Desert Control AS

Welcome to the Dasher Control 2025 year end and 2026 company update webcast. Today's presentation will review our 2025 year end report and financial results for the fiscal year ended in December 31st, 2025. We will also provide an outlook for 2026. Following the presentation, we will open a Q&A session. And you're encouraged to submit your questions anytime using the Q&A function. To begin, Lars Eichmark, chair of the board, will deliver opening remarks, following by our CEO, James Thomas, who will present the 2025 year update and 2026 outlook.

Thank you very much, Ari, and Good day and good morning to everybody joining. So, dear shareholders, I want to start my Chairman's note by thanking all of our shareholders who've been following Desert Control with loyalty and interest through an intense and busy 2024. An impressive number of shareholders have stayed with us for years and your support is priceless. Thank you. An increasing number of shareholders have also become very active in initiating dialogues with me and James Thomas. The absolutely vast majority of reach-outs are very positive, and I want to thank you for good and well-intended ideas, creative suggestions, and good questions. I and my colleagues, we strive to answer your reach-outs with due care. These reach-outs comes on top of an already very busy organization with limited hands. So please, bear over with us if it sometimes takes a few more days for response. You are not forgotten, and we will get back to you. We strive to react to all reach-outs, but there are some we cannot and will not respond to. While they may have a well-intended interest and curiosity, they are sometimes crossing a borderline of what we can comment on, and some are way over the borderline where even a response isn't appropriate. So looking back on the fourth quarter of 2024, I in particular have four themes in mind. One, building organizational strength, two, building delivery capacity, three, customer focus, and four, future-proofing our financial strength. As most of you likely recall from previous webcasts, we initiated a massive strengthening of our US-based organization. We migrated our research and development organization in Norway to the US and enlarged the team with highly qualified employees across the R&D space. Also, we enlarged the operations team with capable and experienced managers. This momentum has continued into 2026, and we have recently onboarded salespeople for the Gulf and Turk segment. We've also been very successful in getting a new CFO on board, David Borah, who I will introduce later, who comes with substantial experience from capital markets, a testament to the ambitions we have as board and management to strengthen our financial muscles. While new employees have joined Desert Control, we do still have ongoing searches with key positions in the US, and we look forward to updating you as we progress in these matters. The second theme, building delivery capacity goes hand in hand with our ambitions to grow. We cannot sell, but we cannot deliver, and vice versa. Therefore, substantial energy was thrown into finding a contract manufacturer of our new production units. The efforts had to be changed along the way as our initial plan of manufacturing components and systems outside of the US took a surprising hit with the tariff discussions. Hence, we are happy that we are beyond that point and now have a US-based partner building our production units, however, at a higher cost. But we need delivery capacity to realize our ambitions, and we are convinced that this decision is the right one. 3. Get our own product in the ground across our focus segments is crucial for us. During Q4, we successfully applied LNC to one of the first-mover almond growers addressing water scarcity in the US and I personally witnessed the professionalism in which we collaborated with the owner. While delivering LNC to new pilots across the US, we also started getting results in water saving from earlier pilots. We find the results quite satisfying and we look forward to reporting the results once we are done with data analysis and scientific tests. Number four. As mentioned on several occasions, the board and management is on an ongoing basis pursuing options of building a balance sheet that will enable us to realize our ambitions. With our new CFO, David Borah, on board, these efforts will now be even more focused and strengthened. There are many allies of opportunity, some more attractive than others, and we have a clear ambition to aim for what's best for the company and for the shareholders. Last, but definitely not the least, I'm so proud and excited to nominate our two candidates, Julie Jessen and Jacob Crisford to the board of directors. Both are based in the US. Both are deeply rooted into the agriculture industry and both are close to the industry and customer's ecosystem in our focus segments. Julie Jessen has a fantastic record of growing a company to a billion-dollar business, and Jacob Crisford comes with the fascinating insights and experience from water-saving technologies that are applied across the world. I hope that you, our shareholders, are equally excited about this powerful duo that complements our existing board composition. On this positive end note, I will now hand over the scene to our CEO, James Thomas. But before going there, I would ask Dave to just shortly introduce himself to our shareholders. Please, Dave.

Great. Thank you, Lars. I'm excited to be here. For over 20 years, I was an institutional investor in small growth companies like Desert Control. I left this role because I wanted to have a meaningful position like CFO in in a mission-driven entrepreneurial company exactly like Desert Control. My timing here is very good as the need for our solutions has never been greater. But it's only my second week on the job, and I look forward to communicating with all of you on the call at some point in the future. At this point, I'll hand the call back over to James. Thank you, David.