Good morning, and welcome to Aker's first quarter results presentation for 2026. My name is Fredrik Berge, Head of Investor Relations at Aker. I'm joined by Aker's President and CEO, Øyvind Eriksen, who will take you through the key highlights and portfolio developments in the quarter. I'm also joined today by Torbjørn Kjus, Chief Economist at Aker BP, who will share his perspectives on the energy markets. Finally, Aker's CFO, Svein Oskar Stoknes, will take you through the financial results in more detail. After the presentation, we will open for questions. You may submit your questions at any time using the chat function. With that, I hand it over to Øyvind Eriksen. Thank you, Fredrik. It's tempting to start with a fun fact that puts things into perspective. When I joined Aker in 2009, our net asset value was NOK 18 billion. Today, we're reporting a single quarter, three months only, which added NOK 43 billion to our net asset value, and the Aker share price went up 39% in the same period. Two companies drove the development. Aker BP contributed NOK 15 billion to our net asset value, and Nscale added NOK 22 billion following our investment in the Series C capital raise. Beyond record-breaking results, the numbers reflect underlying forces. In energy, a structural shift is underway. Geopolitics is no longer episodic, but a persistent part of how energy is priced. Supply is more actively managed, investment has been uneven, and the system's buffer is thinner than it has been for decades. In artificial intelligence, demand for compute continues to run ahead of supply, and the gap is not narrowing. This is no longer just about technology. It's about access to power, infrastructure, and capacity over time. These are forces shaping our portfolio and driving growth. Aker is heading into a next phase of long-term value creation. The quarter materially advanced the portfolio, not just in results, but our position going forward. Nscale stands out. The company raised $2.1 billion in its Series C, the largest of its kind in Europe ever. Aker invested $350 million in cash and rolled up our joint venture stake. As a consequence, Aker became Nscale's largest shareholder. Our ownership is now direct and more strategically anchored. Nscale represents an asset value of NOK 32 billion and has become our second-largest asset after Aker BP. The company is progressing at an incredible speed, both commercially and operationally. I'll get back to this in more detail shortly. Across the rest of the Aker portfolio, values continue to be crystallized. Akastor listed HMH on Nasdaq, raising $210 million, consistent with its strategy of unlocking value. Aker Solutions monetized its shareholding in SLB and returned the proceeds to its shareholders. In total, NOK 4.2 billion was distributed as dividend after quarter end. Lastly, Aker BP delivered yet another strong quarter. Operationally, the Symra field came on stream nine months ahead of schedule, and Solveig Phase Two started as planned, adding more than 100 million barrels of recoverable resources. Reflecting on the strength of the portfolio, the annual general meeting approved a dividend of NOK 29 per Aker share with authorization for an additional distribution to our shareholders later this year. Now, back to the biggest single portfolio event this quarter and was one of the most significant and consequential moves we have made in years, our investment in Nscale and entry into AI infrastructure. It comes at a time when AI is scaling into build-outs at industrial level. Demand is moving ahead of what can be realistically deployed, which reflected in both capital allocation and in pricing. Hyperscalers are investing at a pace the industry has not seen before. At the same time, access to compute capacity is tightening, constrained by power, grid availability, hardware, and the ability to execute at scale, which is shaping how this market develops and who captures the value. This is a massive opportunity and exactly where Nscale is positioned. In the U.S., platforms such as CoreWeave and Nebius give a clear reference point for valuation. They are scaled against capacity, contracted demand and growth in deployment. The Series C post-money valuation of Nscale at $14.6 billion sits within that range for a platform that is earlier in this build-out but scaling quickly in the same market. Nscale is building a fully integrated AI infrastructure platform. It designs, builds, owns, and operate data centers and compute clusters as one system. Facilities, GPUs, networking, and the software layer developed specifically for AI workloads. This integrated approach is a key point of differentiation and allows capacity to be developed and deployed in parallel rather than step by step. The platform is anchored in markets with access to low-cost renewable power, including Norway, Iceland, and Portugal, and is firmly established in the U.S., the world's largest and most active AI infrastructure market. Nscale has already established a portfolio of projects with a growth potential that can make it one of the leading neocloud companies in the world. The company and partner base with global leaders like Microsoft, NVIDIA, Nokia, and Dell also reflect that position. I'm the vice chairman of the Nscale board. The quality of the team, combined with the pace and scale of the company's trajectory, is, frankly speaking, unlike anything I have ever seen. Starting with governance. During the quarter, Sheryl Sandberg, Susan Becker, and Nick Clegg all joined the Nscale board. Those kinds of high-caliber leaders are both a testament to the company's potential and a reflection of the current momentum. On the technology side, Nscale has secured early access to NVIDIA's industry-leading Vera Rubin platform, with plans to deploy more than 100,000 GPUs across Europe starting in 2027. That's capacity at industrial scale and speaks to the level of partnership Nscale has already established. On financing, the Series C was complemented by a $1.4 billion asset-backed term loan to support GPU development and deployment. Critical financing components to ensure both build-out and deployment. Commercially, Microsoft has now contracted the full initial capacity at Narvik, replacing the earlier Stargate structure. The site itself hasn't changed, but the company now has a larger long-term agreement with one of the strongest counterparties in the market. In the United States, the acquisition of the Monarch Compute campus in West Virginia firmly moves Nscale into the top tier of AI infrastructure. This is a 2,000 acres multi-gigawatt site designed to scale into one of the largest AI compute environments globally. Microsoft has already in place a letter of intent, converting more than a gigawatt of compute capacity. Beyond AI infrastructure, our industrial software platform has also reached an inflection point. Cognite is operating at scale, as reflected in the first quarter results. Revenue grew 28% year-on-year, with recurring revenues up 27% and more than 86% of bookings are now driven by Atlas AI, Cognite's industrial AI agent workbench, which allows customers to build and deploy AI agents directly on top of trusted, contextualized operational data. Adoption is accelerating fast. The number of Atlas AI customers has increased nearly five-fold over the past year. At the same time, Cognite is expanding its ecosystem in a way that strengthens the platform. The partnership with NVIDIA supports faster execution of industrial AI workloads, while the collaboration with Snowflake extends the reach across the enterprise data stack, connecting operational data with analytics and decision-making. That progress is being recognized externally. Cognite was named the leader in the IDC MarketScape for industrial DataOps platforms, and the growth is broadening beyond energy. We are seeing solid traction in pharma and life science, which speak to the broader applicability of the platform. When I look at what has been built over the past several years, I see a platform that is becoming more relevant with each passing quarter. As AI deployment accelerates across industries, the need for trusted contextualized operational data only deepens, and that is exactly where Cognite is positioned. For Aker, Cognite hits our ownership sweet spot, combining strong underlying trends with deep domain expertise and building platforms that sit at the center of where value is created. All in all, a pivotal quarter with performance at historical magnitude at Aker. I can't promise to beat that record quarter by quarter. That's neither the objective while managing a portfolio with exposure to geopolitical and market volatilities. What matters ultimately is the longer term creation of shareholder value. What excites me most is the repositioning of Aker at the intersection between energy and AI. Both segments with undisputed growth trajectories and high investor appetite, and both opportunities that we are pursuing and realizing with customers and partners who are defining the future globally. I can hardly think of a better point of departure for managing the current uncertainties and opportunities in the world markets and generating even more value to Aker shareholders. It also requires insight and analysis. I'm privileged to have some of the most knowledgeable experts as my colleagues. One is Torbjørn Kjus, who I invited to join me today to share with us briefly his perspectives and outlook for the energy markets. Torbjørn, the floor is yours. Thank you, Øyvind, good morning. I will in particular explain why price developments in Dated Brent and North Sea crude grades have been so extreme recently and what this tells us about risk premia, timing, and physical scarcity in the market, factors that are directly relevant for value creation and cash flow in Aker's portfolio companies. I will cover five topics: how oil is priced in practice, what Dated Brent actually is, why North Sea differentials have moved so much, and what an oil price above $100 really means in historical context, and what kind of longer-term effect the current Hormuz crisis might entail. How is oil actually priced in real life? Crude oil is generally sold as a price differential to a benchmark, not at a fixed flat price. Brent is the dominant global benchmark. Around 60% to 70% of all globally traded waterborne crude is priced against it. The futures market, on the other hand, dominate the day-to-day price discovery. The futures market is ultimately anchored to physical oil through delivery mechanisms. That physical connection becomes especially important when futures contracts are approaching expiry and markets are stressed. What is Dated Brent, and why is it so much higher now than the paper market, the futures market? Dated Brent is a daily assessment of the price of physical crude oil available for prompt delivery in the North Sea, typically within a 10-to-30 day window. It is assessed each day by S&P Global Platts based on market activity in the market on close window. Some call this the Platts window, which closes at 4:30 P.M. London time. What we have seen recently is a record high differential between Dated Brent and the front-month Brent futures contract. The key reason is timing. When physical barrels are scarce, the marketplaces a very high premium on immediate availability, and the forward curve becomes sharply backwardated. In simple terms, people are willing to pay much more to get oil right now than to get it next month. Since March 12th, when the Brent price surpassed $100 per barrel, Brent Dated has averaged $117 per barrel, while the first month Brent futures have averaged around $105 per barrel. Historically extreme differential between those two of $12 a barrel. Why have these North Sea differentials increased so much? On top of the Brent Dated price, the NCS producers receive a differential agreed on average about a month before each cargo is loaded. The average peak differential of NCS crude oil grades versus Brent Dated was agreed in the period about 10th to 15th of April at close to $19 a barrel on top of the Brent Dated price. This means that peak physical pricing for NCS grades should likely be in the first two, three weeks of May. The underlying driver is a severe physical supply disruption, of course, related to the flows through the Strait of Hormuz. We estimate that around 13 million-15 million barrels per day of crude oil production is currently shut in. Storage fills up inside the Hormuz Strait, making it necessary to curb production. Logistics are tightening. Shipping times increase. In the most optimistic scenario, which would be a reopening of the strait during May, Middle East producers will have shut in approximately 1.5 billion barrels of oil production in 2026. When flows resume, global inventories will need to be refilled, supporting incremental import demand of about 2 million barrels per day for up to two years. This alone should support prices well into 2027. Is $100 a barrel, is that a historically high oil price? In nominal terms, yes, of course, it is significant. In real inflation-adjusted terms, it's not historically exceptional at all, actually. The average Brent price the past 20 years in real terms has actually been $100 a barrel. What matters most is the share of global economic output spent on oil. If Dated Brent averages $150 a barrel in 2026, the oil burden would be approximately 5%, similar to what we observed between 2011 and 2014, when the nominal average Brent price was around $107 a barrel. What about the longer-term oil price effects? A prolonged closure of the Strait of Hormuz would leave lasting imprints on global oil markets. The Hormuz crisis has underscored more sharply than any event in recent years that energy security remains a central concern for governments and corporations alike. Governments and corporations would likely mandate structurally higher strategic petroleum reserves and emergency stockpiles, while new and costlier trade routes, such as expanded pipeline capacity and longer tanker voyages, would embed a permanent risk premium. A sustained price shock of this magnitude could, however, accelerate fleet electrification and biofuel adoption, for example, in transportation. Much as the oil shocks of the early 1980s permanently drove oil out of power generation market, a market it never has really meaningfully reentered. We don't almost use oil for power generation anymore. This stands in sharp contrast to episodes of mere demand suppression, as I like to call it, such as the 2008 and 2009 financial crisis or the COVID shock of 2020, where demand collapsed but only temporarily and ultimately rebounding, leaving oil's structural market position mainly intact. While European EV sales, electric vehicle sales, have accelerated after the Hormuz crisis, sales are down in both the key markets, China and the U.S., so far in 2026, which is reflecting reduced policy support in both those important markets for electric vehicles. The net result is that global year-on-year EV sales were in fact negative even in March, meaning the crisis potential to accelerate oil demand displacement through electrification remains, for now at least, more of a medium-term aspiration than a near-term reality. What is observable so far is that the market has already priced up the average expected Brent price for 2027-2029 by about 15%-30% compared to when we started this year of 2026. What are the key takeaways? First, Brent is the dominant global benchmark for crude oil, and crude oil is sold as a differential to Brent. Second, the large gap between Dated Brent and Brent futures is mainly driven by timing and physical scarcity. Third, North Sea differentials are amplified by the same timing effects and steep backwardation curve structure. Fourth, an oil price above $100 a barrel is not historically extreme. We would need a sustained average of $150 a barrel to match the oil burden that we saw from 2011 to 2014 of about 5%. Finally, the longer-term effects of the Hormuz crisis, they are uncertain. Will we end up with permanent demand destruction like we saw in the early 1980s, or just temporary economic demand suppression, like we saw in the great financial crisis in 2008 and 2009 and the COVID crisis in 2020? No matter what happens to real oil demand going forward, we believe we can be quite certain that demand for imports to refill drawn down inventories will be supportive for oil prices at least far into 2027. For Aker ASA, where Aker BP is the core industrial asset, these market dynamics primarily support earlier, more visible, and resilient cash flows, which is strengthening the predictability of dividend income and overall financial flexibility. Thank you for listening. Thank you, Torbjørn, and good morning. To begin, I will provide a brief overview of the key numbers for our listed and unlisted equity investments, along with cash and other assets, followed by a more detailed discussion of our financial results. At the end of the first quarter, Aker's listed equity investments were valued at NOK 77 billion, making up 62% of Aker's total assets and equal to NOK 1,039 per share. Most listed investments increased in value during the quarter, leading to an overall appreciation in value of approximately NOK 20 billion, with Aker BP as the single largest contributor, up NOK 13.9 billion for the quarter. These gains were partially offset by a decrease of NOK 0.9 billion related to the portfolio of listed real estate investments. Throughout the first quarter, total dividends from listed investments amounted to NOK 1 billion. Of this, Aker BP contributed NOK 841 million, Solstad Maritime provided NOK 74 million, Akastor added NOK 40 million, and Solstad Offshore contributed NOK 13 million. Next, over to Aker's unlisted equity investments, which represented 36% of Aker's total assets at the end of the quarter and were valued at NOK 45 billion or NOK 605 per share. This value represents an increase of NOK 25.5 billion compared to the previous quarter, the growth was primarily driven by Aker's participation in Nscale's Series C funding round, which valued Nscale post-money at $14.6 billion. Aker's participation in Series C included a cash investment of $350 million, the roll-up of Aker's 50% ownership stake in the Aker Nscale joint venture, and a full earn-out realization. After the transaction, Aker now holds a 22.8% ownership interest in Nscale, strengthening its position in the company and reflecting a strategic investment decision. At the end of the quarter, cash and other assets accounted for 2% of Aker's total assets, equivalent to NOK 38 per share. Cash inflows of NOK 4.2 billion was primarily from a net NOK 3.2 billion drawdown on available credit facilities and nearly NOK 1 billion in dividends received from Aker BP, Solstad Maritime, Akastor, and Solstad Offshore. Cash outflows amounted to NOK 4.3 billion, including the investment of NOK 3.4 billion in Nscale, a NOK 340 million capital allocation to Aker Holdco, and a $15 million interest-bearing convertible loan to Cognite. Meanwhile, cash outlays related to operating expenses and net interest for the quarter amounted to NOK 396 million. As a result, the cash balance at quarter end stood at NOK 0.7 billion. Let's move to the first quarter financials for Aker ASA and holding companies, starting with the balance sheet. In accordance with our accounting principles, investments are re-recognized at the lower of historical cost and market value. At the end of the quarter, the book value of Aker's investments was NOK 54.9 billion, which represents an increase of NOK 19.4 billion compared to the previous quarter. This change primarily reflects the roll-up of Aker's 50% ownership interest in the Aker Nscale JV into Nscale and the $350 million cash investment in Nscale. This resulted in an increased book value of the investment of NOK 18.7 billion. The book value of equity at the quarter end was NOK 40.4 billion, up NOK 16.4 billion from the previous quarter due to the profit before tax in the quarter. On a fair value adjusted basis, Aker's gross asset value was NOK 124.9 billion. After subtracting for liabilities, the net asset value amounted to NOK 107.6 billion or NOK 1,449 per share after allocation for dividend. The value adjusted equity ratio was 86.2%, also after allocation for dividend. Of the total liabilities, NOK 14.9 billion is related to bond debt and bank loans, and NOK 2.2 billion is related to the dividend allocation for 2025, representing NOK 29 per share, and this dividend was distributed earlier this month. Aker maintains a strong financial position with modest leverage and ample debt capacity with a loan-to-value ratio at 11%. The total liquidity buffer was NOK 5.6 billion, including undrawn credit facilities and liquid funds. At quarter end, net interest-bearing debt increased to NOK 12.7 billion from NOK 9.7 billion in the prior quarter, primarily reflecting higher interest-bearing debt following the cash investment in Nscale. Aker's weighted average debt maturity was 3.1 years. Factoring in available options for credit and loan extensions, the total effective loan maturity extends to more than 5 years. Finally, moving to the income statement. Operating revenues were primarily driven by a gain recognized as a result of the roll-up of Aker's 50% ownership interest in Aker Nscale JV into Nscale. This gain was measured based on the Series C transaction value. Operating expenses for the first quarter amounted to NOK 148 million, reflecting the high activity level during the period. Dividend income totaled nearly NOK 1 billion. The majority of this income was generated from Aker BP, with additional contributions from the Solstad companies and Akastor. The net value change for the quarter was positive NOK 339 million and was mainly attributable to the value increase in Akastor, which amounted to NOK 422 million. Net other financial items came in at negative NOK 134 million for the quarter. Finally, Aker's profit before tax for the quarter reached NOK 16.4 billion. Thank you. That concludes today's presentation, and we will now proceed to Q&A. Thank you, gentlemen. Let's start with the first question. Øyvind, in your presentation, you mentioned the repositioning of Aker at the intersection between energy and AI. Could you elaborate a little bit more on the potential it creates for Aker? Energy and AI are interlinked and some of the key global trajectories as we speak. I can hardly think about a company better positioned to balance the two factors and create value in that intersection. What the results were reported this morning is just a start. The next question, also on the same type of topic. Aker has invested in AI through both Nscale and Cognite. How do you see AI evolving as part of Aker's portfolio in the longer term? Well, the numbers are speaking for themselves. It's already a very, very important part of the portfolio, and it will continue to grow and the transition Aker from more traditional industries to AI and AI in-infrastructure. In addition to that, we're getting access to technology and suppliers and knowledge which benefit our operating entities, Aker BP, Aker Solutions, Aker BioMarine. It's an ecosystem in addition to individual opportunities which continue to drive development, growth, and shield of value. Continuing on the topic of Nscale and AI. How do you see the contract portfolio evolving? How is demand and opportunities beyond Microsoft? Nscale is a young company, but Nscale has already gained the trust with some of the most sophisticated tech companies in the world. What I admire as vice chairman of the Nscale board is the discipline and the management team. It's not only about growth, but it's quality growth. One example is the criteria that Nscale primarily does business with investment-grade companies, hence hyperscalers, hence Microsoft. So far that has been the prioritization. As Nscale continues to grow, it's time also to diversify the portfolio even more because it goes without saying that even in this segment, companies with, without investment grade, like some of the most rapidly growing AI companies, they will typically pay a higher margin for the project and as a consequence, boost the profitability of Nscale going forward. A follow-up on Nscale. Any update on the IPO prospects? How does Aker think about the potential participation in future funding rounds or IPO? Well, as I've said before, the Nscale board has to decide and communicate whether or not to IPO and if yes, when. What's important to keep in mind is that, through Aker, it's already possible to participate in this exciting opportunity. As Nscale becomes a more and more important part of our portfolio, the Aker share is an implicit listing of Nscale. The next question then is about Cognite. When can we expect, or what is the target of reaching EBITDA profitability? Well, whenever we decide that Cognite should become profitable because it's a balancing act between an investment in an AI product development, sales organizations, growth and P&L. So far, our view has been that we would rather invest in the future and invest in the position as a global leader in AI for industry, which has been verified by certain rankings and experts recently. We'd rather make that investment than adjusting back the level of activity to something which can make Cognite profitable. It's our choice. It's a well-run company with a great first quarter, verifying the market positioning and the market opportunity. The last question is about the share price, which increased less than underlying values reflected in Aker's NAV during this quarter. What's your thought on this? Big investment opportunity. Then you can ask, why did the discount to NAV increase during the quarter? I think the simple question is that investors and analysts in Europe are less familiar with the investment proposition of AI and AI infrastructure. A piece of advice from me to our shareholders and analysts today is to spend more time on what's going on in the U.S. You have great listed companies like CoreWeave and Nebius. peers, to Nscale. Follow them and consider the development of Nscale by benchmarking with listed peers. You will see that why we're so excited about this opportunity. Well, thank you very much, Øyvind. That was the last question and concludes our webcast for today. Thank you all for listening and see you next quarter.