Erik, nice to see you. How are things? Thank you very much, Kaarlo. Things are great. Well, Erik, you have had a very busy year so far, and I guess there is more to come. Please, walk us through your presentation. Sure, Kaarlo . Thank you very much. Let me briefly introduce myself. I'm Erik Herlyn. I'm the CEO of Xer Technologies. I'm with the company from the very beginning, five years, six years ago when we took it over from a Swedish company that had developed our core product as a prototype. I'm now happy to run here in Switzerland and in Sweden that company. From the presentation, it's structured into four different areas. Some sort of a summary investment highlight at the very beginning. I'm diving a little bit deeper into the company and the product positioning. We'll have a short video here with Waldemar Schäfer, our CTO of the company, who will explain a little bit about the product, and then we'll get into the revenue model, how we earn money, and so on. Then an outlook at the very end into the tech-enabled security market that we are looking at very closely at the moment. Let's start at the next slide with a short summary, the investment highlight. If we break it up into the six different areas here, we can see as Xer, we have a proprietary technology. We have been able to develop a drone platform that can stay longer in the air than most other platforms like that, because we have developed a hybrid engine that is very much superior and that enables a lot of different use cases. We can fly for three and a half hours carrying heavy lift payloads, which is a game changer. There is a structural market gap because when we look into the conflict zones today, like in Ukraine and others, we see a lot of small electric or even bigger electric multicopters, which are great. They are easy to operate, they are fast deployable, and they can do a lot. They are cheap, but they are very limited when it comes to flight time, endurance, and weight they can carry. If people want to do more, they usually select the very big helicopter drones or helicopters that are much more expensive, and we are right in the middle. That system has been validated by lots of clients, so companies in the commercial side, but also navies and armies across Europe. All that development is based on about $20 million of investment that has been put into the product, mainly coming from engineers from manned and unmanned aviation. It is a highly attractive, high-margin revenue model because we can both earn attractive margins on the platform itself, but most of the revenue we are actually generating with the sensors and the software that we are getting from third parties and selling on or have developed on our own. It is dual-use, so we are in an area of drone and defense, which is one of the hot topics in Europe in investment at the moment, where growth is very high. In future, we are also looking into the security market because we see a lot of need to protect critical infrastructures and other infrastructures. Let's move into the next slide, and I think that really shows why we are here. The defense spendings as percentage of the GDP in most European countries has increased and is further increasing dramatically. A lot of that money actually is going into the space of UAVs because they have been proven in the battlefield. We know that they work, and we know that they came to stay. Now what is happening is a shift from the helicopters to much lower-cost UAV solutions. What we still see today is one of these very expensive ISR manned or unmanned wing vehicles to survey areas. Now with the system we have, that can be done in a much easier and in a much faster and simpler way. As you can see here, the global UAV market is driving up quite steeply, and we are happy to ride that in the future. Let's talk a little bit about the company and the product itself. I am going to introduce the team of Xer on the next slide with myself. I have introduced myself briefly. On the next slide, you can see Jörgen Svanström. Jörgen is a very seasoned CFO. He has been running other listed companies on Spotlight and also the Nordic's market. We are very happy to have Jörgen on board. The second key person that you will see also in a minute is Waldemar. Waldemar has been working for companies like Pilatus, Leonardo, Schiebel, and he has been managing large engineering teams in developing manned and unmanned systems. He is doing an incredible job by hiring the staff that we have here today and making that system such a reliable and open system. Gökmen is a technical sales expert. He has been working for large companies. He understands what it takes to sell complex products to clients, and he is very experienced in what we call elephant hunting, because we are not looking for many small deals. We are looking to have deals with a few European navies or armies to make big deals. On the board side, I am closely working with John d'Abo, who I know since many years. He also represents one of our major shareholders, Rex International. I have been working with John since about 15 years on oil and gas projects. I made IPOs as a CEO with him and in other context. Håkan is a corporate governance and tax lawyer, so he really understands what it takes to stay compliant to bring companies like ours forward. Then we have with Thomas, Pär and Patrik, a whole lot of knowledge, primarily in the security business, because we are looking into the security business, and we have been analyzing that quite a while. We strategically organized our board in a way that we have the understanding of the market and the clients, and we understand the need of the clients of the future security market. Let us walk to Waldemar. We prepared yesterday a short video, but Waldemar will dive a little bit deeper into our drone system. Please play the video. Welcome. My name is Waldemar Schäfer, and I am Chief Technical Officer at Xer Technologies. Xer Technologies is a drone manufacturer located in Sweden, where we mainly manufacture our drones, but also located in Switzerland, where we develop, operate, and also manufacture our products. We are a team of experts from manned and unmanned aviation, and we are investing significant efforts for the last five years into development of the long-endurance multicopters. Talking about the products, we understand that the drone is just part of the solution. At the end, the customer wants to see the data, and that is where we focus on the full system integration. We are also adding advanced sensors, and in our case, we can add multiple type of sensors like cameras or electronic warfare sensors, and combine all the data in our software packages and deliver the data to the clients. With X8 PRO now in production and deployed with the clients around the world, starting from Arctic conditions up to desert environments, we are now focusing on what's next. We see that X8 PRO has some limitation when it comes to heavy payloads or even more advanced endurance. That's where only helicopter platform can provide these capabilities right now. That's the reason why we are focusing now on the next platform, the X12. Our core technology, the hybrid electric power packs and the multicopter platforms allow us to develop these platforms in a much quicker time than other platforms. The X12 will provide up to 30 kg payload and up to seven hours of flight time, which will be game changing for this application, especially if you look at maritime application and also in some cargo application, for example, and the resupply applications. This is just a short overview of what we're doing here and our capabilities. With this, I would like to hand over back to our CEO, Erik Herlyn. Thank you very much, Kaarlo Airaxin. I hope there was no long interruption. I was kicked out. This is really to summarize where our product is. So we have UAVs in the defense space, the X8 and the upcoming X12, which can carry 20 kg for three hours. In the energy sector, we have the commercial version in comparison to the military version, and soon we're going to be in the security domain. Let's look at the next slide, where we show a little bit the use cases that we have. This is really just an overview. We are very active in flying with NATO countries all over Europe. We just came back from a one-month REPMUS NATO Atlantic exercise where we've been sponsored by several nations, out of which we're allowed to disclose that Sweden and Switzerland is one of them. We've been flying in very serious actions by finding mines, surveying enemies and others. In the chart, you can see that we're working here with companies like Rheinmetall, the German Bundeswehr, apart from the Swedish and the Swiss armed forces and navies. We're working with companies like PLATH, who recently purchased a drone that will be used in conflict zones in the East, with Destinus and others. This is really just showing very briefly how we operate in the areas we're in. Let's look into how we earn money actually out of this in the next slide. The commercial version of the drone is really the enabler to make revenue by selling also the payload and the software and service and maintenance. So we sell the drone for about $100,000 and typically add another $100,000 for payload and systems. We have recently sold a system for close to $500,000, which is flying over very remote areas in Africa. On the Navy and on the Army side, it is different. The ticket sizes are much bigger because we can see that the payload, primarily in the electronic warfare, is much higher. The electronic warfare payload typically includes systems like we call them directional finder, so we can see where electromagnetic signals are coming from. We are using with Rheinmetall on a project where we can find incoming drones threatening critical infrastructures, for instance. We are also, of course, working with cameras and magnetometers, mine hunting, anti-submarine warfare in the Navy space. How do we push all of that into the market? We can see at the next slide. The Army area, so on the onshore and maritime defense, we are working 80%-90% through integrators. An integrator is something like we call a Thales or Rheinmetall or Saab or others that we are working with today. We are doing that for two main reasons. One reason is that they have a much better access to the clients, and they are able to acquire the big tickets. They are close to the purchasing of the armies and navies. The second reason is that these big integrators, they have deep pockets. They have a big appetite for strategic acquisitions, and they are looking very closely at companies like ours. We are discussing, and we have been approached by companies like these. There is a strategic reason, but also a very simple sales purpose for working with them. Last but not least, I would like to talk about the security business a little bit. You have seen in the EGM recently that we have been very open and that our shareholders agreed to enter into the security market. We can see that on slide 14, actually. Let us look a little bit how we want to do that. The background is the following. There are about 10,000 infrastructures in Europe that are at threat, and we see hybrid war coming from the east and also maybe from other areas very aggressively trying to undermine our infrastructures. This is just like the Russians that attack infrastructures, not just at the border of Ukraine, but in the very far back. This is now what is starting all across Europe that we see those infrastructures at threat. How are they protected today? Well, they are protected by the typical manned security guards walking around with a torch, having a dog, maybe a CCTV camera. That is not the way how these infrastructures need to be protected. We are thinking, and our vision is to use and employ the drone technology and the electronic warfare technology that we are very, very experienced with into the commercial security sector. So we survey, for instance, with drone-in-a-box systems using very intelligent sensors and analyze these data with our own software and AI that we have developed for the defense market. We verify incoming threats by using UAVs and modular payloads, and in the end of the day, respond to these with drones or with people. We believe that the detection is much, much better using the kind of sensors that we know from electronic warfare that can do far more than a CCTV camera. We can verify much quicker. We can increase the operational efficiency, and in the end of the day, get defense-grade capabilities of security into the commercial markets. On the next slide, we can see what kind of companies we are looking at right now that we are targeting. We are looking into the Nordic security service market. When we talk about Nordics, let's talk about Sweden for a while. We have two very big companies that make a major chunk of the market, and after that are a couple of smaller security companies that are very well known and that have the relevant clients with these critical infrastructures. They have the relevant clients. They have the brand. They have a management team that we believe in and that believes in these ideas. The synergy mix matrix is unique by having technology in electronic warfare and drones together with a security platform that has the clients and the understanding of the requirements of that market. I think that is really unique. There is a strong business case in that, as we can see in the next slide. When we look into the traditional security guarding, for instance, two guards guarding 10 hours a day is costing approximately SEK 5,500 per day. With an autonomous drone that can be in the air most of the time, you can have with a fraction of the cost, about a quarter of the cost, a much better effect. Imagine a drone being able to survey for mobile phone signals. Imagine a drone that can see also when it's dark. Imagine a drone that has a radar and a heat camera that can see if people are around, a car has been standing there for not too long time. It is actually a much lower cost. You can see in the middle of the slide that actually the operator delivery cost distribution is coming from labor cost to depreciation, amortization, security on standby, and others. We believe that we have a very healthy contribution margin of about 75% by partly reducing manned traditional guarding and being complemented by modern technologies, including drones, including sensors, and including software that can actually analyze the data, and that is what we are working for. I am really looking forward to follow the path of the much slower selling to the big armies and navies, and at the same time, making a fast but big move into the security market. I think it's now the historic opportunity to get into that market, and I would be happy to have you as shareholders in the future. Thank you very much. Well, thank you, Erik. This is a red-hot sector. I think that everyone has an idea or a thought of it, but this is a very good run-through of the different sectors. Having said that, and I am quoting one of your slides here, "By bridging the gap between light drones and helicopters, you offer the defense industry a highly compelling alternative for a broad range of missions." From a shareholder perspective or the market rather, who would you like us to compare with? Sure, you are in the aerospace defense sector, but you seem like a Swiss knife. You are very unique. So, who would your peers be? I think the biggest competition are the helicopter drones that are typically on the frigates, on vessels, as we can see them today. Because from their capability, they are very similar to what we can do, stay in the air for a couple of hours, do missions, but they are more complex to operate and about 10x more expensive. That is what we need to show, and that is why we are on these exercises with NATO to our clients from the navies and armies. Mm-hmm. I think one of the key words here is you had to show. Would you say that the old legacy is, let us say, a hurdle for you to come across? Yes, it is. It certainly is because soldiers and military purchasing, they believe in their old terms, and it is very difficult for them to adapt to something new, and that is why we continuously show to them. During September, we have been on three different NATO exercises in Estonia, Latvia, and Portugal, and we showed to approximately 30 NATO nations what we can do, and we have been able to develop a lot of leads out of that, and that is what we are doing. I will jump into one of the viewer's questions here. I will be more or less just translating and quoting here. Is the order for approximately SEK 230 million from the U.S., a s being expected during 2026 still valid, or do we know anything update? What can you say? I can say that it is from North America and not automatically from the U.S. I can say that it is very relevant. It is a case for a huge de-mining project in the southern part of Africa. Actually, this is a one-off, the SEK 230 million, it can get much bigger. However, these things unfortunately take a lot of time. Will it be this year or next year? I do not know. I would rather think it is going to happen next year than this year. Mm-hmm. Interesting you refer to mines and there is a treaty called the Ottawa Treaty, so anyone can make a guess there. If you managed to get this order, are there any bottlenecks as far as production capacity is concerned? It is a viewer question. It is a staged delivery. The main chunk of the cost is actually not our drones, but it is actually the sensors that are very expensive, that cost multiple of our drones, and also the mine excavation material and a tractor that can dig out the mines. Those need to be delivered in stages because we cannot deliver that over time. The SEK 230 million is a project over several years, so it is for the initial hardware one-off that would be delivered over several years, but it does not include the support of the client over maybe the next 10 years of what it would take to demine the area that we have been looking quite closely at. Mm-hmm. We will flip through the viewer question here as well. This is a question about the cash position. Will it last into 2027, even without any large orders? The obvious question then is, will there be a capital raise during 2026, 2027? The cash will last into 2027 also without a big order. If somebody is looking at the cash position that we had end of H1 and our burn rate, that is in the area of about SEK 4 million a month, you can tell that we are looking into some corporate actions here, and that goes in combination what we are doing in the security market. That will be presumably a combined action for both. Mm-hmm. If we are looking at another market, the market value for the unmanned vehicles there, the UAV, I think you on your slide was just shy of $60 billion for 2027. As being, let us say, a special animal here addressing various areas, what is your addressable market and what do you think you can capture, let us say, next year and the coming years? What is a reliable percentage figure? Well, although we consider ourself as a kind of a Swiss knife because you can do a lot with the platform, it is still a niche in that sense that it's a multicopter that can fly very long. So the addressable market of that $60 billion, I would consider as at around 5% or so, because a large portion of the $60 billion are addressed to small electric drones for a one-off and also the very, very expensive ISR drones that are employed by, for instance, the Swiss Army. They bought six drones for about $400 million, and these eat up a lot of the budgets, although they're kind of dinosaurs because nobody would probably buy them today anymore, although they haven't even been delivered. ISR in this case is intelligence, surveillance, and reconnaissance. Surveillance and reconnaissance. Sorry for that. Yes. No. I was sure. We are talking about fairly heavy platforms. I have a question here regarding the shareholders, or how is the relationship with Rex as the largest shareholder affected now that the direct board link via Lidgren is gone? I do not know whether you can answer, but we have to ask the question. Well, there is a very close relation to the family because they remain to be the main owners of Rex. The Lidgrens are approximately 40% owners of the company, so they have a strong control over that company. I do work with that family since many, many years, since about 15 years, and we have done various different businesses together. There is a very strong link to the family and via Rex, I would call it. Mm-hmm. You mentioned high margins in the recurring aftermarket sales. I noticed one line there, optional operations, support missions, planning, analytics, and AI software subscription will be added this year, 2026. How should I interpret that? Would that be yet another one revenue stream, or is it one, two, three, four, five new revenue streams? This will boost your revenue streams, I take it? It will boost the revenue streams, and it has not been budgeted in that way. What we see is that the integration of different sensor data, we are partly using three sensors at a time, producing massive amount of data. These are at the moment processed in our drone, in computers, in small Jetson computers, and the actionable data is streamed downwards. That software capacity is actually sold to our clients, and we are already making revenue with it. Mm-hmm. More legs to stand on, but also, I take it, let's say a little bit more sticky business, I take it, because your clients will then learn to appreciate the different services. Let's move— Yeah. —into, let's say the more civilian part or one of your ending slides here is a viewer question. When do you expect to start selling into the security surveillance market after the articles of association were broadened? I happen to notice one of the companies there, Serco, which is in that area. When can we see, let's say some revenues or orders? Well, we have been looking into the security market very deeply during the last months, and we've looked into the public tenders that are out there. We've already collaborated with other companies in offering drone services within the security market. We have a bit of understanding what's happening there. Will there be revenue this year? I think that's a bit premature, but I think next year we would definitely start having revenue. Maybe not right in the first quarter, but possible, and based on the discussions that we're having with clients already today. Mm-hmm. There's a follow-up question here from the same viewer. Have this recent demonstration changed your view on the split between the civil and the military, let's say, engagements and revenues coming years? I think the revenue of the big defense hits, they will come in slower then very big. It can take a few more quarters until we've got a couple of big orders coming from defense. What I am suggesting is that we are using a platform to deliver our services, our drone and intelligence services, immediately into the security market. In the security market, I am expecting a very quick, but in the end, maybe not as high revenue as in the defense market. I think that quick revenue should happen soon, but not with the potential of the defense market. Mm-hmm. Okay. It goes more or less without saying that the defense market, there are quite long lead times, but when you get the order, you know that you will get the order and it is over a prolonged time of years. Any new collaborations with NATO countries after REPMUS 2026? Could I just ask you then to just explain what REPMUS 2026 was? There were not only NATO members participating there, right? Yes. I think what I am allowed to state is that REPMUS is a Navy Atlantic NATO exercise, and it has been simulating a very serious conflict scenario on the sea, how it could take place, for instance, in the Baltics. There were a lot of Ukrainians in there, and they were actually mimicking to be the aggressors and the NATO countries, and we've been working with several NATO countries. We were defending the NATO terrain, and we've been in one group, which is called the Nordics Group, and we're working with several Nordics countries, but we've also been in the Swiss group. We've been in other groups where we've added our services in finding mines and also doing harbor protection in other scenarios. There were dozens of European generals, there have been the Portuguese president, and it is a very high-ranked and a very big exercise. It is the largest naval robotics exercise worldwide. Can I expose my ignorance there? Because being a private entity and participating in the way that I think I understood that you participate, to my mind, it sounds unique. Are there more companies like yourself doing this? They were very restrictive, so t he navies, they select only very few companies that they are working with, and the others are not invited. It goes through quite a rigorous security process, of course, and then we work side by side with the navies, as if we were part of the Navy. So you're more or less a part of the exercise in that case, and you get your— Yes. —security clearance as any other, let's say, military personnel on that maneuver, I take it? No, we're an integral part. So we've been in the final exercise where dozens, if not 50, maybe 50 vehicles, unmanned vehicles, were in the air, on the water, and under the water. We've been participating in that in an integral part. Mm-hmm. We got a question here regarding acquisitions. I believe you showed us a slide where you were talking about acquisitions in Nordics. What can you say, and how much more can you say? How granular can you be? We are not looking at the Tier 1, the very big security companies. We are looking in Sweden at the second tier, and they are in a range of below 5% market share. There are several of these. We are looking into those companies. We are looking into companies that have a specific good entry into the critical infrastructure, so who do have these public contracts at the moment. We know that some of the companies we are working with and talking to, they already have drone-related offerings and contracts where we could contribute immediately. That's basically what I can say. What I can say also is that these companies typically have significant revenue, but a poor margin, because that's labor-intensive work. This is a manned guarding business. The salaries are given by the government, by the contracts. The valuation of these companies is surprisingly low, which make it attractive as a target. At the same time, putting the technology into these companies enable significant rise of the EBITDA. Mm-hmm. Fascinating. Obviously I have a flip side on the acquisition. If we look at your company here, would you welcome a partner as an owner? If we take your client and partner list is quite impressive here. Would you welcome any one of those as a partner or will that stifle you? Maybe not from the security business. I do not think that, and I do not think that we need to do that. But I think that an investor from one of these integrators that we are working with today, we know that they are interested in looking into companies like ours and we are in these processes. So that is running completely in parallel. Well, Erik, thank you very much. It has been very interesting. If one would like to know some more, where should we forward them? Where to turn? Well, my email address is on our website, so I welcome everybody to look into our website, what we do, how we develop and reach out to me directly. I appreciate it a lot when investors contact me directly. I try to give them the time and the opportunity to ask and to answer questions they have. That is very valuable to me because it shows to me what is driving the investors and what eventually should drive us as a company. Well, thank you so much, Erik. Very interesting as I said, and we will say thank you to all of you who put in questions ahead and during the call. Thanks a lot and see you later. Thank you very much, Carlo. Thank you.