wait lists at trade and vocational programs, and the construction sector is booming. Our opportunity is to lean into these tailwinds and further disrupt the market, particularly in the U.S. When you look at the U.S. consumer base for workwear, it sits at 35 million consumers, and we are but a speck of that base. Before we take a brief break, I would like to close my section on how we plan to get after this opportunity. Our five-year plan intends to double the marketing spend through 2030. As important as the dollars that we are putting behind this plan are how we plan to deploy those dollars. We are moving from what has been more of a performance-led marketing approach to a brand-led marketing approach. Prior to Kontoor's ownership of Helly Hansen, on average, we spent about 70% of our marketing dollars on performance, and we are flipping that paradigm. We are also moving more from a fragmented approach across multiple categories and multiple products towards a category-specific storytelling approach. Finally, we are moving from what has been a centralized marketing team to distinct sport and workwear marketing teams. To wrap up, we have a passionate base of consumers. They are active, they are big spenders in the category, and they are outdoor enthusiasts. The Helly Hansen brand has already created deep credibility and consumer trust. We also expect to grow from recruiting new consumers in our core category and extending the wallet share of existing consumers as we go deeper into technical outdoor. We intend to build brand awareness as we double marketing and more tactfully deploy those marketing dollars. I would like to thank you all for your attention. We are going to take a brief break, but for those on the webcast, please be back in about 10 minutes. Thank you. [Break] Hello again. I am back. I need to do it twice. It is hard to remember all these slides, but I am trying to do my best. In this section, I will talk more about the sport business and a little bit deeper into the U.S. After me, Patrik is going to come and talk about workwear. He is going to go a little bit deeper into the details that I am doing here right now. For you to understand the workwear business a little bit better. Let us start with sport. Today, sport is 75% of the company's revenue, Helly Hansen's revenue. Back in 2015, we did a reset of the strategy. We focused. We focused on two categories, ski and sailing. We focused in five countries, U.S., Canada, U.K., Norway, and Sweden. Since then, we have more than doubled the sport business. The strategy worked. Keep also in mind that in 2022, we exited Russia. At the time when we exited Russia, we had 49 brand stores in Russia and a solid wholesale business. The revenue was approximately $40 million and very profitable, so it was a big one for us. This gives you a flavor of our global footprint in sport. 30% of the revenue today is the U.S. Rest of the world represents 70%. Majority of the 70% is in Europe. We operate, like I said, in 50 countries today. 22 we do operate directly. The rest are distributors, mainly in Asia and South Africa, Australia, et cetera. The plan is to grow U.S. the fastest. I've been overseeing the U.S. business over the last 10 years from this building. Now we're hiring a dedicated GM that knows this market inside out in the U.S. marketplace. That's a big difference for us. His name, he is here today. C.J. King, welcome to the family. You will love it here. A little bit more about the U.S. The U.S. business today is $150 million. It's already our largest and fastest-growing country. Keep also in mind, this is important that you pay attention to, we are already one of the most successful European outdoor brands in the U.S. marketplace. That said, we are relatively small versus the big guys in the U.S. That is something that we now are going after. We have a very healthy, balanced channel mix in the U.S. 55% of the business today is wholesale, and 45% is D2C. Very important to note again, we're not planning to change that balance. We expect both wholesale and D2C to continue to grow. Over the last 10 years since we did a reset, we've focused on growing the specialty business in the U.S. We will continue to build and protect that business, but we need to start accelerating the key account business too. Like Erinn mentioned, to be successful with the key accounts in the U.S., we need to increase brand awareness. That is something that we're starting already this fall. We are already in many of the key accounts in the U.S. today, but in limited number of doors. The plan is to increase the number of doors going forward to 25%-35% penetration. The intention is not to be in all doors, but to be in the right doors. We're planning to build the e-commerce business. We plan to double the business by 2030. We will elevate hellyhansen.com as a premium full-price destination. That job we started with already end of 2025. We will build a seamless omni-channel experience, and we will deepen capabilities to drive retention, loyalty, and customer lifetime value. E-commerce is very important for us in the U.S. marketplace and is already our biggest region in terms of e-commerce. Like I said, e-commerce is already driving stronger quality of sales. We established, we basically protected our core franchises, like the Crew series that you guys have seen here, and the Alphelia and Alpha series. Less discounts on them, and so we have seen an increase in AUR by 12% year-to-date. Retail. We have today 12 retail stores in the U.S. marketplace, mainly located in ski and sailing location. The plan is not to roll out a ton of stores in the U.S., but to roll out a handful amount of stores in the right locations. To sum it up in the U.S., we expect 45%-50% of the growth to come from wholesale and 50%-55% to come from D2C. There is a world outside the U.S., too. That is important to remember. What I said, 70% of the business today is outside the U.S., and then mainly Europe. We see big opportunities in Europe, too, and especially in the Alps, since we are so strong, especially in the ski category. Why are we focusing on the Alps? It is Europe's largest outdoor market with a four-season opportunity. It fits us perfectly well. It is already the largest ski market in Europe, and we have a very strong position in ski. Germany, as an example, is today our biggest country in terms of e-commerce. To confirm that we just started these investments, we just opened up a flagship store in Munich a month ago. That work has already started. China is an interesting one. I am always getting impressed when I am down there, learning a lot. It goes fast. The business in China is already very impressive. We have a premium position down there. Sorry, this was wrong. We entered the market through a 50/50 JV, with a strong local partner called Youngor. They have a strong expertise in the China marketplace. We entered the market actually via the sailing category. Now we are starting up with outdoor, and we are launching footwear summer 2027. We have a premium position in China. It is priced 30%-40% higher than here in Europe, mainly because they use more expensive fabrics. The business started to take off in 2023. In 2025, we ended at close to 90 doors and the revenue of around $100 million. First half, we have delivered 80% growth this year. The plan is to open up another 40 stores this year, and we are on track doing that. It goes fast down there. To sum it up on sport, before I hand it over to Patrik, we already have a very strong position today, and especially in ski and sailing. Now it is time to bring it to the next level. There is still a significant growth potential, both in Europe and U.S., in ski and sailing, and also to accelerate the outdoor business. The growth, like I said, will be driven by wholesale and D2C, and we expect all markets and regions to continue to grow, but we expect U.S. and the Alps to grow faster. With that, I am going to hand it over to a legend in the workwear industry. He has built this workwear business from $25 million to $175 million. It is impressive what he has done with his team for sure. Bring on Patrik, and welcome to the stage. Thanks, Børre. Thanks for the nice introduction. Yeah. Good luck. Thanks. You too. Thank you. I am Patrik Falkenby, and I am heading up the great Helly Hansen workwear division, and have done so the latest 17 years. I actually signed up for five years, and now it is 17, so you can all understand that it has been a great and enjoyable journey. Part of the joy has obviously been to seven double turnover since then. The last 17 years with Helly, but actually this year I have been in the workwear business for 40 years, believe it or not. 40 years, since 1986. I can already now tell you, workwear is a fantastic business to be in. The development of workwear since I started is almost like going from a Ford Model T to a Formula 1 car. I think maybe some of you in the showroom before saw some of the Formula 1 cars. Since I started, it has been this great development, and I always say to my colleagues and to my friends, workwear might not be as sexy, in lack of a better word, as sport or fashion, but it is a financially very sexy business, and we all like that. You heard what Børre said before. Everything started with workwear back in 1877, and this gives us this great heritage that almost no other brand can claim. That heritage creates authenticity. Authenticity. All brands want authenticity. We already have it. Again, authenticity builds credibility, and that credibility gives us the undisputable right to participate in all the categories we are present in, and then most obviously, workwear. We are participating in this large growing workwear market globally, and as Erinn mentioned, the addressable market is $85 billion. Only looking at North America and Europe, it is $40 billion. It is a huge market where we today have a tiny market share. We have just scratched the surface. There is a massive headroom for us to grow. The workwear market, as Erinn also mentioned, is predicted to have a 6% CAGR through 2030. The good thing here is that there is a growing demand for high performance workwear, and we are sitting in the premium sector of this market. The premium sector is growing faster than the entry part of the market, so it is the right place to be. We could actually have grown a lot faster if we wanted to tap into that entry part of the market, but we have been unwilling to compromise the premium brand positioning. As I mentioned, as I have been in this business for a long time, and I realize that a lot of you people here and people in general do not walk around thinking about workwear every day, I guess. But I have done that every day, the latest 40 years. I would like to share with you some of my experience, some of my insights, and some of my accumulated conclusions in the workwear business. First of all, it is a very consistent business. We will not wake up one day and workwear is out of style. Nobody wants workwear. That will not happen. It is up to us to develop what the end users and companies needs at all times. In that sense, we control our own destiny. It is a recurring business with high order volumes. That means that we can get in an order from any country in Europe today for GBP 1,000, GBP 3,000, or GBP 5,000, and they expect us to deliver that within one week. It is a high demand on quick deliveries as this an ASAP business. The workwear market, as I said, is very consistent, and we are here in control of our own destiny, and customer does not want to wait. If they need the product, they need it now. How often do you see a worker at work without pants? That does not happen that often, right? If you see a worker without pants, they are probably in a very special industry. I am thinking about swimming teachers and lifeguards, and et cetera. We have very long product life cycles. They are between 5- 10 years, sometimes even longer. That gives a stability in the assortment. We also have a very stable color palette, which is an advantage. We will most likely never have that the color of the season in workwear is purple. We introduce between 5% and 10% novelty per year, which means that plus 90% are carryovers. Actually, our customers do not want us to change too often. If it works, it works, and they will keep it for a long time. Lastly, we have a year-round demand with limited seasonality. It is almost 50/50 across the year, first half, second half. We also have some structurally great category dynamics. In workwear, there is a very, very high brand loyalty, both as an end user, but also as a company or employer, if you like. If the end user is satisfied with our product and service, they can actually be brand loyal for all of their working life. I guess that is kind of a man thing, but still, it is the truth. If the company is satisfied with our products, they does not want to change either, because switching brand in a company often creates a lot of noise, and they do not want to have that noise. They want to be able to focus on their core business. If you can win them, you will keep them for a long time. There is also an increasing safety focus in the world, as we all know. If you go in and look at big companies' websites, you can clearly see zero accident policies. They state that safety goes before even productivity, and zero fatality programs and more. Safety is in focus. The industry is getting more and more regulated towards different standards, which allows us to sell more premium, regulated, certified products at higher price points. Safety is priceless. I guess that is one of the reasons why we, since +1 0 years back, do a significant business with the mining industry in Chile. For them, they want to maximize the safety for the workers, and they buy the best workwear and most safe workwear as an insurance if something happens. In workwear, there is also, for obvious reasons, a high wear and tear rate on both workwear and safety footwear due to heavy usage, of course. This gives us a very high purchasing value per end user per year, and they also will need to repurchase frequently. That is a big advantage for us as well compared with many other businesses. I would like to spend a couple of words about some different types of customers that we have. We have employers, individual buyers, and wholesale customers. Let us start with employers. In Europe, it is very common that the employer is the buyer. That is a big advantage because the purchase decision for that company is most often taken by one person or a small group. If you manage to convince that one person that Helly Hansen workwear is value for money, then that person can buy for 100, 1,000 or even + 10,000 users. So you get that lever. In my former company, I did contracts like this with companies with + 30,000 users. That is a great advantage. As you know, in many other consumer businesses, there is one person taking the purchasing decision for themselves, buying one or two units. We have that as well, of course. We have those individual buyers going into a physical store or to an e-com site, buying for themselves. By the way, the e-commerce channel will be very, very important channel for us going forward. Of course, even more so in the U.S., where there is a lot of contracting and it is not that common that the employer is the buyer. That might change over time. From consumer research, we can see that 87% of our existing Helly Hansen workwear users have a repeat purchase intent, which means that they are satisfied with our products. The third type is not consumers, but dealers. These are our wholesale customers, and we sell and distribute through their stores. For them, it is of course, really important that we provide them with attractive products that they can sell through. It is also very important that we have a very structured and simple-to-understand product offering, and I will come back to that. Lastly, we have tenders, going back to employers again. That is a business within the business. Very large companies with + 10,000 users, you often get through tenders. We have just started to build up an in-house tender department within Helly Hansen Workwear, and I have big expectations on what they can achieve. This will, of course, then allow us to participate in tenders directly with big end users, but also via our existing key accounts with our facilitation. Just to give you a picture of the potential in tenders, a couple of years ago, we participated in a tender called the Nordic Combat Uniform. The total value of that tender was $2.8 billion. One tender, $2.8 billion. That shows a little bit the potential of tenders and building up an in-house tender department. We have this great opportunity to capitalize on this growing and maturing market. Being in this industry for so long time, I have been traveling around in almost all countries, and I have noticed that the maturity level in the different countries and regions are very different. The Nordics is the most mature market, followed by Europe, and Canada, of course, almost a little bit the same as Europe, then Eastern Europe, U.S., and rest of the world. All regions are maturing. But I have not still been in one country where the development is going in the opposite direction, that they are requesting lower quality, less functionality. They do not care about comfort and fit. It is no regulation. That has not happened. All the regions and markets are maturing in the same direction but in different speed. Just to be clear here, what is then the definition of a maturing market? It is that end users and the companies are requesting better quality, increased functionality, more technical materials, increased focus on comfort and fit, and increased demands, of course, on products being developed towards local regulations and safety standards. That all again leads to an increased acceptance for higher price points. Safety is priceless, remember. For the younger generations, actually, design also plays an important role. They still want to look good even if they are at work. As you all know, we have the headquarters in the most mature workwear region in the world, and we have had great success here. We have proven that our playbook actually works, and we are effectively sitting on the answer to what less mature markets or regions will request going forward over time. That is, of course, a great advantage as well. How are we doing in this market? Pretty well, I would say myself. We more than doubled the business since 2016, and we intend to double the business again until 2030. We have done so with very limited investment. We have had between 2% marketing spend per year, actually, on an average between 1.8% and 1.7% and 1.8% the last 10 years. That is going to change now with Kontoor Brands as an owner. Understanding brand, first of all, but also understanding the huge opportunity within workwear, and they are willing to invest behind it. That never happened before. During my 17 years here and with the three former owners, as Børre alluded to, workwear has always gone under the radar. Now we are on the radar, and now we will utilize the full power of workwear and go full potential. It feels a little bit like Christmas Eve for me here. It has already started. With approval from Kontoor Brands, we already this year started to invest heavily in the sales organization. We are also, as said before, separating the front end of our business between sport and workwear, which will be great. We have started the search also for a General Manager of Workwear North America. Again, establishing this in-house tender department obviously will be great for us. These are actually things we have been talking about the latest + 10 years, and now it's finally happening. What is our foundation for success? It is a great brand, it's great products, and it's great people with a culture we have been talking about before. This is the very strong foundation we build everything on, both sport and workwear. I believe a lot in focus, so we have been focusing on three core categories. That is trades, high-visibility, and footwear. To explain trades a little bit more, that's everything from residential and commercial construction, like carpenters, plumbers, electricians, to HVAC and more. High- visibility speaks for itself, of course, safety, road workers, railways, et cetera. Also here in the Nordics, as you might have seen walking around here, a lot of people within trades actually need to use high-visibility for safety reasons. Then footwear, of course, which is used across all jobs. We are focused on these three categories, and we have done that with great success. Why did we focus on these three categories? Because it is within these three categories you build credibility as a workwear brand. When I joined Helly Hansen back in 2009, we did not have that credibility. Now we have built that, and if you can succeed within these three categories, you can succeed anywhere within workwear. That has been really important for us. How are we doing? We set the bar that 70% of sales should consist of these three core categories. We have succeeded really well in the Nordics, in the rest of the world, but we are not really there yet in the U.S., and there is a very simple reason for that. Helly Hansen footwear used to be licensed out through another company, so we first launched Helly Hansen workwear footwear in the U.S. Fall/Winter 2025. So I expect us to catch up to the 70% pretty quickly in the U.S. We believe that footwear in the U.S. as well is a fantastic opportunity for us. Then you might wonder what other means here in this chart. That is our other strong supporting categories. Here you can see just a few examples, like base layer, like mid layer, like rainwear. The good thing is, if you win end users within trades, as an example, they will, over time, also need base layer or mid layer when it gets cold, for instance. They will need rainwear when it rains. So they start to buy within their category and then they tap into the supporting categories. I would like to spend some words about concepts. For those of you who were in our showroom before, we were talking a little bit about concepts. Within each category, we build concepts or families, if you like, where all the products belong together. When I joined Helly, we had an extremely fragmented product offering. It was a lot of freestanding style with no connection whatsoever. Now we build and develop everything in concepts, and the idea is obviously that you get attracted by one of the concepts and you buy within that concept. So instead of buying one unit, you might buy two or three within that concept. Here you can see a couple of examples. Magni is our pinnacle trades concept. ICU is our volume driver within high-visibility or cash cow, if you like. Then we have a newly developed Magni TRX within footwear. Building our product line with this concept thinking has actually been a big part of our success. If you look into concepts within trades, as an example, we try to make a very simple-to-understand product offering. Again, we start with concept trades. Within trades, we build concept. Within these concepts, we structure them in a very simple-to-understand ladder. As you can see on the y-axis, technical performance, and on the x-axis, price. So it's a good, better, best offering. So it's very easy to understand both as an end user and as a company, of course. This structure is what makes it easy for us or possible to sell into regions with different maturity levels. You can see below the maturity levels I was talking about before for the different regions. If you are in the Nordics, you probably are more to the right. If you are in a less mature market, you probably look into the concepts more to the left. This makes it also possible for us to sell into both smaller companies and bigger companies with different readiness to spend. If you are 20, 30, 40 people, you might have readiness to spend on our pinnacle concept, Magni. But if you are a company with 5,000 users and every cent matters, you probably look more to the left of this structure. Of course, when we get our customers in one of the lower levels here, we always, over time, try to sell up to a more premium concept. Talking about maturity levels again, what we consider as our good offering here in the Nordics is probably considered as best in the U.S., as an example. It looks the same throughout all categories. Category, concept, and placed in this ladder with good, better, best offering. Again, this makes it very easy to understand for end users, for purchasers and companies, and for our dealers. I would just like to spend a few words about our pinnacle concept within trades, Magni. Some years ago, we decided to disrupt the workwear market, and we wanted to develop something that had never existed before in the workwear market. So we developed this Magni concept. Normally, in our product development process, we have a very strict RRP price that we target on each style. That gives us a very strict target FOB price. With Magni, we decided to do the total opposite. We said, "We don't care about the FOB or the RRP. We just want to develop the best product ever existed in the market." We did that. We will charge the price it costs. The main purpose of this concept was to push price points north and to prepare the way for other concepts that we were going to launch shortly after to make them appear more affordable. Of course, also to build brand image. The pants were priced at almost $300. Never seen before, never ever. Sales did their suggested 12 months forecast, and they came up with 3,000 pieces for the pants specifically. I thought we could do a little bit more, so I put 5,000 pants in for the coming 12-year period. We were sold out after two to three months. After 15 months, we have sold 23,000 units of that pant. What did we learn? We totally, including myself with 40 years in business, we totally underestimated the end users' willingness to pay for highly technical, comfortable, high performance, and well-designed workwear. I always say we should send an invoice to all of our competitors, because we raised the price bar for all the other brands as well. They were following along over time. We set a new level for the most expensive pant. I have not still sent that invoice, but we might do. Just a few words about pants, because pants are very important for us and alone stand for 40% of revenue in our core categories. Everybody wears pants in all seasons, or most people, as I alluded to before. It is an all year-round business that very well contributes to our limited seasonality. I also want to mention that consumer insights and innovation is really important and has been really important for Helly Hansen workwear as well. We are testing most of the products we develop with our professionals. Here you can see some of our developers out in the field getting feedback from our professionals to be able to maximize the functionality and the performance of our products before launch. This gives us this +2-year development calendar to actually have time to do these types of testing, because they test one time, the developers goes back and improves the product, and back again and test the product, and that takes time. That gives us a +2-year development calendar, as I said. Now our developer has finalized fall/winter 2028 and have started to work on spring/summer 2029. They are well ahead. I also want to show, as you saw in the showroom, one of our innovations, launched a couple of years ago, called HH Connect System. In short, it is a specialized, detachable, interchangeable pocket system that gives you the possibility to build your own pant customized towards your needs. Different pockets for different types of works, which makes you more efficient during your workday. Talking about innovation, this is just a few examples. We have a lot going on in the coming five year. We have a five year product roadmap, and everything is laid out. Recently, this year, we launched a concept called Njord. That is developed for extreme weather protection for coastal workers, and you might have seen it down in the hallway. One of the professional groups that participated in the development of this concept was workers within the fish farming industry, working in wet environment all around the clock, all year round. Very well received, by the way. In 2027, we will launch our ProVis H2O cooling garment concept, reducing heat stress. That is developed obviously for warmer regions, but also taking into consideration the climate change, and of course, it is also UV protection. Then maybe the most exciting of all new developments from a financial perspective is that with 2028, we will tap into a completely new category for Helly Hansen workwear. It is called industry service in workwear language. What is that, then? That is products developed for manufacturing, logistic, facility management, repairmen, installers, operators, et cetera. Huge target group, and that is based on a very comfortable four-way fabric approved for industrial wash. That might not sound important for people who are not in the business, but that is a must if we are going to tap into that business. It has to be approved for industrial wash. It is going to be really interesting to see what we can do within that category, industry service. U.S. With Kontoor Brands, we have now for the first time set a very clear strategy with a significant and dedicated investment behind for how to win in the U.S. market. U.S. will play a very important role in our future growth. People, we will invest in building a dedicated U.S. organization across sales, e-commerce, and marketing. Product, we will scale our existing assortment in the U.S. and also invest in a tailored product development concept, especially developed for the U.S. Distribution, we will accelerate e-commerce. As I said, it is going to be really important for us in a B2C-led market, and grow at the same time, strategic wholesale key accounts to reach more individual users in that B2C-led market. Behind all of this, of course, we are going to significantly increase brand and performance-led marketing, and you will get more concrete figures from Mike in a while. As icing on the cake, I like to say, we have those current tailwinds that Erinn was talking about, like Gen Z is becoming the tool belt generation, or more young people are considering a career within trades. It seems to be the right timing for us. I just want to show you that we actually have the product to scale in the U.S. market today. This is just an example of a few styles within a concept in the U.S. that is very well-received, called Oxford. We are not starting from scratch. We already have an existing well-working assortment, but we will continue to invest additionally in the product offering in the U.S. Key takeaways. We are participating in this large, fast-growing workwear market. It is a highly consistent business with deep consumer loyalty. We have a focused product strategy anchored by differentiated technologies applied in a wide range of products. We have built a scaled workwear business with very limited investment to date. We will scale our existing European credibility through a tailored U.S. strategy with significant investments behind. Remember all the great category dynamics I was talking about before, and I couldn't be more excited about the opportunity ahead when we now finally will utilize the full potential of workwear and go full potential. With that, I will hand over to Mike Karapetian, Global Brand and Operations Finance, and actually our Norway ambassador. He will talk more about our massive headroom for future growth and the strategy for how to exploit this in the best possible way. Thank you. Mike. Sorry. Thank you, Patrik. That was excellent. Thank you all for joining us today. This has been a day I've been looking forward to for two years. For much of that time, I've had the privilege of living here in Norway with my family. I can say firsthand, it has been the experience of a lifetime to live and work with this incredible group. For the rest of our time together, I am going to cover four topics. First, Helly Hansen's business complexion and why we consider it to be among the most compelling assets in the space. Second, I will discuss how we intend to leverage our shared platform to unlock investment capacity and fuel margin expansion. Third, I will discuss what sits behind the plan and the focused investments that support our growth ambitions. Lastly, I will discuss how the strategy you heard today drives accelerating growth and profitability, and ultimately stronger value creation for our shareholders. Let's start with the business. As you have seen today, we operate two distinct business segments. Our sport business is approximately 75% of global revenue. Our success in apparel is a direct reflection of the focused strategy we initiated 10 years ago, driving two categories, ski and sailing, in our top markets around the world. The balance of our business is accessories and footwear, which represents a meaningful opportunity as part of our win premium outdoor strategy. Workwear is approximately 25% of our global revenue. We lead with apparel, with our focus on the trades and high-visibility setting the strong foundation. Footwear is 20% of our revenue and primarily reflects safety footwear, protective toe cap, puncture-resistant sole, and a variety of proprietary and branded technologies. The workwear business is wholesale led today with significant room to grow our direct-to-consumer business as we expand in the U.S. market. Despite their differences, in one area they are the same: significant white space in the largest markets in the world. This is incredibly rare for a brand with nearly 150 years of heritage and a rich history of product innovation and firsts. In the U.S., we have only 1% share of the premium outdoor market, and we are just getting started in the $15 billion workwear market. Within sport, our innovation platforms and unique design language brings newness to a market that is already benefiting from increased consumer demand for outdoor-based activities. Within workwear, shortages of skilled trade workers, rising cost of higher education, and increasing safety standards are all contributing to increasing enrollment in the trades. This does not mean we do not expect growth outside of these areas. The Alps region in Europe, South America, and new markets in Asia are all opportunities. But we believe strongly in focus, and focus on what has the potential to generate the greatest returns. For these reasons, hopefully you now see the strong rationale to acquire Helly Hansen. As we have discussed, M&A has a high bar. It needs to be immediately accretive, leverage our strengths and operating model, and play in structurally attractive addressable markets. Some things are must-haves, and at the top of that list is strong cultural fit. But as you've seen today, Helly Hansen checks all of the boxes and will be the growth engine for Kontoor for the many years to come. Now let's walk through the how. How we are creating the investment capacity to fuel growth and drive margin expansion. There are three drivers, and let's start with our multi-brand platform, which creates several streams of value. First, Helly Hansen directly benefits from our supply chain and sourcing capabilities to add scale efficiencies. Second, we expect expense synergies as the business plugs into our support pillars in areas such as finance and operations. We also expect system and process improvements to drive greater working capital efficiency. This has been the earliest contributor to the margin improvement we have delivered to date. Next, accretive mix. We expect product mix benefits as we scale outdoor, driven by the higher margin base layer business and better unit costs as we scale volumes with our vendor base. We also expect channel mix benefits. Sport will be more modest as we'll be balanced across both wholesale and direct-to-consumer growth. Workwear will more meaningfully contribute as we accelerate our global e-commerce business. Further, we expect the combination of revenue growth and disciplined expense management to drive scale leverage. Finally, we expect benefits at the enterprise level as we plug Helly Hansen into our advantaged tax platform. So how will we deploy this capacity for our growth ambitions? There are four strategic pools of reinvestment. Number one, as you've heard today, we are establishing dedicated sport and workwear organizations to create a step function increase in focus and accountability. We're also investing in product development and innovation, leveraging our flywheel of professionals, consumer insights, and material science to create the next generation of product franchises. These first two create the foundation and where we have biased our investments over the last 12 months. We are now ready to move to the right, starting with brand marketing. Within sport, we will readdress the balance between performance and brand marketing as we lean into upper funnel investments to drive increased brand awareness. Within workwear, we will increase marketing from just 2% of revenue to 7% of revenue by 2030. Within commercial expansion, we are making leapfrog investments to elevate our e-commerce and retail platforms. We're also investing to expand wholesale distribution within key accounts, as well as growing our specialty business. Let's review how the strategy is working thus far. Relative to our plan, performance has exceeded our expectations by every measure. Revenue is tracking ahead with upside in every quarter as part of Kontoor, and gross and operating margin upside is being driven by the factors we have just discussed. Finally, we've generated more than $100 million in cash from operations, driven by stronger profitability and inventory management. This is essential to our investment philosophy. Create the oxygen in the P&L over the first 12 months, and now deploy that capacity to accelerate growth. Finally, a few words on our China JV. As you heard earlier, our partnership is strong and the business is performing at a high level. Our acquisition thesis was fortified by multiple pathways to create value, and we believe our unique China JV structure provides a compelling source of additional upside over the balance of our plan. Now let's discuss how the strategy you heard drives accelerating growth. There are numerous vectors available to Helly Hansen to drive growth. But again, we believe strongly in focus, and our strategy prioritizes the investments in the big ideas that can generate the biggest returns. The cornerstone of this strategy is supercharging the U.S. Both sport and workwear laser-focused on the largest market in the world. We expect to build our U.S. business to at least $500 million, with strong contributions from both premium outdoor and workwear. Let's start with outdoor. As I mentioned, 10 years ago, we focused our sport business on two categories, winter sports and sailing. The strategy worked. Today, we have 1% and 4% share respectively, and are a category leader of each. We are now ready to build the third leg of the stool. We are using our proven strategy, win with the professionals to win the consumer. The compelling factor here is the relative size of the technical outdoor market. At roughly three times the size of the winter sports market, relatively small share gains here result in relatively large revenue gains. In fact, just adding 1% of incremental market share in the technical outdoor category would equate to more than $400 million of incremental revenue or almost the entirety of our global plan. Let's review this opportunity against our investment framework. It starts with talent. As Børre mentioned earlier, we are thrilled to welcome C.J. as the newest member of our team to lead our North American business as General Manager. We are also investing in the organization more broadly to expand capabilities. We're also investing in product to create the next generation of franchises to serve both our professional and consumer communities. We're also investing in marketing. Over the near term, we will flex marketing spend higher as we drive brand awareness before settling back to more normalized levels in the back half of our plan window. We will also thoughtfully expand both wholesale and direct-to-consumer, including modest door growth and digital investment. The sequencing here is critical. Talent and product leads marketing, which in turn leads distribution. Let's move to workwear. By now, hopefully you see why we are so bullish on our workwear opportunity, and our success in the Nordics offers a compelling blueprint. Where we have dedicated focus, we have increased penetration. In fact, in the Nordics, both our sport and workwear businesses are largely the same size. We will replicate this structure globally, starting in the U.S., where relatively small share gains can result in large revenue gains. Similar to sport, it starts with talent. We are establishing a dedicated workwear organization. We are also investing behind a U.S. tailored product line to augment our global concepts. We're scaling our marketing investment, and we're expanding our digital platform. Taken together, we expect to grow the U.S. business to at least $500 million by 2030, or more than 20% annual growth, with the rest of the world contributing mid single digit growth. Within sport, our core categories of winter sports and sailing drive the majority of the near term growth, with technical outdoor accelerating as we scale new product franchises. Within workwear, we expect measured growth over the next few years as we scale organizations and execute against our innovation roadmap. So for the balance of our time together, let's review how this strategy creates a stronger Kontoor. Let's begin with the overall shape of the plan. There is an intentional sequencing that underpins our strategy. Create the investment capacity first, invest in the foundation, and then drive accelerating growth. Over the front half of the plan, value creation will be biased towards increasing profitability. This work is already underway, and we are ahead of our planned profit improvement, driven by better than expected gross and operating margin expansion. As we transition to the back half of the plan window, revenue growth accelerates as we realize the benefits from our investments. Moving to gross margin, we are off to a strong start, with gross margin expansion driven by the benefits of our multi-brand platform, synergies, as well as improved sales quality as a result of better channel and inventory management. Moving forward, we expect channel and product mix, ongoing benefits from our shared platform, and synergies to drive gross margin expansion to the mid to high 50s. Extending this to operating margin, again, we are off to a strong start. Moving forward, we expect to achieve mid-teens operating margin driven by the gross margin drivers I just discussed, our multi-brand platform, scale, and leverage. This will more than offset the investments in both sport and workwear. This is our playbook in action. Putting this together, by 2030, we expect more than $1.1 billion of revenue, mid to high 50s gross margin, mid-teens operating margin, and a significant increase in our cash generation. In fact, cash generation from Helly Hansen will be driven by scale, profitability, and working capital discipline, more than doubling what it replaces from the Lee divestiture. And finally, our financial plan is supported by multiple pathways to create value, including new markets and expanding distribution. We also expect only a modest incremental benefit from our China JV, with room for upside as the business scales. Before moving to Q&A, let me close with a few comments. Earlier, you heard what makes Helly Hansen's culture unique. From my point of view, let me add two more, authenticity and curiosity. Curiosity drives our innovation. Authenticity keeps us true to our roots. This combination has contributed to the incredible pipeline of product that has been a driving force for the last 150 years. This also means the organization knows its strengths and has been open to learn about Kontoor's strengths. Both organizations are helping each other, and a big reason why the integration has been so successful. And finally, let me close with how I started. It is incredibly rare for one business with two distinct segments to have white space in the largest market in the world and significant runway to increase profitability. This combination of growth and margin expansion is powerful and why we are so confident our best days are ahead. I want to thank you all again for joining us today. We are going to take a very short pause, and then we are going to bring all of our speakers on stage for your questions. Thank you. All right. We'll go ahead, and we can take questions from the audience, and I've got some questions from our webcast as well. Any takers in the room? Here. Adrienne? Yeah, please go ahead. Yeah. Yeah, we got a microphone right here for you. Thank you. Adrienne Yih from Barclays. Thank you very much for doing this. It was really enlightening and great to be here on the ground. I guess at the high level, to everything that you said, we rarely see white space in two parts of the market, premium in the sportswear, but also in the workwear. They seem to be at opposite ends, perhaps, of the perceptual kind of premiumization and price point. Can you talk about how your approach will be to making sure that those stay at polar opposites in terms of the mindset of the consumer as you go into the markets? Then for Mike, for you, if you can talk about for the 9.3% to the 15%, a lot of different drivers in there. If you can help us with prioritization. You don't have to give us the basis points, but in rank order, which are the drivers? Or maybe Joe, whichever one that ball's into. Thank you very much. Why don't we start with the gang down here on the first question from a premium standpoint. You guys go ahead, then we'll chime in. Then Mike, you and Joe get the second part. Yeah, sure. From a workwear perspective, obviously, as I said, U.S. is a less mature market. We are, as I also said, developing a product offering specifically for the U.S. We already have an existing one that we're going to scale. That is developed for the current maturity level of the market. But we expect the maturity level to increase. So over time, we will be able to sell in, as I also said, up in the higher scale of the ladder. But of course, we are not going to compromise, again, our premium brand positioning. We still believe that there is a pretty big niche, and the development is going in the right direction for us to be able to price our products more premium because we then have arguments like- Double durability is half the price, superior functionality, increased safety levels, and many other arguments for why our products might be a little bit more expensive. But we cannot be too far away because the step cannot be too big. So that is why we have that ladder, the offering, going from good to best. So you can buy where you want within that ladder. What we have seen is that that marketplace right now has become very popular for young folks to get into, the trades. We are seeing less college graduates, less people entering college, and more people getting into the trades. And we find that that group that is entering wants to look better and feel better about the product that they are wearing versus what the folks before them wore. And they did not have much of an opportunity, the folks before them. We are going to give them that opportunity, make it a step change, and so they can work their way into it. But we really think that that is really going to be the win relative to who is entering that market in a significant way right now with all of the investment that is going into the trade schools and the trades in the U.S. right now. It is pretty significant. Thank you. Yeah. You bet. Start? Yep. I'll start. If you think about those various buckets, let's start with the multi-brand platform and synergies. That's the largest driver of the three, and that's where you've seen a lot of the benefits that we've driven over the last 15 months. In fact, through the first half of 2026, we've seen operating margins expand by about 600 basis points, and a lot of that has been driven by the platform, as well as synergies. We also expect channel and product mix. That's about 50 basis points of benefit per year. That will scale as we move through the balance of the plan window, particularly as Technical Outdoor grows, as well as the Workwear e-commerce business, and the balance of that will be fixed cost leverage. Those combined will more than offset the investments, as I mentioned, in both the growth in both the Sport and Workwear businesses. I'll get you a microphone. Hi, Brooke Roach from Goldman Sachs. Thanks so much for hosting us today. I was hoping that we could dive a little bit deeper into the brand awareness opportunity that you see in the U.S., particularly for Helly Hansen Sport. That seems to be one of the big underpinnings of the opportunity at both DTC and wholesale. Can you talk a little bit more about what we should expect to see, where you think those opportunities are for brand awareness, and then how that's going to play in with distribution expansion beyond the initial test that you have at one key partner this fall? Then maybe just one follow-up for Joe. You talked a lot about the power of the portfolio at the beginning of the discussion. Could you tell us a little bit more about the key milestones or markers that we should be on the lookout for to understand at what point you might be interested in expanding the portfolio further and any key guardrails that we should keep in mind? Thank you. Why don't you start, and then we'll help, and then Joe, you can take the second part of that. Yes. Regarding the brand awareness part, we are aware that there is an upside on building the brand awareness. We are starting that already now fall/winter 2026 with a bigger brand campaign this fall and upper funnel brand marketing. We will also open up stores, like I mentioned. That will also help to build the brand awareness. Maybe Erinn, can add. Yeah, the only thing I would add is that when we think about how consumers are learning about our brand, we talked about first, it's professionals, but if you look at the second and third, it's through word of mouth as well as social. As we think about these more brand-specific campaigns, again, we're leaning in the fall of this year. We have further opportunities in 2027 as we go after our 150-year anniversary. There's very specific channel ways of further reaching that consumer. But I think the important piece is we already have credibility where it matters the most. It's in the product. It's in the technical performance. It's already as a brand that's being trusted. We just need more consumers to learn about us. Brooke, I would tell you that it has been so dry. We have just not had a voice there at all, and we have not invested in that, and the previous company did not invest in it. It just was not important to them. But if you look at what we did at Kontoor relative to we took two brands that were dry, no investment, no voice really at all, and we created that through a period of time, and it took building blocks to do that. We are looking at this opportunity the exact same way, and we have got a real nice playbook relative to how we went through that before, how we are going to go through it again, and I think we are in a really good place, and we are making the investments initially now. It is happening throughout the organization. They are really working well together. We are bringing our expertise to the North American market, to this team and helping them. Then, of course, the addition of C.J., who is here today. So all of those things embedded together with the knowledge that we have in the marketplace is really, really important for how this is going to evolve over time. Joe, you want to talk a little bit about that? Yeah. So I would say, look, strategically, we do see M&A as playing a role in the long-term strategy, and I would underscore long term. As we think about the plan that we have laid out today, the opportunity set is pretty significant, right? And you are going to see Wrangler's version of that over the next handful of months. So frankly, our balance sheet will be ready by the end of this year as we get the Lee transaction closed and turn the corner into 2027. But the bar is pretty high in the return profile on the plan that we just presented. For us to bring something else in from an execution risk standpoint, those returns need to be quite meaningfully higher than what we are staring at organically. So that is how we think about it in terms of just our framework. But I would say too that it took seven years for us to make that first acquisition, and we looked at a lot of things. And we were not getting the calls inbound before, but now we get every call that is coming inbound to us. And one of the things that I think is really important for our organization that we are hearing that we have never heard before was, "They really want to talk to you," from the investment bankers. "They really want to make sure that you are in the process. They really want you to take a look at this." Because they know we can do it. They know we have the expertise. But we are also hearing that culture word, too, that they have heard about the culture that you have there, and they would like to be part of it. So I think we are going to have choices that we can make. I think we can be extremely selective. We are not worried about the financial aspect, because of our strong balance sheet. We are in a really good position. I think Joe was perfect in saying we have got a couple of things that we need to do. As you know, we are finishing up, right now, our integration. We just have IT really that is left with the Helly integration, which by the way, has gone really, really smooth. The second piece of that is that we have got our divestiture that we have not really talked about. We are finishing that up, too. The partner that we chose to do that with has worked with us exceptionally well. It has been a really good process from both partners. Joe has been leading that for us. It has gone better than I even thought it would go. We will finish that up before the end of the year also. Then we can kind of focus on what we need to do as far as the most important thing is really growing Helly in North America and doing everything that we said today that we would do, and then continuing that really strong focus and lens with Wrangler. Which now Wrangler is going to get a lot more attention than they got before, because remember, we are down to one jeans wear group right now, and that is Wrangler. It will be a lot of fun for us in the next couple of years relative to the two big brands that we have. Hi, guys. Thanks so much for the time today. Great presentation. I wanted to see, first of all, you could share any more color on the relative profitability of workwear versus sport. I know you guys mentioned a pretty large investment in marketing in workwear. I did not know if you could provide any kind of similar detail in sport, or maybe even across the regions as well, just that marketing investment. Joe, do you want the mic? You want to take that? Yeah, we can start there. Yeah. Today they are relatively similarly profitable. Slight differences between gross margin and operating margin, but relatively similar. Going forward, it is really the drivers that I previously articulated around whether it is accretive mix, the shared platform, synergies, scale leverage. That is really going to be the largest driver versus the mix between sport or workwear. Within the U.S. sport, can you talk about the opportunity within winter, ski, outdoor, and lifestyle especially? How do you see difference in those opportunities throughout the U.S. over the next few years? What I said is that since 2005, when we did the reset, we really focused on building the specialty business. There is still massive opportunity to build the ski business, continue to build the ski business, too. The outdoor market, I mean, is the biggest category in the industry, right? We already do significant business there today, but we strongly believe that that can grow a lot faster going forward. Think about the ski business and think about how many mountains are we on in North America? I don't know exactly, but it's significant. Mostly on every one, I think. Mostly on every one. Yeah. If you think about all of that and all the advertisement we're getting from that, right? All the people and all the users, we need to take that down the mountain now and make sure that the people that are skiing there are using our product and take full advantage of that. Those are the programs that we can bring to life that just haven't gotten the light of day before in the past. We understand how to do that, and it should be a lot of fun doing it. I've also say that since the reset, we've really been successful. We've really been happy. Keep in mind, we're a European brand, being successful in the U.S. marketplace, right? We're one of the few ones. The focus that we did back in 2015, that has really worked. It's really paid off. So we're really happy with the results that we have already today, but there are still massive opportunity to grow, like I mentioned. Okay, we're going to go ahead, and we've got some questions from the line. We are starting with John Kann from Baird. Can you provide more context on the main growth accelerators in 2028 and beyond and help to bridge the gap for the key performance indicators you expect to deliver in 2027? Second part, can you better shape the high level growth expectations across phases? I think you got three. You guys want to talk about technical outdoor and workwear at 2028 and beyond, and then you take the second part? [inaudible] I can start. Just remember, these product categories, they've got lead time. So some of the investments we are making in an area like technical outdoor, that is going to take a bit of time, before that flywheel starts to turn a little faster, and that growth opportunity starts to become a little more meaningful. That is starting now. But remember what Mike said during his presentation, talent and product, lead marketing, lead distribution, and that is the way I would think about the sequencing of some of these growth opportunities that will accelerate more meaningfully in the back half of the window. In terms of the overall shape of the plan, I think it is helpful to actually split this apart between both Sport and Workwear. Within Sport, it is actually relatively balanced between the front half of the plan and the back half of the plan. Back half is a bit stronger, but it is fairly similar between the two hemispheres. In the front half of the plan, you have the majority of the growth being driven from our core categories, so think winter sports and sailing. As we move to the back half of the plan, that is when you have technical outdoor take the growth baton and drive more of the incremental growth. Within Workwear, I would think about it as just a measured growth acceleration over the plan window as we scale growth, particularly in the U.S. market. Perfect. All right. We are going to go to Ike at Wells Fargo. Regarding the $1.1 billion revenue goal by 2023, assuming this does not include any contribution from the China JV, how big do you expect revenue in China to be at the time, and how should we think about the potential for that JV to be brought in-house by 2030? Yeah. Why don't I start? The revenue from the China JV is not included in the $1.1 billion. That's just where we directly operate. The brand, our China business, is incredibly strong. We've got a great partner in Youngor. We've got a very strong management team on the ground. This business has scaled very fast and is really profitable. We've been very prudent with the assumptions embedded in the plan we just presented. Our aspiration with Youngor and the management team, pretty materially higher than that, so that could be a meaningful source of upside to this plan. Youngor's a publicly traded company in China, and so we stay very coordinated with the level of disclosure that we put out there around the China JV, so you can appreciate there's a limit to how much we can share in terms of our specific assumptions around the JV. Anything you guys? No, just like I said in my presentation, it goes really fast on there, and I'm learning every time and having a darn great. The competition is picking up, too. But I'm really impressed by the team, what they're doing there. The quality of the product, the distribution, how the stores look like, it's very high-end. I'm really impressed. All right. Going to go to Mauricio at UBS. Based on the last commentary, is it fair to assume Helly Hansen sales growth will be more along high single digits in FY 2027 and then accelerate to low double digits in the latter part of the five-year algorithm? Mike or Joe? We're not going to give 2027 guidance today. We have said more accelerated growth in 2027, 2028 stronger than 2027. I think we gave you a pretty good visual of the shape of the plan, both revenue growth and pace of operating margin expansion. That's probably where we'll leave it with regard to specific expectations for 2027. I've got a few more from. Do we have anyone else in the room? Go ahead with a couple more, Julia. Okay. This is from Spencer at Pinebrook Capital. Can you discuss the wholesale door expansion strategy? You guys mentioned entering House of Sport. What comes next, and how does that evolve? You want to start? Yeah. Like I said, we have dialogue today, or partnership, with most of the key accounts in the U.S. today. We're starting up slowly now with House of Sport, and then the plan is to accelerate some of the key accounts that we're already in. Keep also in mind, I'm just going to mention, we're doing a little bit the same in Europe. In Europe today, we can actually go into some of the real big key accounts. They want us to go in. We are holding off a little bit because it's not the right timing to do it. We think a lot about the strategy and where we are positioned. Fair. I have got one more here. From a Kontoor Brands perspective, what has surprised you? What have you learned in the last 15 months since acquisition? For the Helly Hansen team, I would love to hear a little more about what has been different under Kontoor Brands ownership. I will go ahead and start from Kontoor Brands. I think for me, it has been two things specifically. The first thing is culture. We have done a lot of acquisitions. We have done some divestitures. Joe and I have worked together for a very long time, and the one thing that you find out from all of these is that no matter how great the brands are and how great you think the business and the culture is, if the cultures do not work together, it never works out. It does not, because you cannot get past the friction points, and you cannot get past the infighting to get the real work done. What we found here is we had a real esprit de corps the first time we came here. I have never said this publicly, but I do believe it stems from the fact that we came from a situation, Kontoor Brands, where we got no investment, and we were not treated well, and it was just we were an aside thought, and all the other brands were. You came from the same situation, where you were part of a much bigger entity in another country, and you were the different piece of that entity. You were the only manufacturing piece in a retail environment. We had that kind of chip on our shoulder, we both did, throughout that entire process, and I think we kind of melded together because of that. I think it has made a really good partnership and a team. I think after that, the one thing that stands out for me, and I know you heard it today, but there is a significant opportunity in North America. I think you folks know that I ran The North Face for years, and Joe was a partner with me there, and we understand the marketplace and the size of the prize in the business. We really think that it is pretty substantial going forward. All I mean by that is I think there is years of growth in the North American market going forward. We are going to take that in a measured way to make sure we capture it the right way, because I have seen, in my past, how to do it the right way, and I have seen how to do it the wrong way. We are going to do it the right way going forward. So those are probably the two from me. Joe, would you add anything? I would add just one. The deeper we have gotten into the business with this team, just a better appreciation for just how investment-constrained this business has been across both sport and workwear. I think over a number of years, there has been a bit of a debt that has accrued, whether that is talent, whether that is product and innovation, whether that is marketing, so I think as we have started to work more closely with these guys, we have a different investment posture that is more offensive in terms of attacking the growth opportunity that we see in front of us. You are correct, but I cannot wait to hear this. Okay, here we go. Here we go. Here we go. I need to plan what I am going to say now. No, like I said in my presentation, majority of the owners that we have worked under has been coming from private equity, a limited approach to investments. When we heard about Kontoor coming in here, we were really glad because it is a different ballgame when you sit with people that really understand the business. The way they have approached us has been very humble. One of the first things Joe said when he came in, "Do no harm." That has basically happened. They had a very humble approach. They come in, "What do you guys need to accelerate the growth?" The plan that you see today is basically coming from us with the help from them. This is something that we wanted to do for many, many years. Accelerate Outdoor, accelerate the U.S., and grow Workwear. You, for the first time in 15 years, have been getting some focus and investments. It's amazing. I just want to mention, first of all, the culture, and we speak the same language. Feels great, of course. Then the very professional integration that has been happening in the latest 15 months. We never have even been close to that before. From a Workwear perspective, obviously, it's a total game changer. Workwear, during my last three, four owners, has always been something on the side. No focus whatsoever. No investments, just do what you do. Focus has been elsewhere. Now it's the total opposite. We have somebody as an owner that actually understands Workwear and the potential in Workwear, and as I said, are willing to invest behind it. That's just fantastic because then we will show when we give the power to Workwear and go full potential, what will happen. Wait and see. I will say one thing in addition, and if you've got something, please do. This acquisition has brought a shot of energy to our company, too. It's been a lot of fun for our folks, get to work on a different business, an outdoor business that they've known and been around in their past lives, and it's just been a lot of fun for everybody in the entire organization. That was well said. Are we all set? Okay. Well, listen, a huge thank you to all of you that traveled here. That was a real big deal to come that far. You've got one more question, so you go ahead. You came this far. You can ask. Yeah. I'm going to be greedy, but I do have a couple more questions. Okay. So a couple more questions here. What is the brand awareness for Helly Hansen Sport in the U.S.? The reason I ask this is because we're at this moment of outdoor performance acceleration, but the younger brands, the nascent brands, all are very low on awareness. You have the highest kind of installed base, right? So I feel like you are primed a little bit ahead in terms of the users that, and I'm talking about Arc'teryx, et cetera, Stio, et cetera. We were having a discussion over lunch. So you're in this very rare moment where you've just been under-invested in, but you actually have some really good competitive advantage with the user base. So I guess long way of saying, is there an opportunity or what would the upside be? What would you need to see to accelerate and put more fuel behind that engine to get ahead in this already positioning headstart? For Patrik, for you, with regard to Workwear, I am really interested to see or to understand what is the purchase criteria. You had said that loyalty is huge, so to move out an incumbent, it takes some effort. Once you are there, how do you stay there? So what exactly is that criteria that you will go after to bump somebody aside or to get them into the Helly Hansen Workwear fold? Back to Børre stores. Globally, we always find brand awareness. You see that 10-year investment, and it is working for you 24/7, 365 to build that. What is the store strategy in the U.S. and then globally, and then how many stores and how quickly can you open those? Thank you. We will go Erinn, Patrik, Børre. Yep. Okay. That is good. All right. I got the brand marketing one. I think as you astutely noted, we are about 30% aided awareness in the U.S. If you looked at that chart that we showed, we are significantly below our peers that are anywhere from 40% to almost 90% awareness. What gives us the confidence that now is the right time to be investing is we already have proven that we have what it takes in the most important purchase criteria. Whether it is being a trusted brand, we already have that. We are far to the right of those peers that we showed. Whether it is the technical performance. We have that credibility where it matters most, and now it is about leaning in from an investment perspective. You will see, as Mike said, a sequencing of the investment, but it is building out some more of those capabilities from a talent perspective, as well as pivoting how we are deploying those dollars. More towards upper brand or upper funnel, as well as being much more prescriptive with how we storytell against key products versus approaching things from more of a peanut butter approach. We started to invest more really now, the second half of 2026. Next year is the 150th anniversary of the brand. Fair to assume that we are going to have a much louder, consistent voice throughout the year around that moment in particular, but Patrik, go ahead. Yes. From a Workwear perspective, I would like to mention something that we have not mentioned, but this is actually pretty important for Workwear. We will do significant marketing investments in the U.S. for both Sport and Workwear. The positioning for Helly Hansen Workwear as a Workwear brand will be, and are in Europe, totally different than it the pure workwear brand because we are not only a workwear brand. We have the ski, we have the sailing, we have the outdoor. So in that case, it is more attractive as a brand. That is a good start. When we look at the product offering today in the U.S., we can see that we most often have superior quality, superior functionality, more technical features, and many arguments, durability as well, right? And then on top of it, comfort and fit that is actually better than what is existing today. Not for all the brands, but for most of the existing workwear brands today. So we believe, and our U.S. organization believes, that we have a big potential to move very quickly in the U.S. market. First of all, we need to get the basics right. To be honest, we have been milking U.S. the latest 15 years. We have done no investments whatsoever. To get the foundation right, what I said, we need to start to invest in the organization. More feet on the street. We are today very, very few people in the U.S. organization, not to mention any numbers, but very, very few people. Then again, getting the GM on board, coming from the business, knowing distribution, have relations, knows products will also help, of course. Then build out that organization in a structured way over time will mean a lot for us. But we are confident that our product is very competitive in the U.S. market. In retail? Historically, where we have been successful with retail is where there has been mono-brand markets. Russia was an example of it, as a typical mono-brand market, right? But when we are router there. Also, Eastern Europe in general is more mono-brand, and China is a good example of it. At the same time, you saw the store here in Oslo yesterday. We will open up stores around the Alps area, probably also up in the ski areas, where we are known for ski. Also in the U.S., continue to open up in ski and sailing destinations, and where it is relevant to open up stores in the biggest cities to build the brand awareness and showcase the brand. But we are not going to roll out a ton of stores tomorrow. We are going to be careful. Do it in the right way. I think that is going to wrap today. Again, I want to say thanks to everyone that traveled here. It was a significant expense and a significant amount of your time. So thank you very much. All that you joined us on video today, thank you very much. A big thank you to the staff and team and everybody. There is a lot of preparation goes into this, as you folks know. So Julia and the rest of the team here and everybody that we hired and brought in to help us from a professional standpoint, thank you very much. Just a big shout-out to the whole group here, and then we took over this office here for a week and probably disrupted business a little. So thanks to all the Helly Hansen employees here this week that have put up with us. But thank you to everyone. We really appreciate. Hope you enjoyed this. I know we certainly did. Telling our story is an easy thing for us to do, and we will look forward to seeing you on the upcoming call here we have got fairly quickly. Thanks, everybody. Take care. Thank you.