With the launch of our fourth Sustainability Report, we reaffirm our commitment to transparency, accountability, and continuous improvement. In 2023, our firm belief in the future of biofuels was further demonstrated by the acquisition of our fifth pellet factory, a CHP plant and a multinational chip wood company adding 83 new members to our dedicated team. Commitment to operational efficiency remained unwavering, driving digital innovations across various business areas, and enhancing transparency, accuracy, and automatization in our operations.

Compared to 2020, the absolute emissions from pellet production have decreased roughly by 4% in 2023, while a 13% increase in emission intensity per MJ is visible from the year 2022. This is mainly attributable to the increase in Estonian´s grid electricity emissions, as well as the changes in our feedstock profile and production output.

To mitigate such third-party risks as above, we took a significant step towards renewable energy integration in 2023 by completing solar power plants next to two of our pellet plants.

This enables us to harness 3 MW of solar power in our production processes, further reducing our environmental footprint and enhancing our energy independence. With the installation of these solar power units, ¾ of our Estonian pellet plants now have independent solar electricity production units installed, marking a significant achievement in our quest for Sustainability and renewable energy integration.

In 2023, Warmeston celebrated its 20th year of operation, marking two decades of dedication to sustainability and excellence. Additionally, our subsidiary, Ardor, commemorated its 10th year, highlighting a decade of commitment to innovation and progress in the industry. These milestones underscore our commitment to sustainability and our ongoing efforts to make a positive impact on the environment and society.

I am confident that with the continued support and collaboration of our employees, partners, customers, and stakeholders, we will overcome obstacles and achieve our shared sustainability goals. Thank you for your unwavering dedication and partnership on this journey toward a brighter, more sustainable future.