Very good afternoon. My name is Mikko Kuusilehto, and I'm the Group CEO of Robit.

I'm today joined by our CFO, Arto Halonen, and we'll go through our quarter four as well as our full-year 2025 financial figures. Like always in the past also, we'll have a Q&A session in the end of the presentation, and we will go through firstly by myself the general figures and general sort of understanding of how our 2025 and Q4 went, and then Arto will go through the financial figures more in detail.

Like always, we'll start with a disclaimer with regards to the forward-looking statements. If we look at 2025, the year was financially a struggle for us.

We saw steep decline in our revenue, and that decline came through all the business areas as well as our sales areas. The sharpest drop was visible in our Australasia market.

That being said, it's also fair to say that the market circumstances were relatively good throughout the year. The mining sector is doing really well at the moment on a global scale, and we definitely saw when having those discussions with our customers and our potential customers that the momentum in the mining sector is really strong.

Unfortunately, we were not able to benefit from that good momentum in the market. When we look at the financial figures themselves, the orders that we received during 2025 decreased by roughly 10%, equating to a figure of just under €80 million, a drop from roughly €90 million in 2024.

Our net sales dropped to €78.8 million from roughly €90 million in 2024. Like said, the decrease was visible throughout all SBUs and all sales areas.

Due to the poor performance on our top line, our comparable EBIT decreased to €1.7 million from the €2.5 million in 2024. The decline was clearly visible and clearly caused by the drop in our top line, but also we had some headwind from the currency side, which had a negative impact on our EBIT.

On a more positive note, we did improve our net cash flow, and we were able to reduce the interest-bearing net liabilities during the course of the year. From our sustainability targets, our good momentum in decreasing the emission reductions continued, and we reached during the latter part of 2025 a level of -44.1% from the comparison year of 2020, taking into account that our target for 2030 is -50%.

Like said, the reduction in our turnover was visible throughout the region, especially the big drop was coming from the Australasia market. When we look at the net sales share divided between the different regions, we can clearly see that we are really dependent on the EMEA region, covering roughly 56% of the revenue collected in 2025.

If we then dig into the Q4, the last quarter of 2025, the downward trend with the revenue continued also during that quarter. On a more positive note, we were able to keep up the sales in the Americas region compared to the last quarter of 2024, and we were able to improve the revenue coming from the Down the Hole business sector during the last quarter of the year.

On the other side, we had a steep decrease on our Top Hammer side as well as a decrease on the Geotechnical business units. Our comparable EBIT for the last quarter was €0.5 million compared to the 0.8 level that we were able to collect during 2024.

Although we had done clear and massive cost-cutting operations during the course of the year, those were not sufficient to overcome the drop in our revenue, but though we can still see that those cost cuts had an impact on the profitability. If looking at the other metrics that we have on the sustainability side, besides the drop on the CO2 emission sides, it's also worth to highlight the positive improvement that we have had on our People Power Index.

The survey was conducted during the latter part of the year, and we were able to increase our global index from the 70.3 level in 2024 to roughly 72 72 points in 2025. If we then look at the innovations and offering side, during last year, we were able to bring to the market also new products, but on a more generic level, it's fair to sort of say that on the DTH side, a good work that we have been doing together with our customers has led to the fact that we have been able to improve significantly performance of our H-series hammers, and have been able to provide also the market with new innovations, such as the 18-inch DTH hammer for the Geotechnical side.

On the Top Hammer side, we have been able to gain momentum with the M-Bit series that was introduced during '25, as well as the extreme carbides on the bit side. Both of these have had an impact, though not a massive one yet, but we have seen good sort of good demand from the market and an interest in these new products that we have been able to provide to the market.

Arto. Thank you, Mikko.

I will go now through a bit more thoroughly the the financial figures for the Q4 as well as the full year '25. Starting off with the key figures for both of these.

The final quarter of the year was weaker than the comparison period despite the fact that there was a lot of positive market activity in the in the mining sector like Mikko highlighted. Our net sales in Q4 '25 declined by 13.8% to €18.4 million.

In in profitability, Q4 '25, our EBITDA percentage decreased to 7.1%. Our EBIT percentage in Q4 '25 decreased to 2.3%, and our Q4 '25 result of the period was €0.0 million compared to last year, €600,000.

Our full-year result of the period was -€0.2 million. With with profitability, there's three things that is good to understand.

One, it is the negative impact of currencies that we faced during the '25, which had an impact of €0.7 million compared to the '24 where we had positive impact of €0.6 million. Mikko highlighted the second topic when we have impact in the the profitability, that was the cost structure measures that that we did, and those had an impact during the second half of the year.

Third thing that I want to highlight is during '25, we had a healthy margins, but our top line decreased too much to kind of mitigate or or kind of that the healthy margins would have come through to the profitability. Now now looking at the Q4 '25, the net working capital, that that is one of those things that developed positively.

Our net working capital totaled to €37.8 million. In inventories, we see a decline, and and our inventories ended up to €37.8 million.

Our receivables decreased to €14.9 million. That's partially due to decline in sales, but also thorough actions in all the markets ensuring that that we collect our receivables.

Our payables decreased to €14.9 million, and net working capital percentage of the last 12-month sales was 48%, and that that remained flat during the last quarters. Then Q4 '25 and and financial year 2025 operating cash flow, that is also a topic that that Mikko highlighted that that developed positively.

Our cash flow before changes in net working capital was €1.2 million, our operating cash flow was €2.5 million, and cash flow from financing activities resulted to -€2.9 million. In financial position, our cash and cash equivalents at the end of '25 were €9.5 million compared to last year, €9 million, and our total interest-bearing loans and utilized credit limits were €24.6 million, including IFRS 16 liabilities of €3.4 million.

When it comes to our capital structure, that continued to strengthen. Our net debt decreased in '25 and was €15 million.

Our net debt/12-month rolling EBITDA ratio was 2.91 compared to last year, 2.90. We also mentioned during our Q3 or or to at the half-year half-year results review that that we expect that net debt/EBITDA will improve at the end of the year, and and and that that kind of expectation was was reached.

Our equity ratio remains strong at 52 percentage points. We renewed our financing agreement in June '25 that gives us the the possibility and and stability to focus to develop the business.

In in Robit, our financing agreement will be having the the maturity in June 2030. Loans from financial institutions at the end of Q4 '25 totaled to €21.1 million.

The the loan amortizations of biannually are in in June and December, and and those are €1.5 million in in those timeslots during the year. Robit has an interest rate swap to mitigate the the interest rate fluctuation, and and we have a €10 million interest rate swap, which took effect on 30th of June '25 and and is aligned with with the long-term loan.

Now I hand speech back to you, Mikko.

Thank you. Now when moving from the history to the future and looking at 2026, it's fair to sort of say that Robit has only one target for the year, which is the fact that we have to get back on the growth track.

Like has been communicated also in the past, our go-to-market strategy is based on the utilization of a large global distributor network, as well as doing some partial direct sales in certain selective markets. It's clear that when we look at the historical trend of our operations during the last couple of years, we have not been able to perform well in either strategies.

Therefore, it's clear that during the coming year and during the coming months, our focus will be on the fact that we work closely together with our distributors to ensure that we have a face-to-face customer contact with the end users, as well as our own direct sales encounters are with the end users, so that we can gain more momentum into our sales. With more close work with our partners, with more close contact with our end users, and with more activity in the market, we do expect that to lead to a positive trend in the sales, and ensuring that we get this downward trend of revenue development turned to a positive track in the coming future.

In addition, when looking at the focus areas for this year, it's also fair to say that when looking at how the market has been developing during the last years, especially when we look at the global tariff situation, as well as certain increases in raw materials, it's clear that we have to also have actions and methods how to try to mitigate those risks which are coming from both, the global tariffs which are going throughout the world at the moment, as well as the increases in raw material prices. Especially when we look at the tungsten price, which has soared during the last 6 to 9 months, reaching unprecedented heights compared to the historical normal level of the tungsten.

Last but not least, if looking at the guidance for this year, we do estimate that the net sales in 2026 will increase, and comparable EBIT profitability in euros will also improve compared to the 2025 figures. Then, if we look at the questions that has been put into the chat,

yes. I propose that allow me to read these questions out loud, and, Mikko, then you can provide the answers.

First question coming from Aapeli. How does your sales funnel look like between the different customer segments, and how has this developed within the past year?

Yeah. I won't be going into details with the sales funnel numbers, but coming back to what I said just recently with regards to the focus area, it's clear that there has to be a correlation between the sales funnel and the revenue development.

When looking at the history, and when we look at what we are aiming to gain during the coming year or the running year, it's clear that the focus has to be in the fact that we are also able to improve the sales funnel. I am strong believing the fact that through an active encounter with our end users and our distributors, we will be able to improve also the sales funnel, which will then in the end lead to the improvement in the turnover.

Thank you, Mikko. The second question from Aapeli.

You expect demand in the construction industry to develop positively in the H2. Have you seen any positive signs and in which geographical areas are relevant to Robit?

Yeah. We tend to sort of lean into this construction segment and give sort of assumptions on how the business will develop, and it's clear that it is a significant segment for us.

When returning back and looking how our turnover and revenue is divided between different regions, we are heavily dependent, like I said, on the EMEA region. Through that region also, we do see that the construction sector plays an impact in that revenue that we are gaining from that market.

That being said, it is also visible in certain other market areas, such as Asia, where we also are active in the infrastructure sector. When looking at the development of that sector, are there any sort of positive signs that the change will come?

I would say that when looking at the Nordic market itself, there are sort of weak signals at the moment that a better year might come out from 2026 compared to 2025. Then when you consider that how long it takes from the fact that we are getting orders into it sort of realizing in our revenue, and when you take the seasonality effect of the construction sector, especially here in the Nordic countries, it's fair to say that sort of load will then be rather on the H2 side than the H1 side.

Thank you, Mikko. Next question.

Where do we expect the demand to pick up?

We are not limited geographically to the fact that the demand would be coming from a certain area. When you look at the market share that we have in all market areas where we are operating, our market share does not limit us from growth.

It's clear that we have certain market areas that we are focusing heavily on to gain momentum, but I do sort of expect that all regions in our portfolio will be performing better this year than last year.

Thank you, Mikko. The next question is related to tungsten.

Tungsten prices have soared. How have you been handling the situation, and are you able to move these to the end prices?

Is there some kind of a lag between the price adjustment?

Yes, the tungsten price, which is a key raw material in the bits, has, like Aapeli Aapeli put it there, soared during the last sort of 6 months. It's clear that this is an impact that we must carry into the prices.

We do not have those muscles to bear that cost increase which has come. We're doing the best we can to mitigate those risks and take actions so that we can ensure that we remain cost-competitive in the market, but also ensure that we are not sacrificing the profitability due to this massive increase which has happened during the last months.

Thank you. Are there any cost pressures currently or financial year '26 that you're seeing?

Apart from tungsten side, I think generally the cost pressure is the normal cost pressure which is coming from the standard inflation and related topics. Otherwise, we don't sort of foresee any sort of other abnormal actions to come, apart then what can be coming from the tariffs, but they are not in that sense cost pressures.

Thank you very much. The next question coming from Heikki.

Are all the business segments with so low profitability, or how much do they differ from each other?

I think we have not highlighted, and we have not been giving out the business segment level profitability figures in the past. There is deviation between them, and as well as there's, of course, deviation between different markets.

Of course, we do take sort of clear and conscious looking into those numbers and try to find ways how to improve all profitability figures when that is needed in, whether it's the SBU side or whether it's geographical.

Thank you. I'll take the next question also from Heikki.

You mentioned in a fireside event that all the segments are very different from each other. Wouldn't this mean that the segment reporting should be changed to also include profitability levels?

Allow me to also answer this to build on your answer. A valid question.

Far, we have decided that we will continue with the current reporting structure, which means that we will not provide the profitability of the SBUs. Now the next question from Heikki.

If and when the construction industry does not develop positively in H2, the guidance will not hold, and sales and profit will continue to decline. Have I understood your guidance correctly?

No. When considering the market size and the focus areas and those market areas where we are focusing, it's of course clear that when looking at the historical, and like I said earlier, we are really dependent on the EMEA region.

The fact is that there's enough market also in the other segments to gain growth from. It's also a fact that there's also a possibility for us to gain market share in the existing markets where we are operating.

Of course, our actions are directed towards the growth, which is not just dependent on how the market is developing. It's, like I said earlier, the market share that we are having in our business, regardless of the region, is on that level that there's plenty of room for us to gain also market share without taking into consideration the headwind or the tailwind which might be coming from different markets or segments.

Thank you, Mikko. The next question coming from Aapeli.

How do you see net working capital developing going forward if revenue grows according to guidance?

Yeah. I think our actions will be directed towards the fact that we are able to keep up the positive development that we have had on the net working capital side.

Yeah. I can also build on this one.

The net working capital percentage of the 12-month sales, I would expect that to be pretty similar level. However, understanding that if we gain more sales, we need the availability, and that means a bit higher inventories.

With increased sales, the receivables would increase, and the payables would most likely also increase to the need to acquire more material to the production. The second topic why I expect the net working capital also to increase is the tungsten price, which will have an impact also to the raw materials as well as the end products.

There aren't any further questions at this point. Thank you for everybody who was on the line, and thank you for all the very very good questions.

Thank you.