Thank you very much, Anders, for having us today for our presentation of the Q3 report and for the Q&A session afterwards with some very interesting questions that we have received. Do you want to add anything, Jens, before we start?

No, that's fine. I will welcome everybody.

Very good. First, a little slide here.

Yeah. The agenda is, as previous quarterly reports, our main activities in Q3, Q3 report highlights that Jens will go through, and then 2025 outlook and guidance, and then questions and answers of the questions that have been submitted earlier.

Q3, we have been signing new clients. Not all of them have been in press releases.

One in commercial maritime, which is shipping, two in energy, one in government defense, and one in LandRisk. We've had significant upsell to existing clients during renewals.

We, unfortunately, as many will know, had a termination of a major US government client license agreement. We've had a growing pipeline with sales lead generation, what you can call inbound leads.

We have continued development of the five business segments that we've been working on during the year. We've had a partner launch with NAVTOR of NavStation, their existing product with the Risk Intelligence System layer end September, at the very end of the quarter.

We also initiated strategy development, including a new commercial strategy that will be finalized and launched during 2026. Over to you, Jens.

Thank you. As usual, we will not go through all numbers, but we have highlighted some of the, as we think, are the more interesting.

Recognized revenue, we were up 9% compared to the quarter last year. Of course, the invoiced revenue was impacted by the US government client that Hans just mentioned, we are 12% below the same quarter last year.

Our cost are still in good shape, as we would say, 2% lower than last year. Of course, that gives some leverage to the bottom line on EBITDA, which we have a positive EBITDA of 758,000, which is the third quarter in a row where we actually have positive EBITDA.

That's more or less that for the quarter in terms of numbers. I cannot.

Can you? Thank you.

If we look at the year-to-date, similar numbers or trends. We are up by 12% by the top line, the recognized revenue.

Invoiced, more or less exactly the same level as last year, and of course, impacted again by the missing US government client. Cost, total cost, 3% lower for the nine-month period, which gives, of course, a leverage or a spread of the 15% in terms of the revenue and the lower cost, which gives a positive EBITDA of 1 million, which is almost 3 million higher than 2024.

Yeah. A more graphical presentation, but again, you can see the quarters in revenues.

All three quarters are showing growth on the recognized revenue. In terms of the metrics, of course, impact by a missing US government client.

The churn first, 7.5%, I'm not sure if it's record high, but it's close to. Then total ARR, a small growth of 2%.

The system ARR impact and 1% lower than last year. NRR, again, impact by the missing client that we had last year and we don't have now.

So, 80% on the NRR compared with 165% 164% for 2024. That's more or less that.

Over to you, Hans.

It's just to say that we haven't changed anything in the guidance for 2025. Thank you.

There are several factors which may increase ARR, namely new deals to be closed in Q4, upsell as part of the large number of renewals in Q4. We are just in the middle of them.

We almost finalized the whole renewal process of 44 clients. Recurring revenue from partner sales of our data in Q4 and for 2026, as well as already known price and contract increases during 2026.

That what's kind of composes the total ARR for 31st of December and, of course, onwards.

Yes. As already mentioned, we actually closed one agreement with a cargo owner during the reporting period and have several in the pipeline.

It has been difficult to close agreements with the smaller and medium-sized potential clients in logistics. Actually, we have some success in cargo owners, which are obviously much bigger companies often, but not so much success in the smaller and medium-sized logistics companies.

The third question is around your commercial strategy. With the current geopolitical situation, we can agree that your system should be a fit for many more clients, B2G and B2B.

Are you satisfied with the current closings, or would it be relevant to ramp up aiming for much more in 2026 with the costs related to this as well? Yes.

As mentioned earlier in the presentation, we are working on a new strategy, including a new commercial strategy, which will be launched during 2026. Through the transition with the five business segments, both business-to-government and business-to-business will be addressed in this strategy.

That's a very good question. As the US fiscal budget only has been extended until 31st of January, then it can only take place after this date if and when there is a permanent agreement for the full fiscal year until 30th September next year, and only if they see the same requirements as earlier.

In other words, we actually don't know, and we cannot ask about it until after the 31st of January if the budget is in place by 31st of January.

The contract system in the US, the federal contract system, is quite complicated. A contract like ours is a contract for five years, but it has to be approved, i.e., executed every year in a kind of independent process based on what was agreed in the framework agreement.

There are no evergreen contracts with the US government, no that is just automatically renewed. When it comes to commercial clients, and if we have multi-year agreements, then they cannot get out of these agreements unless there is compensation involved.

That doesn't go for contracts like this. We have no indication if and when, as already mentioned, the contract may be renewed due to the current budgetary situation.

That's basically the same response, that since the extension of the federal budget was only until 31st of January, we have to wait until then to raise the question and approach them again and maybe other parts of the same organization.

Yeah. A very large proportion of our clients are around our ARPU, and maybe a little bit more plus because we also have advisory services on top of the ARPU.

That's probably, let's say, about 95% of our revenue. Our pipeline activities focuses on these.

A company like ours obviously cannot say no to a very large client just to reduce the risk of losing it again. That doesn't make any sense.

We will say yes to them and we will know that there is some risk losing them, but well knowing that the 90% to 95% of the remaining revenue is distributed on a much higher number of individual clients. Then

As described in the press release of 29th of September, when we went to the market and NAVTOR came to the market with this launch, NavStation is a product used onboard the vessel and is currently installed on more than 8,000 vessels, which now have the option to add a Risk Intelligence layer to their NavStation suite. It is done on a company level, but for the ships.

Few of our mutual clients have the Risk Intelligence System on their vessels, and some of those that have it on the vessels only have it on part of the fleet, while the NavStation is on the total number of vessels in their fleet. They can opt to migrate to NavStation at no loss of revenue to Risk Intelligence.

This is only a very small subset of the 8,000 vessels that have NavStation. In other words, this is part of our strategy to deepen our existing market by selling more to the same client segments, and as such, there is no risk of cannibalization.

The launch of the product creates a new revenue stream, both for Risk Intelligence and for NAVTOR.

Yes, as you could see from the growth numbers with +2% and -1%, then it certainly correct. Our ARR is not the full kind of expression of our revenue.

ARR is composed of renewals, upsell to existing clients, new sales to new clients, any churn or reduction of existing client contracts, and then recurring revenue from partners. As mentioned in the press release at the time of the termination, we expect the ARR loss to be replaced in the upcoming quarters.

Secondly, the result is a combination of all revenues: System, Intelligence Reports, and Advisory Services, and all costs plus depreciation and tax obviously to get a net result. You have to look at the bigger picture.

This is what we communicated at the time.

We haven't communicated anything on expectations of a changing timing of profitability. We have actually positive cash flow from operations before financial costs of 813,000 in Q3, and we expect to continue this positive trend.

This basically mean that our operating costs minus the financial ones are covered by our turnover. Our current planning is based on refinancing while reducing existing debt at the same time.

Subsequently, we are not looking at any emissions.

Yeah. Thank you for coming today to watch this or looking at it as being streamed later.

Also, thank you very much for the very good questions. I think these questions are very good indicator of the interest of our business and what we do.

It's very good process to get these and to answer them as much as and as best as we can. We always have the little caveat that if there is anything major for the market, we cannot disclose it at these kind of discussions or presentations.

It has to be in press releases. Thank you very much today.

Over to you, Jens.

Thank you for the time, and thank you for today. That's my words.

Finally.