Thanks a lot. Welcome to this fourth quarter webcast for the Solar Group.

Together with me here in Vejen, I have my colleague, CFO Michael Jeppesen. Our agenda for today is I will present some high-level statements on our recent acquisition in Norway and the consequences in the year 2026 and beyond.

Then I will give you some insights into our approach to create long-term value by transforming our business platform to new heights. Then I will hand over the word to Michael, who will present our 4Q results, of course, also the results for year 2025 and our guidance 2026.

At the end, as always, there will be a question-and-answer session. Despite headwinds in 2025, we reached key milestones that will shape the future of Solar.

The acquisition of Sonepar Norge is, for us, a major step forward in strengthening our position in Norway and be a tier 1 company in the Norwegian market. It will expand our reach, create economy of scale, and enhance our distribution network.

When the merger is finished, we will offer a broader portfolio of products and deliver even greater value to the common customer of both Sonepar and Solar. The integration is already taking shape and will be completed mid-2026.

Following the acquisition of Sonepar Norge, 2026 will be a transition year for Solar Norway and therefore also for the Solar Group. This, in combination with the expected restructuring costs, dilutes the EBITA margin for Solar Group by approximately 0.7 percentage in year 2026.

From 2027 and onwards, we expect the acquisition to strengthen the margin as we can utilize the gain of 700 million DKK extra revenue with a very low cost to serve as we have installed AutoStore in Norway. Next slide, please.

We continue to invest in digital transformation, upgrading platforms to deliver a seamless, future-ready customer experience. Our enhanced digital solutions will provide greater transparency, efficiency, and convenience, ensuring that we remain competitive in an increasingly digital marketplace.

These investments go beyond technology. They are about delivering a better customer experience, but also enabling data-driven decision-making across the business and segment in Solar.

Logistics modernization is another cornerstone in our current strategy. The construction of our state-of-the-art logistics center in Kumla, Sweden is progressing better than expected and will be fully operational mid-2026.

This facility consolidates our operations into one automated setup in Sweden, improving service levels and supporting sustainable goals. It represents a significant leap forward in automation and efficiency, reduces complexity, lowers cost to serve, and enables faster, more reliable deliveries.

Most importantly, it also marks our final major investment under the current strategy. From 2027 and onwards, we expect to return to a normal investment level of below 1% of our revenues.

To summarize year 2026, that marks the ending of a long transformative journey in the Solar Group with huge investment in all our CDs and upgrading to SAP HANA on all our platforms, and finally, a brand new digital universe towards our customers and other stakeholders. I dare to say that creating long-term value requires a mindset that extends beyond quarterly cycles and supports strategic direction of our business.

We consider the above as just that. Now I will give the word to you, Michael.

Please, Michael.

Thank you, Jens. Please turn to page number 6.

Q4, if we start by looking a little back, we gradually in 2024 returned to a growth path, and this continued in Q1 2025, where we reached 6.5% in organic growth. However, the trend changed, and we saw increasing headwind during 2024, resulting in -6.1% at here Q4.

This resulted in a revenue of 3.1 versus 3.2 billion the year before. The acquisition of Sonepar Norway added additional 46 million revenue in December.

If you look at the segments, in general, installation saw positive organic growth in Denmark or just above. Sweden and Poland, we saw organic growth within installation, whereas the other markets faced headwind.

Only in Sweden and Poland did we manage to see growth in industry. The others were below zero.

Can take a closer look at this at a segment basis. Particularly, infrastructure in Denmark faced strong headwinds with two-digit negative growth.

We see a shift in the customers' focus, moving more towards investments in high voltage, which means we short-term will not benefit from this, as we're not active in that part of the market. It goes directly.

We do, however, over time to benefit from these major investments that is being done in the grid, but you should not expect any change to this before late '26 or we might even have to move into '27 before we start to see a reverse trend where we can go back to growth. It's not that we're losing customers, they're not moved to anyone else, but their focus has moved, their investments is in other areas.

Marine & Offshore was stagnant in general. It was growing in Denmark, but we were losing in customer we were losing revenue in Denmark.

Similar picture, could we say, for OEM. MAC45 was also faced by substantial headwind.

This is mainly driven by a few major customers who have revised their expectation downwards throughout '25. It's not that we've lost them, they've simply just reduced their manufacturing, and thereby the plants where MAC is serving them, they purchase less from MAC45.

MAC actually managed to onboard new customers, they are broadening the customer base, but it's it's a long journey before we start to see the impact of it. If we now turn to page number 7, where an EBITA of 205 Q4 was above our expectations due to other operating income of 74 million related to the gain of our sale of the warehouse in Halmstad.

I'll comment on the guidance a little bit later and explain what went better and than anticipated. Looking at the underlying EBITDA of 146 million, it was actually slightly below what we delivered last year.

Cost of goods sold, we did see an increase of the underlying margin of approximately 0.2% compared to last year, but this can in all material aspects be explained by Solar Polaris, where the major project they had in '25 came to an end. We did not see the deluting effect that they have on the margin, whereas we had that in '24.

It's and and similar, as you may remember, in '24, we managed to collect additional bonuses here in Q4. We actually managed to do the same here in '25 at the same level.

We do not disclose these as we do not disclose these as a part of the normal business, they are not shown separately. In addition, we managed to accelerate the integration of Sonepar, meaning that we move forward costs of 11 million.

Approximately 50% of the 0.8% negative impact you see from staff can be explained by this. Regardless, we'll, of course, continue to have a strong focus on costs in order to to ensure that it remains on a downward trend in order to support our guidance for 2026, which also includes cost initiatives.

Loss on trade receivables remains fully under control. Please turn to page 8.

If we take a short look at the full year of 2025, came out with a reported EBITDA of 501 versus last year's 646. If we make it a comparable basis, we see 503 in '25 versus 505 in '24, meaning that the underlying performance is yes, it's below, but less than what just meets the eye.

There's no doubt that the challenges we faced with our margin, as the competition became more and more fierce, we were not able to reverse this trend in 2025, and that, of course, played a significant impact on the result. We more or less managed to offset the headwind on a cost basis, we only saw deluting effect of 0.1 and 0.4 on external operating costs and staff costs, which, given the organic growth we saw the negative organic growth is in our assumption, an acceptable performance.

Please turn to page number 9. To make a short follow-up on our guidance from 2025, it becomes a bit difficult because there's so many points of references here.

In our try to bridge the the difference between the 460 and the 501, we made you can say, the main where that's the impact from the sale of Halmstad, which adds 74 million, which were not a part of the guidance, although the building has been for sales as we announced back in 2023. That leaves us at 427, meaning -33 compared to our guidance.

This can in this difference can in all material aspects be explained by the accelerating of the integration of Sonepar in Norway, which added 11 million, additional bonuses of 10 million, and then 12 million is actually less performance compared to what we thought initially when we gave the guidance. What went better in 2025 than we initially expected?

We were faster at vacating and selling the central warehouse in Halmstad. The fact that we could vacate it earlier was actually the the key to the sale of it.

Had we not been able to do that, we had not been able to sell it. Our new logistic center in Kumla is ahead of schedule.

You can say the integration in Norway is also ahead of plan, with the first initiatives already being implemented here in December, where, as we also announced when we closed the deal, did not expect us whether that we would be able to reach that, we did not expect anything to happen before this year. Cost initiatives delivered as expected.

What was less than expected was that the development in the market and consequently we had to revise our guidance downwards, and which also had a negative impact on the the underlying earnings of the company. Please turn to page number 10.

If we look at the cash flow in Q4, there are a few major things that sprang to your eye. We had a positive impact from operating income of 430 million, and if you look at the right side of the slide, you can actually see where these originate from.

The 353 is the seasonal effect from receivables, and they reverse here doing Q1. Inventory was actually slightly up, but this were a decision, a tactical decision in order to optimize the bonus agreements that we have with our suppliers.

It did not happen by chance, it was a decision we made. Consequently, you can say that the current inventory lever level is slightly above what we would consider the optimal point, given the current activity levels.

We expect this to normalize during Q1. If we look back again on the right side, you can see that we invested a lot.

Net investments were 52 million when adjusted for the acquisition. We invested in total 131 million in PPE, of which the 117 relates to Kumla.

We managed to sell the last of the central warehouse Halmstad, which brought in 124 million. Looking slightly ahead, you can see that approximately 125 million remains, and then we're done with the investment in Kumla, which means, as Jens also emphasized, we return to a lower and a normal investment level at the 1% or below.

Please turn to page number 11. If we look at the net working capital as an average for the last four quarters, we see a continued reduction, albeit the curve is becoming slightly more flat here towards the end of the quarters.

We ended at 14.9, but bear in mind that this is much it's more difficult to reduce the percentage when your revenue is reducing compared to when your revenue is growing. If we look at the gearing, we see minor increase from a minor drop from Q3 despite the the investment in in Sonepar.

Again, bear in mind that this is the seasonal effect from receivables. We end at 3.2, even though we have the full balance sheet impact from Sonepar and no P&L effect from Sonepar, except the -11 we used on the acquisition and the integration.

Looking forward, you should expect this gearing to increase further. This is well within our expectations, that will happen, and it's and it stays well within the thresholds with the agreements we have with our financing sources.

We're fairly comfortable with it, even though you particularly, as you'd expect, the gearing to become very high at the end of Q1 and Q2. Please turn to page 12.

Guidance, now in general, we think the uncertainty has increased throughout 2025, meaning we see greater uncertainty here at the start of '26 compared to what we normally see and what we saw in when we came with the guidance from '25. I would say the start did not offer any relief, and our guidance, of course, reflects this uncertainty.

We have a weak start, and that was, of course, to some extent, expected. I think also the weather is slightly against us.

In the most likely scenario, the midrange scenario, we expect all our markets to have a stagnant growth, with installation being slightly positive and industry slightly negative. Partly, of course, because, in particular in Q1, because we have very strong point of reference in Q1, expect it to wear off.

Solar Polaris has succeeded in winning yet another major solar park project, which will add additional 275 million to the revenue. If you look at it in terms of organic growth, and bear in mind they added quite some revenue in '24 '25 as well, it will add closely to 1% organic growth to the total growth.

As also mentioned by Jens, we have made significant investments during the last years, meaning we can handle quite an increase in volume with only incremental cost. I would say that the acquisition of Sonepar Norway exemplifies this, where we can add 700 million in revenue, which we'll handle at a very low cost once fully integrated.

Following the acquisition in '26, this will also be a transition year, mainly for Solar Norway, and also partly in Sweden, where we'll be moving out of Örebro and into our new logistic center in Kumla. As shown in the figure here on the slide, you can see that expect that we have to spend approximately 35 million in restructuring costs, of which the 20 is related to the move to to Örebro and then 15 million on integrating the the business we acquired in Norway.

Bear in mind, we initially announced 60, but we managed to accelerate the process, it's basically unchanged. It's not changed our opinion on this.

Looking at '26, our guidance also reflects a minor decline in the gross margin, mainly driven by these ongoing pressures on sales prices and also less cyclical inventory gains than what you would see in a normal more normal macroeconomic environment. Revenue, we expect to end between 12.9 and 13.4, with 13.15 as a midrange.

This means that the midrange corresponds to an organic growth of approximately 1%. You can say the top and the and and the lower is approximately -1.5% versus +3.5%, you can say the range is fairly wide.

There is it's quite some uncertainty on what will what will happen. If you look at the EBITDA, we expect a range between 400 and 480, including these 35 million in restructuring costs.

Again, if we make it comparable with '25, you take the midrange, we say that's 440, you add 35 million, that means that that we are basically expect an underlying performance of 525 versus 503. Actually, we are expecting a albeit small improvement.

Bear in mind that the positive impact from the acquisition will not start to materialize before H2. That's part of it.

We are absolutely convinced that when we move forward, this will contribute to increase the margin in Solar, whereas in '26, it will dilute the margin. I think that was the last comment I had to our expectations.

Thank you, Michael. Now it's time for questions, please.

It doesn't seem to be the case. Then I will allow myself to conclude that the webcast is over, and you may have a very nice day.

Thank you for listening in.