On behalf of every single employee from the Doro Group and from Xplora, we are honored to welcome all our investors to our home, to our new headquarter, and mark the starting point for our next journey, the next stage. To every single employee in our company, I'm honored and proud to present, I think it's the first time I will say this, fantastic number.

We look forward for today. We will get the agenda on the screen in a second.

We have a slightly different format today. It's a little bit longer.

I will start with the Q4 highlights as normal. Knut will take you through some of the financial detail afterward.

We have extended our operational update a little bit. I've been told that by magic, Kjetil will appear on this screen when we start with the sales development.

After that, Lise will take you through some marketing updates, in particular some details of our newly launched product. Then we also have Tommy, newly appointed Business Unit Director to continue to lead Doro when Kjetil is coming back home.

He will present some of the latest update from Doro today. Then at the end, I will continue with the road ahead and give a little bit more insight what to come and what to expect.

Probably 45 minutes today, and we'll, of course, end with a Q&A session. I wanted to take just a minute to emphasize on a couple of the things we presented during Q3 before we go into the number.

Because last quarter when we presented Q3, we had worked very hard after the acquisition of Doro to really look into, jointly with the Doro team, to understand if it's a possibility how we can continue to grow that business as well. As the more unit we will sell, the bigger is the potential to eventually to convert to SIM and connectivity.

The number of units will be the enabler for the success of the SIM. In Q3, we were very happy to report for the first time in quite some time, we actually had a growth.

That was the topic last time. We also presented to you all our new product grid, meaning that we would introduce more product in our overall portfolio.

Again, why is that important? The number of unit will still be very important for how many SIM card and services we eventually can connect.

We presented that to you as well. Also one very important thing, and I will continue to repeat this for many, many quarters to come, we also presented how can you measure our success?

It's based on three KPI from our point of view. It's our ability to increase our gross profit, it's our EBITDA after our CapEx, and it's about being on the secure path to 1 million subscription.

Everything we'll do is related to performing well on those three KPIs. We reinforced the path to 1 million subscription, and something we always regret once we say it in a quarter that was very strong in Q3, we felt bold, we said we expect Q4 to be even better.

It kind of put the bar and had everyone to really deliver their best for Q4. All right.

High level, strongest number we have ever been able to present. Our group revenue, as you can see, north of 600 million, up 150+%, of which our recurring services 91 million, and as we ended subscription at 476.

One of the key KPIs again I mentioned, our gross profit, we were able to fight that well north of 300 million, up 179%. Believe me when I said we were fighting to get that 1 million extra on the EBITDA to report north of 100 million.

Also after CapEx, Knut will come into the details, EBITDA after CapEx at 97 million, plus 83 million year-on-year. As we also will discuss a little bit later today, very healthy cash balance at 423.

Again, I would like also the investor, when you start to dig into the number, to see the development and cross-check it against our key KPIs related to gross profit, our subscription, and the EBITDA after CapEx. All right.

Before Knut will take you through all the details, I just wanted also to bring a couple of minutes attention to the status the road to 1 million and also how we see that to be broken down. We get a lot of question on that, of course, and actually it's not simple to execute, but the math is quite simple.

In order to make it even easier to follow and also even easier for the investor to have really good conversation with us in the years to come as well, here is basically the breakdown of that million. Rounded numbers, but as you can see the status roughly, we have 475,000 subscription as of today.

As you all know, we have basically had one product in the market that has yielded 475,000 subscription so far. When we are breaking the number down on our path to 1 million, we invited everyone to a capital market day back in 2024, and we said it's now one number we will keep in mind, the path to 1 million.

We said we are thinking long-term. What does long-term mean?

It's roughly 4 to 5 years, meaning 24, 5, 6, 7, 8, 9, it should happen somewhere between 28 and 29. Our starting point, 475.

What we need to achieve and what you really need to measure us on is our ability to every single year deliver roughly north of 100,000 new subscription, new subscription to add on the 475. Now it will not just come from kids, it will be from kids and youth.

We have allowed ourselves to get a little bit more tool in our toolbox to make sure we stay north of 100,000 per year. Mathematically, that will bring us to 325-ish on top.

The last part of it is, of course, the number that will come from Doro or from the senior market. We are expecting over the next 3 to 4 year to add roughly 200,000 subscription from the senior category.

Of course, there are a couple of thing that is very important in that regard. We have managed 475 from roughly selling 500,000 watches per year, and the pool from Doro is roughly a million.

Of course, we are starting now a little bit later than we have with our kids' smartwatches. Roughly it's expected 200,000 to come from Doro and senior.

One thing that is very important to mention, that will not be a linear curve, you shouldn't divide that in 3 and say that's roughly 70,000 per year. As we will come back to a little bit more in this presentation, we have historical data point, we know exactly how that curve will be generated, and it's exponentially.

We'll come a little bit more to that later. That's really the breakdown which eventually will then take us to 1 million within our timeframe, 28 to 29.

That is our commitment, and that's what we should be held accountable to achieve or not. I think everyone agree on if we can deliver 1 million subscription, we have done well.

Also to further reinforce that million within the timeline, it will happen organically and/or inorganically. More on that to come as well.

With that, Knut, floor is yours.

Thank you. Good morning.

I'm very happy to present the numbers for Q4. We are a completely different company now compared to a year ago.

We made the offer for Doro in January, our reported figures are still then, comparing Xplora Q4 versus, the combined entity, for 2025. As you can see, all the percentages are large and big.

Like to address a few of them. You can also see that revenue is increasing 154%.

Gross profit, even more, meaning it scales. EBITDA reported almost five times higher than a year ago.

CapEx is in the quarter, on 4 million, and EBITDA after CapEx ended on 97 million. When it come to full year 2025, we managed revenue of 100- 1 mil- 1 billion 918 million, with a gross profit for almost a billion.

The EBITDA reported, this is 241 million. That's also includes some one-offs.

CapEx is where we expected to be in the quarter. If you then look at the more, comparable view when you do the pro forma view, when you compare full group, last year with full group, this year, you can still see that we have a, a increase in almost all metrics.

The change on revenue in the quarter, 19% up to 606 million, gross profit, even a higher increase to 312, and the EBITDA to 101. Pro forma last year, we had 69 million, and as you see, it's 46% up year-over-year.

Also for the full year, you can also see the same, development, with, a percentage of revenue, 13%, almost double on gross profit, and you see the EBITDA reported is, also on that level, and the EBITDA after CapEx, even stronger. This business is scaling.

When you go into the whole group, we have 367 million year-over-year growth in revenue. Gross profit continues to be on a high level, 51% in the quarter.

As you see, the EBITDA of 100, we passed 100 in Q4. It's no one-offs that we included in the Q4 numbers.

There are always items that you could consider as one-offs, but in Q4, we did not, recognize any cost to be, as as considered to be one-offs. When you go into the kids and youth segment, read, Xplora, historically, we have a increase year-over-year on the revenue side, 3%.

What's even more important is how we actually generate gross profit based on the revenue that we have. That is substantially also increasing from 112 to 128, meaning that we are selling to a good price to the right channel, and we are optimizing the cost of goods on on this.

That's quite important. We will always sell to a customer that we can earn more on instead of maybe something that we don't earn that much on.

Then we have the senior segment, meaning, the Doro operation, that reach a outstanding 363, million, revenue number, up from 289. It's led by several important thing, and both Kjetil and Tommy is going to give a little bit more insight into it.

It is, of course, very good job by the team. They have a very good product portfolio.

They are able to deliver, and that's quite important in in this market. There are also, some benefits from the movement from 2G to, to 3G and 4G.

This is, a outstanding, revenue number. You can also see that they continue also to increase gross profit in, as gross margin and gross profit, based on this.

I have been touching the majority of, this this numbers, and, here we have also only presenting the their reported number, it, it shows a strong, development, but majority some of this, increase is, of course, related to us not consolidating in 2024 numbers. For the full year, EBIT is up NOK 137 to NOK 164, and that's quite a substantial number for us.

Can also see that the net cost of 14 million in finance expenses, that's approximately the level that we pay interest on for the loan, acquisition loan. There are limited, translation gains and and losses in the quarter.

This graph, I showed it a couple of times. It's shows then how the long-term OpEx percentage is compared with the long-term revenue development, and it continues to go down.

You should also note that Doro delisted, at 17th of December, we are still operating as two very separate entity, as of as of now. We are working, to, to handle the remaining 3% minority shareholders that we expect to be done with during sometimes during Q2, not to overpromise anything.

Balance sheet, it's quite similar to what we presented in, Q3. I commented then on the inventory.

The inventory in the kids and youth segment is approximately 100 million, and we have been on that level for, been between 80 and 100 million for, quite a lot of, quarters, we are on the right level. On the senior side, the it's it's then the remaining inventory, and it's quite important when you have this many new, good products, and then you are able to also deliver on opportunities generating a very strong, revenue growth.

We have total debt, if you include the loan and the the supply chain facilities, of 950 million. Then the cash flow, we generated a good, positive cash flow from from the operation, but as you see, we spent almost 80 million on paying out the the minority shareholders, arriving to 90%, 97% ownership of of Doro.

Cash is still strong and healthy, end of, year, 423 million. That's my part.

Then we have Kjetil, magic man.

Good morning, everyone. I hope you can hear me.

Right, I hope you can hear me. I will start by talking about the smartwatch activations in Q4.

We saw so that we here also have a very high number of activated watches. It increased by 15,000 year-over-year for the quarter, or 12%.

We activated then 135,000 watches. When we then compare the, let's say the number of units sold with the number of units activated, we see that we activated for the full year 516,000 watches, while we sold 460.

That means that we substantially have reduced the number of watches in the channels, meaning laying with different telcos and distributors. When it comes to where we activated them, we see that 23% in the Nordics and then 75% in the other markets.

If you go to, then compare, a little bit with the number of, activated watches with the the share of watches activated with recurring service, we see that we are on a last 12-month basis continuing to grow the share of activated watches, back 2 years. It was 29%, then it increased to 37% a year ago, and now in Q4 25, it was 38%.

The watch activations is actually the first time, a consumer uses the watch, and it reflects the total channel sellout through the Xplora web shops, Xplora on Amazon, and through telcos and retailers. The service subscription base reached 476,000 subscriptions end of last year.

That was a 33% year-over-year growth, and we had a net growth then of 118,000, compared to the previous period. We have four key subscriptions factors.

We have the mobile subscriptions, which has the highest ARPU. We ended the quarter with 306,000, that was up 48,000 year-over-year, or 19%.

We see that the growth outside of the Nordic region is stronger than the average or than the total growth, 51% outside of the Nordic, with Germany really leading the way and an outstanding performance, 88% year-over-year growth. We ended then Q4 in Germany with 71,000 subscriptions.

The second service is the premium, the Activity Platform, where we now have 121,000 subscriptions, and that is our key value-added services for the kids segment. That was a growth of 47,000, or 62%.

The B2B subscriptions have reached 32,000, that was plus 13,000, or 64% growth. The service fee has now been introduced also in Spain, leading to a 10k year-over-year growth, or 186%.

The service revenue increased by 19%, to 91 million in Q4. The annual recurring revenue reached 366 million.

We see that the service revenue from outside of the Nordics continue to grow, this time with 6 percentage points, from 17 to 23%. Strongest one again, Germany, 94% year-over-year growth, and it has now become our third-biggest service revenue market after Norway and Sweden, contributing to 13.5 million revenue in the quarter.

To look, now at the ARPU, this time we have decided to show the ARPU, which is the average revenue per subscriber per month, and show it a bit more granular than previously. We see the upper red line, showing 114 NOK, ARPU, is the Nordic markets.

Now with Germany growing that strongly, and Germany having, lower ARPU, we see that it would this will then affect the total ARPU. That is the reason why we want to show it this way.

There is no price decrease, it's just simply the mix of subscriptions in the respective markets. The group service margin target is about 80%, or 80% plus.

We see that as our target based on the expected long-term market mix, referring to the graph on the left-hand side. We have a higher both ARPU and margin in the Nordic markets.

We have a stable subscription growth, and substantial part of the subscribers are on 12-month, contracts. In the DACH region, the DACH, the German market is much more, price-sensitive, than the Nordic markets.

That's where we have a somewhat lower ARPU and a bit lower, margin. Here we see a very, very strong subscription growth, and we have 95% of the subscriptions on 24-month contracts.

Looking then into, what's then referred to with the rollout model, here on the left-hand side in the graph, you see how, some of the key markets have developed over time. You see that, Denmark as an example, the blue line, is working, is growing, stable by being in the market now for 20, quarters.

We see that it typically takes 1.5 to 2 years before you get this exponential, effect like you now see in in Germany. Growing from a very low number, 1.5, 2 years ago, now up to 71,000, and that is the, steep line.

We see that, the markets that we are entering into now with, Doro Connect are very, very large, markets. France, UK, Germany are the largest Doro markets, where we have, very large, segment of users and then also a high installed base of phones.

We also see that, the UK, and, France are the two strongest markets, together with the Nordics, of course, of Doro, and we can really benefit on the sales organization, across the companies. While, Xplora has its strongest position relatively in the German market, which is Doro's weakest market.

Great, outlook when it comes to synergies between, the two businesses, and also our experience in in the growth curve. Looking then into how, Doro has performed, I start with sharing, the unit sales, which was, 18% year-over-year when it comes to phones.

Knut and Sten referred to a 35% revenue growth. That means that we have, both, a very high sales increase, but on top of that, an even stronger revenue increase.

We see that the number of the mobile phones sold in the quarter was 381,000, that was plus 18%, and we have growth both for the feature phones and for the important, Aurora smartphone range. We expected a we experienced a very, very strong, demand for, the Leva series, the feature phones, as a result of the transition, into 4G, meaning phasing out 2 and 3G in some of the key, markets, especially France and the UK.

We see that we have, a very strong revenue growth, in the respective, regions. We had very close to 100% market share in the Nordics in Q4, there was a growth of 44.2%, now talking revenue figures, while in Western and Southern Europe, mainly France, plus 24%.

Then we have totally restructured the German operations. We have closed down our internal distributor, IVS, which was a daughter company, and Germany is the smallest region, for Doro, while it's the biggest for, Xplora.

We have already now, changed the distribution set up, meaning closed internal distribution distributor, and we have set up agreements with external distributors, and we are restructuring the sales organization. UK and Ireland, percentages, plus 50.90%, very much driven, by some very, very large, orders from, from the key customers.

That concludes my part. Thank you.

Great. Thank you, Kjetil, and good morning, everyone.

Since our last presentation in November, we have in marketing been very busy, and we have been, in particular, focused on two key areas that I want to share with you today. The first is our all-up company story and corporate brand platform, and the second is Xplora 1, the launch of Xplora 1.

If I start with our company story, we now show up as Xplora Technologies, one unified technology group and corporate brand with two consumer brands, Xplora and Doro. A decade ago, we pioneered the kids' smartwatch category in Europe, and now with this expanded portfolio of children's and youth solutions and Doro, we now support families across all life stages.

Let's have a look.

At Xplora Technologies, we design smart products and services that keep families and loved ones connected and safe, while inspiring balance between screens and real life. Our journey began with a simple, brave idea, rethinking how families connect.

From revolutionizing the kids' smartwatch to creating phones and communication solutions for all ages, we are trusted to put digital inclusion, safety, and well-being first. The right technology at the right time.

Rooted in our Scandinavian heritage, our purpose is clear: to build a safer, healthier digital life for all generations. Because we envision a world where technology empowers families to live more freely and connect with what matters most.

Xplora Technologies: building a safer, healthier digital life for all generations.

We have a clear purpose: building a safer, healthier digital life for all generations. As the video said, we're rooted in our Scandinavian values of safety, trust, innovation, and we're family first because families are our customers.

We design technology that helps families connect with what truly matters without that noise of all that the noise that is dominated on the internet today. Next week marks a major milestone as well for us.

We are jointly showing up as one company at the Mobile World Congress and positioning Xplora Technologies as the European leader in family IoT. Now if we look at the children and youth segment first, and you may recognize this picture from last time, our concept is age-appropriate technology where children are responsibly introduced to a safe, healthy digital life.

The core entry point is our smartwatches for the youngest children. As you've heard earlier today, this continues to strengthen.

Then we have now expanded our portfolio to the next step with Xplora 1, which bridges the gap between the smartwatch and a full-blown smartphone. We're also growing the Xplora smart ecosystem with Fusion X1 and the Teen Filter collaboration with Samsung.

Together, these create a clear path as the child grows with more digital independence. This expanded portfolio allows us to, one, reach more users, a bigger target segment; two, it extends the lifetime value of our customers; and three, it creates stronger cross-sell opportunities across age groups.

Xplora 1, I hope you've seen it, it is one of the most important category expansions in our history. It is not a simplified smartphone, it is a purpose-built start phone for children ages 9 to 12.

It has no social media, it has no internet, it has no App Store. It only gives children access to the essentials in terms of safe and controlled communication.

It directly addresses a highly timely and urgent social need. We know that parents everywhere are struggling with the impact of early smartphone exposure, from screen addiction to social media pressure to mental health.

We know that Meta, Mark Zuckerberg, are currently being pulled over the coals for this, in Washington, D.C. We know that families are asking for healthier alternatives, and Xplora 1 exactly fills this gap.

Communication is secure, it's limited to approved contacts, and parents manage all settings through the parent app. It really opens up a high-value or new high-value segment, it boosts long-term value with our customers, and it strengthens our role in that family digital journey.

Our campaign went live in mid-January, focus on long-term branding, establishing our leadership in this start phone category, and driving sales, of course. We launched a large-scale or large-scale in our context out-of-home campaign to signal that we now offer this next step in a child's digital journey.

January is a cost-efficient month as well for out-of-home placement, we were able to secure some strong placements in cities in our key markets. This one is from the Oslo Central Station, some of you may have seen this.

Our go-to-market approach has been simple, clear, educational, helping parents understand how Xplora now supports multiple stages, of their child's digital development. In addition to the out-of-home, we are running a fully integrated campaign across key markets: Nordics, UK, Germany, and ensuring strong reach across all key channels.

Early results are encouraging. We have seen clear brand lift in these markets, steady sales, and inbound interest from both telco and retail, which signals meaningful future volumes for us.

Early traction shows strong market appetite and reinforces the relevance of our, start phone positioning. We've had good coverage in the media as well in all markets, both media focused on Xplora 1, the start phone itself, but also just in general Xplora Technologies and our broader company story, which Sten told very eloquently, this week on the E24 podcast.

If you haven't, listened to that yet, I encourage you to do so. He talks about both Xplora 1 and the urgency, of the societal challenge we are facing and how Xplora is part of the solution for that.

We're very encouraged by early market response. Not only have we seen a lot of press coverage, but we have positive reviews on Amazon, we have positive product reviews in the press, and we have, good reviews as well from independent organizations such as, Smartphone Free Childhood organization in the UK.

All of them speak of Xplora 1 as a credible and highly relevant solution for families. Still early days, but what we're seeing is validating our strategy: expanding our target group, older children in addition to the younger ones; increasing the customer lifetime of our, current customers; and strengthening, of course, our competitive position in the market.

Thank you.

Good morning, everybody. Very happy to see you all.

As Sten, Knut, Kjetil mentioned, Q4 solid numbers. 2025 was a very, very good year for Doro.

On behalf of Doro management team, and also Xplora management team, I would like to say big thanks to Doro team, all employees across Europe, across all functions. Very, very, very good work.

What we did in 2025, as you can see on this slide, we introduced a complete new smartphone portfolio mid-2025, gradually introduced that across the markets, across the operator and retail channels, throughout second half. We have also introduced a new feature phone lineup starting end of '24, gradually introduced that in '25, and then we introduced also Leva E range in mid-'25.

Thanks to Xplora and Doro, we have also introduced Doro Connect, adding value-added services to the Doro portfolio. If you look into the Doro portfolio, how it looks like, these are the products.

Starting from below, we have a Leva E range, that's a basic feature phones with basic features and at attractive price points, which means that's how you can enter the Doro portfolio for the seniors. Stepping up, Leva L range, that's more features, better tactile feeling, at different price points.

Then on the top, the premium segment is the smartphones. Across all these different devices, we have something that is called Doro Secure, which means a service for the senior to in emergency situations connect to the loved ones.

We're also very proud, as you can see, our smartphones, earlier this week, we received an iF Design Award for two of our smartphones, A20 and A30. Done to the team that has been involved.

So 2026, '25 was a very, very good year. '26, Doro is on a mission.

We will transform from a product and hardware-oriented company to a product and service-oriented company. The strength of Doro is strong hardware development, strong relationship with operator and retail customers across Europe, and a strong knowledge and insight about the senior needs.

Shifting from product to a product and service company, we will do together with Xplora. These are the focus areas in 2026: we will introduce premium service, enhancing the value that we are providing to the market and to the consumers; we will also connect the premium services with Doro Connect, which means bundled solutions, added value towards the consumers; we will introduce Doro Connect in retail; and we will also start selling Xplora watches in selected markets.

This is the mission that we have in front of us. Will it be easy?

No. Will we be able to do it?

Yes. Are we committed?

Definitely. Premium service, and this is an example where 1 + 1 = 3.

With Xplora asset of services, ecosystem, technology, together with Doro's experience of seniors, Doro's extensive insight of the senior needs, by combining this, we will be able to provide additional value compared to what we have done in 2025. Also, this is, very much also connected to the overall purpose that Lise talked about: contributing to safer and healthier digital life across generations.

These are the three different segments that we will address with our premium services: safe, assistance, and health, very important areas, for our senior consumers. Some examples of what we will introduce: scam protection, I guess that most of us have experienced this, and imagine seniors who are experience this, they are not feeling safe.

What is very important for the seniors, for them to feel safe. We will introduce a service where the seniors can activate a scam protection.

If there is this incoming call, there is a scam, there will be a technology that will detect that, and then that will block that call. A guardian will also be able to activate this, features on behalf of the seniors.

Location services, we will also be able to connect as part of this ecosystem seniors with the loved ones. They will be able to detect where the loved ones are located, and through Google Maps, they will be able to find them and physically connect, with them.

This one, very interesting. I guess that many of us in this room are acting as technical support to our seniors, right?

We have a solution for that now. With screen share, you will be able to remotely assist a senior throughout the menu systems.

We will also be able to with a remote control functionality change settings, in the device, which means that we don't have to physically meet with the seniors to support them with the device. We will be able to remotely support, the seniors.

Another example of features that we will add is a guardian will be able to add contacts in the senior device. Sometimes seniors are a bit concerned to adding contacts into the devices.

Now the guardian can support them with that. Health and well-being is very important for the seniors and for our target group.

What we will be able to do, the senior, they will be able to view steps on a daily, on a weekly basis. With this ecosystem, they will now be able to connect with the loved ones, and by that, they can create internal competition and internal, relationships.

They can also share Xplora Coins across the family members. What you can see on the right side, you can also see that we will have a feature where the guardian will be notified if the senior is not using the device for a certain time period, which means they can check in on the seniors.

These are premium services that we will bring to the market, a joint collaboration between Doro and, Xplora. How do we plan to distribute this, and how do we plan to monetize on this?

The first step will be to, secure that we have the application for the seniors and also for the guardians uploaded to Google Play, which means senior can download it and they can activate the service. We will also as a second step integrate the service into our devices from the factory, they will be included when we start to ship them to the market.

How do we plan to monetize this? We will be able to create bundles, Doro Connect and premium services, and we will also be able to sell the premium service as a standalone service.

Today we know that Xplora's experience of premium standalone offers accounts of approximately 30% of the subscriptions. Timing-wise, commercial rollout, we plan to introduce in Q2 the upload to Google Play to address the existing Aurora installed base that we have in the market.

Then in Q3, our plans into integrate that into the devices and shipments from the factory, which means that in the first phase, users can download the application and activate it. Second phase, we will integrate that into our devices from factory directly.

last but not least, Doro Connect, rollout still ongoing. We added, more markets in Q4: UK and France.

We will add more markets in first half, '26. It will be Journey- Germany and Denmark on our .com channels, Amazon available in in Sweden, and we will add three more markets also in end of Q1, beginning of Q2.

Last but not least, now we will also enter retail channel with Doro Connect. First phase, addressing Sweden and Norway in first half, and then in second half, we will then address, more markets as we go along.

That concludes my part. Sten?

Thank you. Please give Tommy a warm applause.

It's the first time on stage, happy about that. We spend a little time on this, I will try to quickly take you through the end, the road ahead, four or five slides.

I hope you have had a good introduction of the status from Q4, not just good number, but also how we made it happen. On the road ahead, next steps, I will just emphasize we'll continue to grow the target to 1 million, but will make sure we continue to grow in a profitable way, and we said initially.

We did receive a couple of questions that, you are doing a lot of things. Do you have the bandwidth, the capacity?

Can you handle everything you are doing? I just wanted to let you know one thing: actually, we are not doing that much.

Each division only focus on two very important thing. On the kids, it's all about protecting our core business.

We will add services so we can increase retention, our customer will use our watches more, that hopefully can increase our ARPU. We said last time, we'll slightly broaden a little bit more product so we have more price points so we can continue to grow.

It's all about protecting our core business, the kids' smartwatches. Like Lise said, why do we introduce youth?

Is it just to have more to do? No, it's really because we would like to be able to extend the lifetime value, which we have heard from the market, key analysts.

We need to have ideally even more month per user in the lifetime. This product is a fantastic way to go from 30 month to more month per user in the lifetime value.

Very, very important, plus it's a new and emerging market. We would like to make sure we win that market as well.

That's why we are introducing youth. As Tommy has said, Doro has for a long time delivered strong number on the senior category.

We'll continue to grow that market, more enablers, but also as Tommy said, our main focus with senior is to take our competence from the premium services, as Kjetil explained, 30% of every single SIM are now choosing our senior services on the kids, we will replicate and do the same thing with the senior market, and we'll be disciplined on the rollout plan as Kjetil and Tommy commented. We are very dedicated on what we are doing on each of those three initiatives.

I hope you will discuss this graph with us for the next many, many months to come, our rollout plan. We know exactly what we are doing.

We have the data point we need from when Lise presented the youth category. The results is exactly where we would like them to be.

In the previous quarter, we demonstrated the senior product being launched on the smaller channel in Sweden on the web shop, but the data point is exactly where we would like them to be. Now we just need the time the next 3 to 4 months to scale and make sure that we can really hit all our metrics, profitable growth, and a strong, healthy EBITDA once we start to scale, which was one of the Knut's most important point: we can really now see the scalability in our business model.

We'll continue to protect that for all means. Last quarter, we felt bold.

We said over the next 5 years, our objective is to extend into 4 to 5 new markets with our high-margin MVNO model. If you read the report we released this morning, we also said that now when we are actually meeting our KPI, profitable growth, high margin, and EBITDA strong after CapEx, we reiterate our target to 1 million, but we are also saying that we are targeting to expand this business model into new markets.

Can happen organically or with our continued success or inorganically do that as well. We also would like to just make a note that we are reinforcing, as we speak, our current M&A team that continuously will look into opportunity, analyze them, evaluate them, and potentially execute them as long as we see value-accretive opportunity that we can scale our model.

With that statement, we end with our outlook. We will continue to grow across all our market.

Let me tell you one very important thing on that as well: we have now extended our toolbox, meaning we have more product, we have more services. Tommy said, we have even more market where we can collaborate with our strength.

The key thing for us when we are growing is to make sure that we overall grow the overall gross profit, not necessarily into each of the various products or colors or market, but the business overall growth, because we have more tool in our toolbox. Of course, we'll accelerate our senior expansion, in particular when it comes to driving SIM connectivity, potentially with bundling the SIMs.

We will really make sure with our market expansion and our services, we will really dedicate our commitment to reach 1 million organically or inorganically. We'll continue to explore and prepare for a potential uplisting to come.

That's the end of presentation, and Knut and I look forward to receive a lot of questions. We have a high-packed schedule over the next couple of days and weeks, a lot of travels, I hope we'll get a lot of questions and good meetings with you all today.

With that, the team behind, please go into Q&A. We have already a long list online, but let's start with audience first.

I hope you all enjoy being in our offices today as well. It was a very nice vibe for us.

Sigurd? Ja, Sigurd.

Fint. Får du mikrofon?

Thank you, and congratulation on the strong Q4 results. In terms of, the strong sales in the senior segment, you have had some tailwinds in terms of the transition from 2G to 4G.

Do you continue to expect some tailwinds into 20- 2026?

Technically, it's a impossible question to answer directly because we don't know. It's been a strong quarter.

As, Tommy said, the team has been very good to capitalize on that opportunity. We have done by having good stock.

We have been very, wise on the way we actually use this opportunity. The length of this transition, I wouldn't comment on it, but we continue to see strong growth number.

Thank you. and maybe a bit on the Xplora 1 in terms of distribution and geographies.

could you elaborate a bit more on the pipeline?

On Xplora 1?

Yeah.

I think one important thing is, actually, according with what Kjetil commented, we have a quite documented rollout plan, and what is most important for us now with Xplora 1, same as we did with the watches, we would actually like to utilize our own channel, we would like to control the debate in the media, we would like to make sure to really own the category, and then we take the product into retail. Because then we can make sure that we do it on our premises first before we start to roll into retail.

As Lise said, already now by taking ownership on the category, by rolling out the product, making sure that onboarding execution is good, we see a lot of interest, and that is the perfect opportunity for us to then extend into retail once we come towards summer and back to school. We would like to replicate the model from the smartwatches to actually do the first phase online where we are in full control.

Next step, definitely to scale in retail. Timing to come.

Thank you. The last one, it's still a bit uncertain, but we have seen memory prices increase a lot since Q3, Q4.

How do you see how we will handle the increased prices?

I can take that. We are working very closely with all our suppliers, both in both segments.

We have very good dialogue with them, and we have healthy inventory level, and we do not see that much impact on the memory prices in 2026.

Perfect. Thank you.

Let's quickly go through some questions from online. I think we have record number today as well, joining roughly 200 people last time, at least.

"Congrats on the result. Can you elaborate around Doro Connect conversion rates, etc.?"

Like we said, the key thing for us when we launch Doro Connect, Tommy went through the timeline, was to really make sure that in our own channel, are we able to reach first +10%? We then, on the previous quarter said on our channels where we are in control, we saw roughly 25%.

That's really the benchmark we wanted to hit, making sure that the system is working, we have the expected conversion rate, before, as Tommy pointed out, we will then roll out in different channels and more market. We are exactly where we would like to be in that regard.

Also as we said, once we hit the magical number 10,000 subscription, we will start to report that number as well. Right now, back to the slides from Tommy, the key element now, since we are where we would like to be on the conversion rate just by having SIM, our huge opportunity is to add additional premium services, value-added services on top before we really start to scale.

Because the financial impact of that is so significant. We'll come back and report once we hit the 10,000.

"Any reason behind a record sale of Doro phones in the quarter?" I think we have commented that.

Some driven by the transition for 2G, and as Knut also said, I think it's fair to say since we actually had a lot of inventory, we had all the product we needed, we were also able to capitalize on some additional services. I think you probably read a article late, last night that the overall smartphone market is actually expected to drop 13% or so due to the crisis on chip, and that's also why we had been It's always this conversation about do we have too much inventory, should we use that cash on something else, but we actually would like to de-risk by since we have a good cash balance, we are allowing ourselves to keep a little bit more inventory that also allows us to actually, capitalize on some of these opportunity and have less risk profile in the overall, portfolio due to this ongoing, concerns.

"When it comes to M&A, can you give some flavor on the types of company you would be looking for?" No, we cannot do that.

What we have said very clearly: it should be value-accretive, meaning that if we see an opportunity, it should be alongside what we already have done initially with Pepcom, Xplora Mobile, or with Doro, that we immediately after such a, M&A process, it will yield, immediate upside in our EBITDA, our cash flow, and, of course, be aligned with our strategy to extend into a new market. Ideally, we find more company that's selling good, with product where we can plug in our SIM and services even better into new markets where we are not currently present.

I think that's as long as I can, go with that question. I think actually that's it.

we will hang around for a time, please, give us some good question, enjoy some coffee, talk together. It was a pleasure to host you here today.

Thank you.