Hexagon Purus Asa (HPURF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.537 -- 00:00:04.963 Hi, and welcome to Hexagon Pyrrhus Q4 2025 presentation. 00:00:04.963 -- 00:00:10.051 My name is Mattias Meidel, and I am the IR Director of Hexagon Pyrrhus. 00:00:10.051 -- 00:00:15.158 I will be moderating from the studio in Oslo, and from the studio, I am also 00:00:15.158 -- 00:00:20.348 joined by Group CEO Morten Holum and Group CFO Salman Alaa. 00:00:20.348 -- 00:00:25.413 The agenda for today includes, as usual, the highlights from the quarter, a company 00:00:25.413 -- 00:00:30.499 update, the financials, and the outlook. We will end the presentation 00:00:30.499 -- 00:00:35.985 with a Q&A session, as usual, so please feel free to enter a question via the function 00:00:35.985 -- 00:00:40.570 on your screen. And with that, I would like to pass the word over to you, Martin, who 00:00:40.570 -- 00:00:43.851 will take us through the highlights of the quarter. 00:00:43.953 -- 00:00:46.274 Thank you, Mattias. 00:00:46.296 -- 00:00:51.760 And good morning, everyone. Thanks for joining our webcast this morning. 00:00:52.360 -- 00:00:57.846 2025 was a challenging year. Looking back, 00:00:57.846 -- 00:01:03.292 we had four key points. One, after a long period of significant 00:01:03.292 -- 00:01:09.178 growth, the activity in 2025 dropped dramatically, driven by significant 00:01:09.178 -- 00:01:14.463 market uncertainty that was amplified by regulatory changes, tariffs 00:01:14.463 -- 00:01:16.604 and geopolitics. 00:01:16.606 -- 00:01:22.533 That resulted in lower demand and weaker revenue compared to 2024. 00:01:22.533 -- 00:01:24.356 Number two, 00:01:24.356 -- 00:01:29.506 we took decisive actions to adapt the operating model to a new market 00:01:29.506 -- 00:01:34.555 reality to reduce the cost base and protect liquidity. 00...