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Elliptic Laboratories ASA Earnings Release 2025
3590_rns_2026-02-26_e4895496-a236-479c-bea4-c48031c9e2c1.pdf
Earnings Release
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Q4 2025
Ola Sandstad
Interim CEO
Mathias Norderud
Interim CFO
Results presentation | February 26, 2026
Highlights and outlook
Revenue NOK 102.7m in 2025, Q3 milestone revenues restated
- Revenue recognition for two multi-year laptop contracts announced in H2 2025 was revised, restating Q3'25 to NOK 8.5m, recognizing NOK 16.1m in Q4'25
- Remaining value of NOK 31.8m to be recognized evenly over 2026–2027
- Q4'25 revenue NOK 42.3m
Strong shipment momentum across laptops and smartphones
EBITDA decline due to one-offs items in Q4
- Reported FY 2025 EBITDA of NOK -20.7 million (25.1), including NOK 11.0 million in adverse one-off items in Q4, Q4 2025 EBITDA NOK 1.4m
- Initiated program to reduce cost base by ~15%
- Derecognition of deferred tax assets
Leveraging existing portfolio and broadening our scope
- Increase value per unit, win more units and explore new sales channels
- Expand current product portfolio into adjacent device verticals
- Preparing to tap into a vast structural market opportunity in embedded edge AI by repackaging our highly validated AI technology
Total revenue 2020 – 2025
NOKm
Increasing trend in unit shipment volumes with Elliptic products
Volumes shipped to the market is the underlying driver of growth
(Indexed – Q3’23 = 100)
Customer laptop sensor shipments
Customer smartphone sensor shipments
1) Smartphone: Combination of volume based and non-volume-based contracts (fixed price). Non-volume-based shipments are not reported on a quarterly basis, estimates are distributed quarterly using historical global shipment seasonality patterns as reported by IDC and Canalys.
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Model and product expansion with leading OEMs, the foundation for upcoming revenues
# of models launched
2025
> Laptops: 25 laptops launched in 2025 containing 34 AI Virtual Smart Sensors (FY 2024: 15 models containing 16 AI Virtual Smart Sensors)
> Smartphones: 65 smartphone models
2026
> 5 smartphone models launched so far in 2026
> Total of 232 smartphones and 58 laptop models launched since 2016
> Signed new contract with current laptop customer for minimum 11 upcoming models in consumer market
ellipticlabs
Trusted partner to globally leading technology players
Proven use cases
and strong validation across industries
Future proofed technology
from aligned product roadmaps across ecosystems and membership in technology alliances
Ease of deployment
AI Virtual Smart Sensor Platform integrated with key partners and ready for deployment as OEMs launch products to the market
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Smartphones: First application of the platform
Trusted by top global OEMs
Sensors launched
Shipments to the market
Smartphone sensor shipments, indexed¹
Smartphone revenue
MNOK
Long-term deployment engine with recurring OEM relationships
1) Combination of volume based and non-volume-based contracts (fixed price). Non-volume-based shipment estimates are distributed quarterly using historical global shipment seasonality patterns as reported by IDC and Canalys.
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Growing portfolio penetration with current laptop customer
Portfolio penetration with current laptop customer
Million Units shipped¹
-
☑ Expanding the model footprint
Gradually increasing penetration of the portfolio -
☑ Share of shipped units with Elliptic sensors is increasing
Unit deployment share increased from 4% (2023) to 9% (2025) -
☑ Scaling sensors across portfolio
68 sensors deployed across 58 laptop models to date -
☑ Share of shipments set to increase
from unlaunched models under contract -
☑ Significant headroom remaining
Current penetration remains below 10% of annual Lenovo shipments
1) IDC Quarterly Personal Computing Device Tracker.
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Converting portfolio to revenue and cash
Illustrative laptop contract¹ announced in Q3'22
Contract announcement
- Agreement covering specified device models
- OEM commits to ship a minimum volume of units
- Minimum committed volumes multiplied by unit price recognized as revenue
Market launch
- Models are launched and made commercially available to the market
- No revenue recognition or cash receipt
Market shipment
- OEMs ship models to end customers over the product lifecycle
- Incremental volume revenue if units shipped exceeds minimum committed volumes
- Cash receipt per unit shipped
1) The illustrated commercial model reflects the majority of Elliptic Labs' OEM contracts. Other contract structures also exist, including fixed-fee arrangements and purely deployment-based agreements without milestone components.
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Laptops: Expanding platform footprint
Platform footprint with first OEM
Sensors launched on models¹
Footprint growth driving shipments
Sensors shipped to market, indexed
Laptop revenues
MNOK
Q4'25: Milestone revenue backlog of NOK 31.8m
Only models launched 2022 – 2024 have exceeded minimum commitments; 34 sensors + unlaunched models can drive incremental revenue
1) Aggregated number of sensors across models launched to the market.
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Financial review
Interim CFO Mathias Norderud
ellipticlabs
Historical revenue development by vertical
Historical growth profile...
Revenue from contracts with customers, NOK million
...across both smartphones and laptops
NOK million
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Q4'25: Revenue down 12% YoY, high one-off costs in the quarter
Condensed Profit & Loss Statement
NOK million
| Q4'25 | Q4'24 | %YoY | 2025 | 2024 | |
|---|---|---|---|---|---|
| Revenues from contracts with customers | 42.0 | 47.6 | -12 % | 101.3 | 131.9 |
| Other operating income | 0.4 | 0.4 | 1.4 | 1.4 | |
| Total revenue | 42.3 | 47.9 | -12 % | 102.7 | 133.3 |
| Employee benefits expenses | 25.3 | 25.6 | -1 % | 88.6 | 87.9 |
| Other operating expenses | 15.7 | 5.9 | 168 % | 34.8 | 20.4 |
| EBITDA | 1.4 | 16.5 | -20.7 | 25.1 | |
| Depreciation and amortisation | 7.2 | 5.4 | 24.8 | 20.4 | |
| EBIT | -5.9 | 11.1 | -45.4 | 4.7 | |
| Net financials | 0.7 | 8.3 | -12.8 | 12.3 | |
| Pre-tax-profit | -5.1 | 19.4 | -58.2 | 17.0 | |
| Income tax expense | -90.0 | -8.4 | -79.9 | -8.1 | |
| Profit/loss | -95.1 | 11.0 | -138.2 | 9.0 |
- Q4'25 revenue from contracts with customers NOK 42.0m (-12%)
-
NOK 16.1m milestone revenue from laptop contracts announced in H2'2025
-
Total operating costs NOK 41.0m (31.4m)
- Employee benefit expenses NOK 25.3m (25.6m)
- One-off costs relating to management transition NOK 3.3
- Other operating expenses NOK 15.7m (5.9m)
- Loss on trade receivables NOK 7.7m
- Patent application costs NOK 2.0m
-
One-off costs management transition NOK 0.5
-
EBITDA NOK 1.4m (16.5m)
- Derecognition of deferred tax assets driving tax expense
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Cash position NOK 43m at year-end
Q4 2025 cash flow
NOK million
- Negative operating cash flow at NOK -3.3m (NOK 6.5m in Q3'25)
- Continuous R&D investments in Elliptic Labs' technology with CAPEX at NOK 7.1m (NOK 7.0 m in Q3'25) offset by received interest
- NOK -1.9m financing cash flow (NOK -2.1m in Q3'25) reflecting repayment of lease liabilities
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Receivables dependent on contract mix
Trade receivables and DSO¹
- Trade receivables (NOKm)
- Days Sales Outstanding (DSO)
14 1) DSO = (Running 4 quarter average accounts receivables / LTM revenue) * 365
2) The Q3 2025 figures have been restated
- Trade receivables composition
- Majority of receivables related to milestone revenues, billed as volumes are shipped
- Incremental volume revenues recognized in the quarter to be received as cash in Q1'26
-
Fixed-price contracts, paid according to contractual payment schedules
-
Trade receivables highly dependent on contract mix in each quarter
ellipticlabs
Quarter-end financial position
Balance sheet
NOK million
Assets
Equity & liabilities
- Non-current assets down NOK 88.0m, mainly from derecognition of deferred tax assets
- Cash position NOK 43.1m
- Other current assets up, driven by NOK 10.8m increase in trade receivables
- Current liabilities up NOK 6.3m, due to severance agreement previous CEO (NOK 2.3 m) and accrued holiday pay
- Equity ratio down to 86% (92%)
ellipticlabs
The road ahead
Interim CEO Ola Sandstad
ellipticlabs
17
Outcome of strategic review
Initiated strategic review in Q3 2025 to prioritize scalable growth opportunities and strengthen long-term value creation
Implemented targeted cost measures, improving efficiency and resource allocation
Expanding into new verticals leveraging the AI Virtual Smart Sensor Platform
Productizing platform for friction-less development and deployment of edge AI on embedded devices
Continuing growth in smartphone and laptop footprint and multi-sensor deployment with existing and planned sales channels
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Expanding deployment and value with laptops and smartphones
Multi-sensor deployment
- Expand intelligence per device with multiple sensors for both laptops and smartphones
- Leverage existing platform with limited incremental cost
Growing multi sensor deployment with laptops
Grow unit footprint across new and existing customers
- Smartphones, tablets, PCs and IoT are increasingly required to sense and react to environment and user context
- Enable new high-value use cases from contextually aware AI-capable devices
- Leverage strategic OEM/ODM partnerships to scale volumes through broader and deeper deployment of Elliptic Labs technology
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Strategy to win business in adjacent verticals leveraging product portfolio
Expand to additional device types with growth momentum
Utilize existing relations and product features in new form factors
Bring contextual intelligence to the home
Meet the growing demand for privacy-aware intelligence in households by device- and content providers
Explore additional sales channels and business models
Utilize established technology-, partner- and customer footprint to introduce new business models
Opportunity: Smart glasses
Strong value proposition: Capabilities for user intent and contextual intelligence
Opportunity: Smart-TVs
Strong value proposition: Provide contextual intelligence
ellipticlabs
Elliptic Labs AI platform for Edge AI on embedded devices
Productizing platform for friction-less development and deployment of edge AI on embedded devices
- Expands commercial reach to new device space and verticals
- Enables companies to build and scale their own products with Elliptic Labs' AI platform, from lab to production with no friction
- Builds on our highly validated AI technology for embedded devices
- Creates a new, high-margin revenue stream
- Significantly expands addressable market
- Underlying technology verified in existing partner portfolio
Faster time-to-market
Scalable production AI
Clever engineering cost
Every edge device becomes AI-capable
Elliptic Labs isn't just building AI, but providing a solution that makes deploying embedded edge AI frictionless
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Edge AI adoption creates a vast and structural opportunity
Global Edge AI market (USDbn)
10x
The global Edge AI market estimated to multiply more than 10x to 2034, representing more than 30% annual growth
- Billions of IoT devices
- 5G proliferation
- Enterprise need for real-time, private, low-latency AI
Developer friction is a bottleneck for AI on embedded devices
Today:
- AI engineers build part of the solution
- Embedded devices require additional software expertise and hardware/chipset-specific optimization
- Leads to control logic and AI logic split across teams
- AI ↔ Embedded SW handoff required per platform
- Dependencies, long iteration cycles, error prone
Slow iteration cycles
High engineering cost
Organizational bottlenecks
AI stuck in lab demos, not in production
1) Fortune Business Insights.
ellipticlabs
Outcome of strategic review
- Initiated strategic review in Q3 2025 to prioritize scalable growth opportunities and strengthen long-term value creation
- Implemented targeted cost measures, improving efficiency and resource allocation
- Expanding into new verticals leveraging the AI Virtual Smart Sensor Platform
- Productizing platform for friction-less development and deployment of edge AI on embedded devices
- Continuing growth in smartphone and laptop footprint and multi-sensor deployment with existing and planned sales channels
Q&A
Q&A
Thank you!
Appendix
ellipticlabs
Reported financials
Profit and loss
| (Amounts in 000 NOK) | Notes | Q4 2025
(Unsustained) | Q4 2024
(Unsustained) | 2025
(Unsustained) | 2024
(Ausbined) |
| --- | --- | --- | --- | --- | --- |
| Revenues from contracts with customers | | 41 992 | 47 573 | 101 306 | 131 914 |
| Other operating income | 9 | 357 | 357 | 1 430 | 1 430 |
| Total revenue and other operating income | 2 | 42 349 | 47 931 | 102 736 | 133 343 |
| Employee benefits expenses | | -25 277 | -25 551 | -88 641 | -87 861 |
| Other operating expenses | 3 | -15 705 | -5 851 | -34 775 | -20 365 |
| EBITDA | | 1 367 | 16 529 | -20 680 | 25 118 |
| Depreciation and amortization | 5 | -7 236 | -5 405 | -24 763 | -20 408 |
| Operating expenses | | -48 217 | -36 807 | -148 180 | -128 633 |
| Operating profit | | -5 868 | 11 124 | -45 444 | 4 710 |
| Financial income | | -4 860 | 9 286 | -1 190 | 16 960 |
| Financial expenses | | 5 590 | -1 033 | -11 601 | -4 623 |
| Net financial income/(expenses) | | 730 | 8 253 | -12 791 | 12 337 |
| Profit/(loss) before tax | | -5 138 | 19 377 | -58 235 | 17 047 |
| Income tax expense | | -90 004 | -8 417 | -79 930 | -8 086 |
| Profit/(loss) | | -95 142 | 10 960 | -138 165 | 8 960 |
| Other comprehensive income: | | | | | |
| Foreign currency rate changes, may be reclassified to profit or loss | | 60 | 477 | -838 | 667 |
| Other comprehensive income, net of tax | | 60 | 477 | -838 | 667 |
| Total comprehensive income for the period | | -95 082 | 11 437 | -139 002 | 9 627 |
For more information and notes, please see Elliptic Labs Q4 2025 report.
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Reported financials
Cash flow
| (Amounts in 000 NOK) | (Unaudited) Q4 2025 | (Unaudited) Q4 2024 | (Unaudited) 2025 | (Audited) 2024 |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Profit/(loss) before tax | -5 138 | 19 377 | 17 047 | 17 047 |
| Adjustment for: | ||||
| Taxes paid in the period | -3 664 | -1 755 | -2 203 | -1 761 |
| Depreciation and amortization | 7 427 | 5 405 | 21 860 | 20 408 |
| Share-based payments | 346 | 1 304 | 5 475 | 5 475 |
| Net finance items | -1 281 | -495 | -795 | -4 964 |
| Other non cash items | 3 929 | - | -388 | - |
| Items classified as investing or financing activities | - | -2 382 | - | 571 |
| Change in current trade receivable | -10 817 | -14 044 | -50 324 | -50 324 |
| Change in trade payables | -170 | -2 137 | -2 554 | -2 554 |
| Change in other accruals | 6 046 | 8 377 | 1 275 | 4 286 |
| Net cash flows from operating activities | -3 321 | 13 649 | -10 607 | -11 815 |
| Cash flow from investing activities | ||||
| Purchase of property, plant and equipment | 0 | 0 | 0 | 0 |
| Payment of intangible assets | -7 093 | -6 919 | -30 502 | -30 716 |
| Interest received | 373 | 1 155 | 4 367 | 4 367 |
| Proceeds from repayment of deposits | - | - | 1 816 | 0 |
| Payments of deposits | - | - | -237 | 0 |
| Net cash flows from investing activities | -6 720 | -5 764 | -24 555 | -26 349 |
| Cash flow from financing activities | ||||
| Repayments of lease liabilities | -1 677 | -1 602 | -6 138 | -6 138 |
| Repayments of current borrowings | - | -1 000 | -4 000 | -4 000 |
| Proceeds from issuing shares | - | - | 4 835 | 4 835 |
| Paid interest on loan | - | -71 | -367 | -376 |
| Paid interest on lease liabilities | -238 | -118 | -1 466 | -1 466 |
| Proceeds from government grants | - | 3 011 | - | 3 011 |
| Net cash flow from financing | -1 915 | 220 | -7 135 | -4 133 |
| Net Change in Cash and Cash Equivalents | -11 956 | 8 105 | -42 297 | -42 297 |
| Cash and cash equivalents at the beginning of the period | 54 806 | 67 119 | 115 582 | 178 219 |
| Translation differences | 208 | 1 166 | 3 105 | 3 105 |
| Cash and cash equivalents at the end of period | 43 058 | 76 390 | 76 390 | 139 028 |
For more information and notes, please see Elliptic Labs Q4 2025 report.
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Reported financials
Balance sheet
Assets
| (Amounts in 000 NOK) | Notes | 31.12.2025
(Unaudited) | 31.12.2024
(Audited) | 30.09.2025
(Restated) |
| --- | --- | --- | --- | --- |
| Non-current assets | | | | |
| Deferred tax assets | 8 | - | 75 420 | 87 141 |
| Intangible assets | 4 | 71 454 | 66 252 | 72 121 |
| Right of use assets | | 12 130 | 16 301 | 12 457 |
| Property, plant and equipment | 5 | 281 | 357 | 308 |
| Other non-current receivables | | 5 619 | 7 245 | 5 442 |
| Total non-current assets | | 89 484 | 165 575 | 177 469 |
| Current assets | | | | |
| Current trade receivables | | 81 004 | 110 936 | 70 188 |
| Other current receivables | | 8 116 | 8 125 | 7 808 |
| Cash and cash equivalents | 7 | 43 058 | 76 390 | 54 806 |
| Total current assets | | 132 178 | 195 451 | 132 802 |
| Total assets | | 221 662 | 361 026 | 310 271 |
Equity & liabilities
| (Amounts in 000 NOK) | Notes | 31.12.2025
(Unaudited) | 31.12.2024
(Audited) | 30.09.2025
(Restated) |
| --- | --- | --- | --- | --- |
| Equity and liabilities | | | | |
| Share capital | | 1 053 | 1 053 | 1 053 |
| Other equity | | 188 739 | 324 288 | 283 475 |
| Total equity | | 189 792 | 325 341 | 284 528 |
| Non-current lease liabilities | | 8 308 | 10 727 | 8 460 |
| Total non-current liabilities | | 8 308 | 10 727 | 8 460 |
| Current borrowings | | - | 2 000 | - |
| Trade and other current payables | | 2 003 | 1 301 | 2 172 |
| Current lease liabilities | | 4 800 | 6 625 | 4 706 |
| Other current liabilities | | 16 760 | 15 032 | 10 405 |
| Total current liabilities | | 23 562 | 24 958 | 17 283 |
| Total equity and liabilities | | 221 662 | 361 026 | 310 271 |
For more information and notes, please see Elliptic Labs Q4 2025 report.
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Shareholder information
Top 20 shareholders as of 25th of February 2026
| Number of shares | % of total shares | ||
|---|---|---|---|
| 1 | MP PENSJON PK | 10 423 306 | 9.9% |
| 2 | ALDEN AS | 7 403 330 | 7.0% |
| 3 | VERDIPAPIRFONDET DNB SMB | 6 990 896 | 6.6% |
| 4 | PASSESTA AS | 5 299 994 | 5.0% |
| 5 | HORNE | 4 665 455 | 4.4% |
| 6 | VERDIPAPIRFONDET FONDSFINANS NORGE | 3 711 311 | 3.5% |
| 7 | SIX SIS AG | 3 120 000 | 3.0% |
| 8 | State Street Bank and Trust Comp | 2 701 100 | 2.6% |
| 9 | GHIBLI AS | 2 100 000 | 2.0% |
| 10 | Giro Invest As | 2 075 000 | 2.0% |
| 10 | BROADBAY HOLDING AS | 2 000 000 | 1.9% |
| 12 | FABRES SCALER | 1 600 000 | 1.5% |
| 13 | NUNATAK AS | 1 585 447 | 1.5% |
| 14 | NORDNET LIVSFORSIKRING AS | 1 393 910 | 1.3% |
| 15 | NOMA CAPITAL AS | 1 336 000 | 1.3% |
| 16 | Danske Bank A/S | 1 333 330 | 1.3% |
| 17 | J.P. Morgan SE | 1 283 099 | 1.2% |
| 18 | AMFIBIEN AS | 1 208 000 | 1.1% |
| 19 | J.P. Morgan SE | 1 177 173 | 1.1% |
| 20 | Bank Pictet & Cie (Europe) AG | 1 124 550 | 1.1% |
| Top 20 shareholders | 62 531 901 | 59.4% | |
| Other | 42 754 864 | 40.6% | |
| Total | 105 286 765 | 100.0% |
Shares and options owned by BoD, mgmt, and employees as 25th of February 2026 (fully diluted)
| Number of shares | Percent of fully diluted shares | |
|---|---|---|
| Shares owned by Board of Directors | 7 421 330 | 6.6% |
| Shares owned by Management | 174 670 | 0.2% |
| Allocated Options to Employees and management in shares | 7 315 948 | 6.5% |
| Allocated Options to Board of Directors | 433 000 | 0.4% |
| Other shareholders | 97 690 765 | 86.4% |
| Total | 113 035 713 | 100% |
ellipticlabs
Smartphone and Laptop launch overview
Launches since Q3'25
| Device type | Month | OEM | Model | AI Virtual Smart Sensors launched |
|---|---|---|---|---|
| Q4 2025 | ||||
| Smartphone | October | vivo | V60 Lite 5G | AI Virtual Proximity Sensor |
| Smartphone | October | vivo | V60 Lite | AI Virtual Proximity Sensor |
| Smartphone | October | Xiaomi | Xiaomi 15T | AI Virtual Proximity Sensor |
| Smartphone | October | TCL | NxtPaper 60 Ultra | AI Virtual Proximity Sensor |
| Smartphone | December | Vivo | iQOO Neo11 | AI Virtual Proximity Sensor |
| Smartphone | December | Vivo | Y500 Pro | AI Virtual Proximity Sensor |
| Smartphone | December | Vivo | V60e | AI Virtual Proximity Sensor |
| Smartphone | December | Vivo | S50 | AI Virtual Proximity Sensor |
| Smartphone | December | Vivo | S50 Pro Mini | AI Virtual Proximity Sensor |
| Smartphone | December | Honor | 500 | AI Virtual Proximity Sensor |
| Smartphone | December | Honor | 500 Pro | AI Virtual Proximity Sensor |
| AI Virtual Proximity Sensor | ||||
| Events after Q4'25 | ||||
| Smartphone | January | Honor | Win | AI Virtual Proximity Sensor |
| Smartphone | January | Honor | Win RT | AI Virtual Proximity Sensor |
| Smartphone | January | Honor | Power 2 | AI Virtual Proximity Sensor |
| Smartphone | January | Honor | X8d | AI Virtual Proximity Sensor |
| Smartphone | January | Vivo | IQOO Z11 Turbo | AI Virtual Proximity Sensor |
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Glossary
- Enterprise license agreement (ELA): Referred to as contract. A multi-year software agreement with an OEM that includes up-front milestone revenue based on minimum volume commitments and governs the commercial terms for deploying Elliptic Labs' AI Virtual Smart Sensors across selected device models.
- Milestone revenue: Up-front revenue recognized when an enterprise license agreement is signed. The amount reflects a minimum volume commitment for future models expected to ship to the market.
- Pay-as-you-go revenue/incremental volume revenue: Revenue recognized on a quarterly basis for units shipped above the minimum volume committed in the enterprise license agreement.
- Model: A specific device variant launched to the market by an OEM customer.
- Product: An individual AI Virtual Smart Sensor deployed on a device model. OEMs pay for each product included on a model that is shipped to the market.
-
Launch: The introduction of AI Virtual Smart Sensors on new device models when those models are released to the market by OEMs.
-
Shipment: Units of device models shipped to the market by OEMs that include one or more AI Virtual Smart Sensors.
- Volumes: Units shipped during a given period.
- Volume exceeding minimum commitment: Units shipped above the minimum volume guaranteed in an enterprise license agreement. These units generate incremental volume.
- Device interoperability: The ability of devices to seamlessly connect, communicate, and interact with each other using Elliptic Labs' AI Virtual Smart Sensors, enabling cross-device features such as data transfer, pairing, and coordinated user experiences.
- Contextual intelligence: The ability of Elliptic Labs' AI Virtual Smart Sensors to understand a device's surroundings and user context—such as presence, position, movement, or interaction—and adapt device behavior accordingly to deliver smarter, more intuitive user experiences.
ellipticlabs
ellipticlabs
Al Virtual Smart Sensor Platform™
Interim CEO
Ola Sandstad
[email protected]
Interim CFO
Mathias Norderud
[email protected]
Disclaimer - Important information
The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ("relevant persons"). Any person who is not a relevant person should not act or rely on this presentation or any of its contents.
This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Elliptic Laboratories AS (The Company). The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.
This presentation includes and is based, inter alia, on forward-looking information and contains statements regarding the future in connection with The Company's growth initiatives, profit figures, outlook, strategies and objectives. All forward-looking information and statements in this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for The Company. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.
Important factors may lead to actual profits, results and developments deviating substantially from what has been expressed or implied in such statements. Although The Company believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation.
The Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither The Company nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use. This presentation was prepared in connection with a investment highlights presentation for disclosure at the company's website. Information contained herein will not be updated.
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