PowerCell Sweden AB (publ)

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Good morning and welcome. Today Anders and I will take you through the third quarter, the effects of the measures that we have initiated earlier this year and the commercial development in our priority markets. Our approach remains consistent. It is to manage Power Cell in this rather challenging market condition, protect our position and then retain the capacity to capture larger opportunities. But let me start with the quarter and our response to it. We initiated measures earlier this year and it's now generating measurable effects for us. Combined selling, administration and R&D expenses has decreased with 25% in Q3. Our measures are expected to lower our annual cost base even more by approximately SEK 50 million in 2027. So the reaction started earlier this year. Then the quarter, the numbers are not the ones that we wanted to report to you, but they are the numbers that we have prepared for. Revenue declined 61%. That reflects a weak market, lower automotive royalties, and also deliveries that shifted from quarter three into quarter four with the PS190 ramp up. We have adapted our costs and commitments to these lower level of business during the year. In parallel, we have continued to sign orders since June. Customer activity has increased in both marine and power generation, and we have signed now recently an MOU with Bosch to address the larger installation we see emerging in the power generation segment. These developments are encouraging, but they are also too early to conclude that the broader market is improving because we are operating in harsh market conditions and have been doing so for the whole year. For us, the balance between resilience and readiness has guided our decisions throughout the year and has served us well in this rather difficult market. In our year-end report that we communicated in January, we explicitly prepared for a broad range of outcomes in 2026. We have managed PowerCell on that basis throughout the year. We have been very, very cautious in protecting our financial position through cost, cash flow and capital discipline. But we also need to protect our strategic positioning by concentrating resources on marine and part generation, really focusing on the capabilities can differentiate our offering and capture the volume that we actually see is out there. We also protect our structural position by sizing the organization for current business while retaining the industrialized platforms and access to manufacturing capacity. This gives us resilience at the lower volumes that we have been talking about, but still have the ability to respond when larger projects materialize. Now I will hand over to Anders to walk us through the financial performance and position in more detail.