Thank you, Arina. Thank you, everybody, to be with us today to listen to our Q4 earnings call.

Next slide, please. Before jumping into the Q4 numbers and highlights, I would like to spend a few minutes explaining Tekna a bit for those of you that are less familiar.

Tekna comes back to the 1990, and everything that we do at Tekna is around ICP, that is stand for inductively coupled plasma technology. It initially started with a system provider for nanomaterial and spherical powders, and eventually in the year 2000, our customer started using our plasma torch to recreate or simulate the harsh environment that the space rocket experience when they come back, they re-enter the atmosphere.

Also another examples, when an hypersonic plane fly at very high speed, they experience the same kind of environment. Our systems are excellent to recreate those environments, universities and corporate R&D are using those plasma torch to simulate and test new material for thermal protection system, and we call this product line PlasmaSonic.

In the year 2010, Tekna started using its own ICP technology to develop spherical metallic powder for additive manufacturing. Since we started so many years ago, we were one of the first mover in this market back then.

As you can see on the graph on the right, we have been experiencing steady growth in selling spherical powder for additive manufacturing. We are in a very well position, given the fact that we were one of the early adopter of that technology.

Next slide. Fast-forward from 1990 to 2026, we have finally reached profitability inflection point.

In Q3 Q4, we posted positive EBITDA for the first time, and it's the results of multi-year of investment in development, either system or powder, in production capacity, and customer qualification. We are in a position now, a world-leading provider of advanced material for additive manufacturing.

We are in a position to capture a good share of the growth of this market with healthy contribution margin. On the system side, we have very attractive unit of economic, very healthy contribution margin.

It's a business line that is more lumpy, we get less regular order, such that we're managing cost such that we can adapt to the lower order period. In both business area, we're in a good position to execute on our plan, which is grow double-digit toward 2030 and achieve 15% to 20% EBITDA also toward 2030, in a market that is forecasted to grow at about 20% rate if you look at the additive manufacturing market forecaster.

We're a bit more conservative on the top-line growth because we're focusing a lot on growing the bottom line also, we're focusing on the highest quality revenue. As Espen will show, we now have a very robust balance sheet thanks to the refinancing that we went through in Q4.

We see additional revenue opportunity also on top of the plan that we have presented, we are studying those opportunity. I will talk a bit about that in the next few slides.

We go very carefully, making sure that we invest in the one that will provide the best ROI. Next slide.

About the highlight for the fourth quarter, our revenue increase by 2% year-over-year. We had excellent performance in the material business area.

We achieve overall 60% contribution margin with 59% from the material business area. If you couple that with our cost reduction effort that we have implemented in the past 2 years, we have achieve a record EBITDA at $900,000, or 9% of revenue.

Order intake also were very good in Q4, $12.2 million, 27% higher than the same period last year, such that we enter into 2026 with a very healthy backlog at $20.5 million, $17.4 million of it is for material. As you can see on the right there, on the material business unit, throughout 2025, we experience steady growth both on revenue and contribution margin.

As I said, on the system side, it's a bit more lumpy due to the fact that the order are not coming regularly, but we had very good order in Q4 for the system BU also. Next slide.

Now I turn it to Espen for the detailed numbers.

Great. Thank you.

Hello, everybody. First, let's dive into materials business.

Materials business delivered a record quarter. Revenue reached $8 million, driven by aerospace and defense demand from established OEM customers in North America and Europe.

Order intake $9.1 million, bringing a full-year order intake to also a record. Backlog grew to $17.4 million in materials, which is up 46% year year-over-year.

We had two notable orders in the quarter: a $2 million and a $1.3 million order from tier 1 aerospace and defense customers in the US and Europe. This is exactly the type of larger strategic orders we are building towards.

On margins, we reached 59%, up 21 percentage points from 38% a year ago. This reflects an improved product mix and increased sales of larger particle sizes.

I also want to highlight two important milestones in the quarter: that we attained Nadcap accreditation for metal powder production, which is a key quality standard in aerospace, and we established a strategic partnership with Burloak Technologies to supply materials for the MDA Aurora satellite program. Next slide, please.

This slides illustrate the commercial momentum that we are building in materials. First, on the left, you can see that the average revenue per customer has been growing steadily.

More and more customers are increasing their annual consumption, moving from development and qualification into recurring production. Back in 2020, only about 21% of our customers bought for more than 100 100k per year.

That share has now grown consistently to now 37%. On the right, we see that the share of larger customers continues to increase, and this is a result of our positioning upstream in the value chain.

Once customers qualify our powders into their production processes, the relationship becomes very sticky, and we prioritize this type of scaling. We are seeing this play out in practice with customers placing larger orders and growing our recurring revenue base.

Next slide, please. Let's look at system business that improved both margins and bookings.

Revenues was $1.8 million, down 16% year-over-year. This is a more volatile business, and the past year has been impacted by US government shutdowns, budget funding delays, and tariff uncertainties affecting overall project timelines.

That said, order intake in Q4 was 3.1 $3.1 million. We secured three new systems orders in the quarter, and the sales pipeline continues to advance, with some orders anticipated in the first half of '26.

Margins were strong at 62%, up from 51%, driven by the type and size of the systems that we delivered. I should note that the full-year margin was impacted by a $400,000 tariff expense that we had in Q1 '25, which we do expect to recover during 2026.

Meanwhile, we do have cost containment measures in place. Given the lower activity level in this business, we are also managing this business prudently while the pipeline develops.

Next slide, please. This slide shows the results of the efficiency program that we initiated in 2023.

The graph is clear: we have brought indirect personnel costs down by 24%, reached a level that we expect to maintain going forward, with more than $1.2 million reduced quarterly when compared 20 Q4 to Q1 '23. Last year, headcount was reduced from 222 to 158, a 29% reduction.

In fact, if you analyze total salary cost savings, this will be including direct staff and indirect staff between the end of '23 and '25, now expanding through 2 years, the reduction would be $7 million compared the two points to each other. Importantly, these are not one-off measures.

Many of these reductions have recurring effects, and this is a structurally leaner organization. We have simplified the operation, reduced complexity, and positioned the cost space at a level that supports profitable scaling.

Next slide, please. Next slide, please.

Yep, here we go. Let's talk about profitability.

We had a second consecutive EBITDA-positive quarter. Adjusted EBITDA, like Claude said, of record $900,000, an improvement year-over-year by $2.3 million.

Revenues were up 2% to $9.9 million, mainly driven by materials. The margins were very strong.

Contribution margins reached 60%, up from 41% a year ago. The materials margin improved from 38% to 59%, there the result of a more favorable product mix.

Systems recovered back to 62%, back to expected levels. On the cost side, operating expenses continued to come down, reflecting sustained savings of our efficiency program.

Personnel and operating cost reductions contributed positively, as you see in the two green bars in the graph, and partially offset by timing effects on grants, which is presented as other income, and also some negative effects from FX. The message here is we are delivering profitable growth, expanding margins, and a cost structure in place to support continued improvement.

With that, next slide, please. We'll have a quick view on the cash flow for the quarter.

The big picture here is that we ended the year with a cash position of $17.4 million, up just above 10 $10 million since last quarter, a strong position following a successful refinancing in Q4. If we start with the operations, the cash flow was negative with $1.2 million, but working capital was positive contributor as we reduced inventory following, among all things, the sale of these large materials fractions.

The negative P&L reflects also some one one-off realized FX losses and costs related to the equity raise. On investments, CapEx was limited to $300,000, in line with a lean maintenance approach.

Going forward, we expect '26 CapEx to be in the range of $1.5 to $2 million, which remains limited and also timing flexible. Yet we still have ample spare production capacity even beyond 2026.

On financing cash flow, this is where the quarter was transformative. We raised $40 million through an equity offering and used almost $29 million of this to repay a shareholder loan to Arendals Fossekompani.

This eliminates that financing cost and it simplifies the balance sheet, which brings us to the next slide, please. The balance sheet.

This story you probably then know. We completed the refinancing, $41 million, which at the time was announced 300 million NOK.

Net proceeds were about $40 million, about $1 million in costs, and minus the $21 million that we used to repay the shareholder loan. Then we see that the transformation is visible.

The equity ratio went from 28% to strong 77%, and we moved from about $27 million in net debt to almost 12 $12 million net cash positive, with a cash position of $17.4 million. Now we have a very strong and clean balance sheet and additional liquidity expected of about $6 million once the new credit facilities with Scotiabank are up and running.

Tekna is now fully funded and with financial flexibility to execute on the strategy. Thank you for following, and please take it from here, Claude.

Thank you, Espen. Now regarding the outlook, as we explained, we have observed excellent performance in the material business area with revenue growth, record backlog, very improved contribution margin.

We think that we are in a very good position to execute on our plan. As you can see on the top right on the graph regarding future growth, we're counting a lot on the material business area.

Our growth plan is mostly based on the material business area. There's some growth planned on the system business area that is more difficult to plan given the lumpiness of the business, but again, this business provide very healthy contribution margin, and we are managing costs such that we can go through the low period.

We think that in terms of geopolitical situation, of course there's some risk, but we also see some opportunity. The reshoring trend is very favorable to additive manufacturing, and as I said, we are one of the early mover in additive manufacturing.

We have been qualified with several customers in aerospace and defense and medical, once you get qualified, it's a very sticky business. Of course, the trends of increased defense spending is also very favorable in both business area.

We also look at other opportunity. Nanopowder for microelectronic, for multi-layer ceramic capacitor is one example.

We have been working for many years on that development. Still in Q4, we made significant progress with our customer, which one of the main MLCC manufacturer in Asia.

We keep working on it, we keep progressing, and as I said, in both business area, we are looking and starting to work on some opportunity to increase the growth rate even more. Next slide, Arina.

As a summary, very good Q4, continued margin expansion since Q3, very high order intake in Q4 in the material, and also it was the best quarter in the system business area in terms of order intake. The effort that we made to reduce the OpEx spending will continue moving forward.

In terms of CapEx, we're expecting $1.5 to $2 million. As Espen said, we have ample production capacity established, and we're in a good position cash-wise.

We think that the macroeconomic factors are supporting the growth moving forward, and we're in a very good position in the market that we play. That complete the presentation.

I think we're ready for Q&A.

Okay. I think just a backdrop here to keep in mind that we are still in a developing industry, this will not be a straight line upwards.

We have to expect some variation with a positive trend. First, we want to have a strong balance sheet.

We're not expecting to need it for this reason alone, but it's preferable that we have a solid balance sheet. We continue with disciplined capital management also going forward.

We will do some investments in production efficiency, which yet remains somewhat limited, and we also want to have flexibility. Should there be opportunities that rise, then we're also ready to invest in the right opportunities with the appropriate ROI.

That's a very good question. Actually, of course, there's always some price negotiation when you see customer growing their demand, but so far we've been able to manage that pretty efficiently.

We have to be mindful of our margin, and our customer understand that, cost does not necessarily scale down with volume. As we explained, once you get qualified with customers in aerospace and defense and medical, it's a pretty sticky business where it's very expensive for our customer to requalify another supplier.

They cannot just play a supplier against the other for every single order. It's a much more stickier business.

As you have seen, we've been growing customers' order in the past few years, and especially in the last year, and we have been improving contribution margin at the same time very significantly. Far, that's something that we've been able to manage quite efficiently.

That's something that we're mindful of. We can buy our, especially when it come to titanium raw material, we can buy it from quite a few countries, but of course, everybody know that wire from China are less expensive than any other place in the world.

It's certainly a risk that we have been talking about in the past presentation, something that we are managing with firm supply agreement with our supplier. Again, so far we've been able to manage that quite efficiently, but we always have to have a plan B.

We have several

qualified when it come to raw material, especially titanium wire, because we use wire for our atomization process. Of course, it's a risk that we're actively managing by qualifying several suppliers.

Sorry, I haven't heard, Arina.

Very good question. In the other revenue opportunity that I have been talking about, this is something that we are seriously looking at.

I would not like to disclose the exact example at this stage because we want to study that carefully and make sure that we capture the opportunity before anybody else. Yes, this is something that we are looking at, especially on the system business side where we see some opportunity in providing some services on top of the hardware that we provide to our customer.

Yes. In terms of new alloy, right now our plan is really to focus on what we're good at: titanium, aluminum, and refractory metal.

Part of the organization simplification that we've been talking about is that we try to be laser-focused on what we do, making sure that we don't do too many thing at the same time. Since we are really, really good at those material, we're looking at developing new alloy, new titanium alloy and new aluminum alloy.

One thing to take into account is that since we do plasma atomization, we need to make sure that we choose the right alloy where we can really differentiate ourselves and be competitive, because we compete against EIGA and VIGA and other atomization technology that are better for some type of metal, and in our case, we need to focus on the one that we are really excellent at. That's what we're doing right now.

Thank you very much, everybody, for listening. Again, very proud of the performance that we have posted in the fourth quarter.

Thanks to our employees, because it's not only about market demand, it's not only about market position, but it's also about excellent execution. We've been able to deliver in all aspect during the fourth quarter, and it's all to the merit of our team across the world.

Thank you very much, and thank you very much, everybody, for listening.