Norsk Titanium As

Good morning, everyone, and welcome to Norse Cartenium's Q4 2025 operational update Q&A session. Thank you for joining us following yesterday's publication of the Q4 operational update. I will be moderating today's session, and with me on the call are Fabrizio Ponte, Chief Executive Officer, and Ashari, Chief Financial Officer. Fabrizio, we'll begin with the brief opening remarks, after which we will open the floor for questions. Fabrizio, please go ahead. Thank you, Joachim.

Can you hear me okay? We can hear you. Very good. Thank you and welcome to the Q&A release, everybody. The release of this report was originally scheduled for the 4th of March. And I want to confirm that we will still host a full investor presentation in Oslo next week, and I will be there present. However, in the final stages of our recent strategic review, it became evident that we had to withdraw our previous revenue guidance of 70 million in 2026 and the corresponding path to cash flow break even in 2027. And in order to meet the market expectation in a timely manner, we had to accelerate the publication. That's why we did it. The main and key and underlining reason of the delay is basically delayed industrial ramp and commercialization of our technology with our key OEM customers. And we have to say that the company has underestimated the complexity and the amount of time required in order for a very large and complex OEM to integrate our technology into their manufacturing processes. Okay, so we have to acknowledge that the level of integration and qualification has taken much longer than expected to translate in a commercial manner. So I joined in last October, so I've been with the company for a few months. I spent considerable time with customers. So I have two key takeaways from that. One, the long-term opportunity is intact for North Titanium. RPD is a technology that will be integrated in key and large OEM manufacturing processes in aerospace and defense. I'm very positive on that. But on the other end, the complexity of the commercial part of it certainly has to be considered. So now how are we going to work on this and how we are going to course correct this? So we have been working on redefining our operating model. Our operating model is going to be an operating model revolving around customers and we customer at the center of it. And we have developed a commercially grounded business plan. with a very commercially based view of our business. We are going to continue to focus on our core, so aerostructures, defence and engines, which has been added to the original core. We are going to deploy a dedicated team to work on short cycle opportunities, which we have many, and we need to make sure that we can win those opportunities to improve our short and medium term. And third, and most important of all, we are also going to launch what we named the RPD ecosystem strategy, which calls for deploying our equipment and license our technology with selected Enki OEMs. Now, I'm sure you all have read the update that we provide and that we publish on our website. So let's open the floor for question and answers. Joachim.

Thank you, Fabrizio. If you would like to ask a question, please use the raise hand function in Teams. I will then call your name and enable your microphone so you can then unmute yourself and ask your question. And before asking your question, please briefly introduce yourself with your name and organization.