Good day, and welcome to Aker Horizons' First Quarter Presentation. We've been looking forward to this milestone, reporting for our first time as a publicly listed company. Joining me today are Nanna Tollefsen, CFO of Aker Horizons, Mary Quaney and Paul Corrigan, CEO and CFO of Mainstream Renewable Power, and Knut Nyborg, CEO of Aker Clean Hydrogen. Aker Clean Hydrogen will be reporting for the first time in July but is joining us today for a business update. For today's event, we will be referencing the Q1 presentation that can be found on akerhorizons.com. Turning to slide four for the main developments in the quarter. It has been an exceptionally busy start to the year, having announced several key transactions, starting with the agreement to acquire Mainstream, signed on January 19th. This was a major milestone for Aker Horizons and in many ways represents a step change for us in terms of development capabilities that Mainstream immediately adds with its 340 people and large global pipeline. You'll hear more about this from Mary shortly. The agreement entails that Aker Horizons will acquire 75% of Mainstream, with the remaining 25% being held by current shareholders, most notably the founder, Dr. Eddie O'Connor. The purchase price is EUR 900 million on a 100% basis, and closing is planned for the second quarter of this year, as previously announced. The process is on track. Aker Horizons successfully raised approximately NOK 6 billion through an equity private placement and convertible bond issue. We saw a tremendous amount of interest and are pleased to have reached over 18,000 shareholders in a short period of time. We also raised our first green bond in the quarter with one of the largest Nordic bonds ever raised, the NOK 2.5 billion, with the proceeds going towards projects in accordance with the green financing framework. Aker Clean Hydrogen was introduced as our fourth platform during the quarter, just after the announced partnership on February 18 with Yara and Statkraft regarding the establishment of Europe's first industrial-scale green ammonia project. We couldn't be happier about how the partnership is going so far with these two great and complementary organizations. Subsequently, Clean Hydrogen raised NOK 3 billion, of which Aker Horizons participated in with NOK 500 million. We are pleased with the progress of the company in a short period of time, and we are pleased with the interest seen from quality investors domestically and internationally. It is worth mentioning that we are obviously not pleased with the share price development since the listing. While one needs to think long-term in this business, we still would like to see a different outcome in the short term. With that said, we now have a company that is well capitalized with a market potential in the range of several hundred million dollars over the next two decades and a starting point to become a global leader in this market. You'll hear more about this shortly. We have two announcements just today. First, Aker Horizons announced that it has increased its revolving credit facility from EUR 170 million -EUR 400 million through a syndicate of eight European banks. This will give Aker Horizons additional capacity for green investments. Announced this morning, we have initiated a process to transfer the listing venue from Euronext Growth to the main exchange of Oslo Børs, with this expected to be completed this current quarter. In terms of reported net asset values, Aker Horizons saw an increase of NOK 3.1 billion from NOK 12.8 billion to NOK 15.9 billion. This change was primarily driven by the increase in value of Aker Clean Hydrogen of NOK 5.4 billion, counteracted by the decrease in value of Aker Offshore Wind and Aker Carbon Capture of NOK 1.6 billion collectively. Taking a step back and looking at slide six, you can see that it's been a busy and really a remarkable first 10 months. One thing is share prices, but the reception amongst potential customers, partners, job applicants, business development opportunities, and financing sources has been enormous. We now have over 800 people and raised over NOK 16 billion in various financing, and it still feels like we're really just getting going. Clearly, it's stating the obvious that there are going to be many challenges to overcome during the energy transition. Large projects, new industries, technology development, complex value chains, cost levels, need of regulatory support, et cetera. It takes me to Aker Horizons, as illustrated on slide nine. What is Aker Horizons? Fundamentally, Aker Horizons is an investment company that is purpose-driven around planet-positive investing, building off of Aker Group's 180 years of industrial experience, coupled with a shareholder mindset to create attractive financial returns over time. It's the interplay between these three where we think there's something special. Starting with the purpose and wanting to do major good for the environment, having a positive, measurable net impact. Bringing the industrial capabilities to bear to realize large, complex projects globally and innovate along the value chain to ultimately reduce the levelized cost of energy. This is where the larger Aker Group really differentiates itself with over 30,000 people globally and a long history of developing challenging industries over a really long time. Third is what we call the shareholder mindset. You can have all the good -intentioned industrial capabilities, but if it doesn't make financial sense, if you can't generate returns, it's not going to have the impact and sustainability we all are looking for. We've set out with this framework, a clear purpose, industrial edge, shareholder mindset, and identified areas where we'd like to make a major impact. The first of which is decarbonization and addressing the issue at heart, illustrated on slide 10. It is estimated that 53 Gt of greenhouse gases were emitted in 2019. I'll not spend time on this for the purpose of today's presentation. The need to get to net zero is well established, with tremendous momentum and an increasing amount of pledges from corporations and governments globally. With this set to only increase with the upcoming EU taxonomy and COP26, for instance. What I would like to convey here is the approach Aker Horizons is taking, as is shown on slide 11. The 53 Gt of CO₂ equivalents in 2019 are split by sector in the following way, power naturally being the largest sector at 30%, driven by the share of coal and gas-fired power plants, while industries such as chemical manufacturing and steel production account for two-thirds of what the power sector is. There is no silver bullet. Simply transforming our energy generation to renewables and our cars to electric is great and necessary, but not enough. As illustrated on Slide 12, several levers will be needed, and Aker Horizons has positioned itself to contribute in several of these areas. You can see on the bottom of the slide the Aker Horizons-related companies next to the applicable lever. Now, renewable power is critical, and here both Aker Offshore Wind and Mainstream are well-positioned in their respective areas. SuperNode, while still in early days, looks to contribute towards improving efficiency, moving electrons with much less resistance and cost over long distances through superconducting technology. You have Aker Carbon Capture positioned for CCUS, and Aker Clean Hydrogen, with plans to industrialize hydrogen production and solve some of the most difficult decarbonization challenges. Knut will speak more about this shortly, but it's worth mentioning that there are certain sectors where renewables alone will not be sufficient to reach net zero and where hydrogen is necessary. Take steel, for instance, where crude steel directly accounts for 2.6 Gt of CO₂ annually, equal to 5% of global greenhouse emissions. Steel is obviously important for our societies, and demand, therefore, continues to rise, with projections to increase more than one-third through 2050. The point is that green electricity will not be enough to replace steel's reliance on coal and natural gas due to fundamental heating and chemical properties. This is where clean hydrogen comes in and, in this instance, a hard-to-abate sector, contributes towards reaching net zero. Shipping is a second hard-to-abate industry with few alternatives for zero-emissions fuels, and you're starting to see shipping companies, engine manufacturers, shipyards, and classification societies prepare for green ammonia as a viable zero-emissions fuel for long- and short-distance shipping. Summing up this slide, Aker Horizons is focused on several ways of contributing towards decarbonization. In terms of the model we have chosen, you can see on Slide 13, illustrated what we call the Aker Horizons ecosystem. We are less focused on being a one-stop shop and more focused on really fundamentally understanding the green value chains. If you look at hydrogen again, well over half of the levelized cost of hydrogen relates to energy supply. Aker Horizons, through Aker Offshore Wind and Mainstream, is gaining valuable insights into the entire value chain to be able to bring down cost in hydrogen production, for instance. As previously announced, Aker Clean Hydrogen and Mainstream are working together in Chile to ultimately produce cost-effective hydrogen for domestic use and export. Another example of cross-portfolio collaboration is the collaboration announced this morning between Aker Clean Hydrogen and Aker Carbon Capture around Aukra, an addition to deliver a blue hydrogen facility on the west coast of Norway. Bringing this together on Slide 14 into specific ambitions, you have to have some measurable goals, and that's what we've tried to do here by reiterating our goals of green investment levels, renewable power capacity, and CO₂ removed annually. While these are big goals, by delivering on the business plans of the portfolio companies, we will be able to reach them. Okay, turning on to a portfolio update, starting with Mainstream Renewable Power, and I'll hand the word over to Mary Quaney, CEO. Good morning. If we could move to slide 19, please. I'm Mary Quaney, Group Chief Executive Officer of Mainstream Renewable Power, and I'm very happy to present this morning with our soon-to-be colleagues at Aker Horizons. This slide here is a short reminder of what I presented in January, an overview of our history. Mainstream was founded in 2008 by Dr. Eddie O'Connor, renowned renewable energy entrepreneur. We are a global pure-play renewable energy company. We have built a business spanning four platforms: Latin America, Africa, Asia Pacific, and Global Offshore. Today, we employ over 340 people across 13 offices. We've developed an asset portfolio, which today is 12.5 GW, of which 1.4 GW are in operation and construction. Overall, we've brought 6.4 GW of projects to financial close since 2008, and we've achieved a return of 4.4 x the money for our investors. Staying on this slide, our portfolio is geographically diversified. I'll take you through that in a bit more detail later. It consists of solar PV, onshore and offshore wind. Our strong track record in the sector is very much underpinned by our end-to-end capabilities in-house, which span the entire project lifecycle. As you can see here from this diagram on the right, in addition to the 1.4 GW in operation and construction, our development portfolio has approximately 5GW of late-stage development and 6GW of earlier-stage development assets. Since my presentation in January, we have continued to grow our portfolio, and we've added a gigawatt of additional project portfolio in South Africa and Vietnam. We'll continue to grow our development portfolio on a continuous basis, and we also have a further approximately 10 GW of opportunities undergoing feasibility analysis and due diligence, which stands behind this growing development portfolio. Moving on to the next slide, please, to slide 22, where you'll see that sustainability very much is at the very core of our business. Sorry, back to the sustainability slide, please. Since I last spoke with you, we have been awarded leadership status by the Carbon Disclosure Project, this time for our supply chain engagement, and we've also now achieved ISO 45001 in Vietnam as we prepare to gear up for construction there. Just last month, we were awarded as one of the Proximo Americas Deals of the Year for the debt funding of our Huemul wind and solar portfolio in Chile. We're very much looking forward to the publication of our 2020 sustainability report in June of this year. On to the next slide. As Kristian has mentioned, since my presentation in January, we've very much seen an acceleration in global commitments to achieve net zero. Today, every G7 country has now committed to a pathway to net zero by 2050. What is particularly significant for us at Mainstream is that these pledges don't just cover domestic energy use but also impact the financing of coal plants across our platforms, which is particularly relevant for some of our growth markets. This means that we are very well-positioned to take advantage of this accelerated transition to renewable energy, which really is gaining unprecedented momentum. Mainstream has built a company that has end-to-end capabilities in-house, that is very well-positioned for scale, and that will support rapid growth as we look to exploit these opportunities. On the next slide, I spoke earlier of our portfolio distribution by geography and by technology. We are very long established in Chile and in South Africa. We have leading positions in both markets. We have been in each market for 12 years, this leading presence is reflected on the diagram here on the left. We have a growing pipeline in Asia, which is a key growth market for us. I'll talk you through that in a bit more detail in a few moments. Our technology mix that you see here on the right, the balance of onshore wind and solar PV in particular, is in line with our increasing focus on a hybrid approach to project development. This is reflected in the portfolio of wind and solar assets that are currently under construction in Chile today, which are carefully structured to provide a particular generation profile. On the next slide, you'll see our global presence from our established markets of Chile and South Africa. We will continue to expand our business in these markets, as well as other markets in LATAM and Africa. For example, we're developing a pipeline in Colombia, and through our Lekela joint venture in Africa, we have projects in Senegal, in Egypt, and in Ghana. In Asia-Pacific, as well as developing one of the largest offshore wind farms in Southeast Asia in Vietnam, we are developing a portfolio of wind and solar projects in the region. Offshore wind is very much a core part of our business. As well as our projects in Vietnam, we are actively pursuing opportunities in the Americas, in Europe, and in Southeast Asia to add to our pipeline. Over the next slides, I'll talk you through some of our current projects and near-term milestones. Here, starting with LATAM, with a particular focus on Chile, where we have 1.7 GW of projects across 13 assets in operation or construction pre-construction today. Starting with our Aela platform, where we are a 40% shareholder. That currently has 330 MW of wind assets, fully operational. Moving to our wholly owned Andes Renovables platform, which totals 1.4 GW, which is being built out in three phases. The first phase is what we call the Cóndor portfolio. It is 570 MW, a hybrid portfolio of three wind and one solar project to service a distribution company's 20-year U.S. dollar PPAs. Despite the challenges of COVID, which have been seen, of course, right across the sector over the last 12 months, I'm very pleased to say that construction is progressing very well. It is on track and on budget for COD in Q3 of this year. We've managed the impact of COVID on an ongoing basis, from enhanced health and safety measures on sites to extensive engagement with our supply chain to minimize delays to regional and national government engagement to facilitate a build-out of this scale in line with COVID restrictions. Similarly, the Huemul portfolio, 630 MW, consists of three wind and two solar projects. Construction commenced on this portfolio in Q4 of last year. It also is progressing very well through construction and on track for COD in Q3 of 2022 and on budget. Since January, the third and final phase of our Andes Renovables platform, the 150MW Capella project, is on track to reach financial close this quarter. We have recently enhanced the economics of the project. We've increased the project size up to 150 MW with a bilateral 15-year U.S. dollar PPA, which has now been signed. On to the next slide, moving on to Africa. In South Africa, we have increased our development portfolio over recent months by a further 700 MW. We now today have a total of 6.4 GW of wind and solar assets, which positions us really well for the upcoming tenders. We now have confirmation of the next renewable energy procurement round. That's round five. It's been announced with a bid date in Q3 of this year, in August. We have a strong track record of success in South Africa from round one, round three, and round four. Together with our strong asset portfolio, we're very well-placed for round five, as well as for the growth in demand for bilateral PPAs. In our Lekela joint venture, in which Mainstream is a 14% shareholder, the build-out of the wind farms in Senegal and in Egypt is making very good progress. They're both nearing completion. Lekela has over 1 GW of projects under construction or operating. We, as Mainstream, manage operations of its South African round three and round four assets. That's five projects totaling 610 MW. Moving on to the Asia-Pacific region on the next slide. In Vietnam, in addition to our strong offshore presence with our Soc Trang and Bến Tre projects, which altogether total 1.9 GW of projects that we're developing together with our partners, we've added a 324MW solar PV portfolio. As Vietnam continues its transition from fossil fuel to renewable energy, we expect this transition to be confirmed in its National Power Development Plan 8, which we expect to be published this quarter. Our near-term focus in Vietnam is on phase 1A, so the first 200 MW of the Soc Trang offshore wind farm. That phase is included in National Power Development Plan 7, our target is to bring this first phase through to financial close towards the end of this year. Elsewhere in our global offshore platform, we have one of the most experienced teams in the sector, with a very strong track record in site selection and development and consenting of offshore wind. We are very actively pursuing large-scale opportunities in Europe, in the Americas, and in Southeast Asia as we continue to add to our offshore wind portfolio. To the next slide, then, to summarize our midterm company targets. As I outlined in January, we will bring a further 5.5GW of projects to financial close by the end of 2023. In addition to the 1.4 GW in construction and operations today, this would then mean a total of up to 6.9 GW of operational or in-construction assets by the end of 2023. In terms of financial metrics, focusing on the Cóndor and Huemul portfolios, which are currently under construction in Chile, we forecast those portfolios to have an EBITDA of NOK 100 million-NOK 120 million from 2022, from energy generation of 3.6 TWh. With that, then, I'll hand you back to Kristian. Okay, excellent. Thank you very much, Mary. Moving to the next slide, please, on 28, just a few words on our ownership agenda of Mainstream. In terms of priorities for Aker Horizons beyond closing the transaction, it will be about growing the pipeline organically, there's a very large pipeline also through M&A. There will be a program of driving synergies with the Aker Horizons companies and wider Aker Group, particularly on the digital side. We've launched a program internally in Aker Horizons, appropriately called Electron, together with Cognite and Aize, and Mainstream will be incorporated in that after closing. Lastly, we have clearly stated that we have an ambition of an IPO of Mainstream on a standalone basis within three years. It may very well be earlier than that, we've already started preparations. Those are the priorities that we have as owners right now for Mainstream. With that update on Mainstream, let's go on to Aker Clean Hydrogen with CEO Knut Nyborg. Thank you, Kristian. During my presentation, I will touch upon Aker Clean Hydrogen's purpose, mission, and business model and an update on our market funnel, as well as the hydrogen hubs, with a focus on the Aukra one that Kristian mentioned earlier. Move on to the next slide, please. First, let me start with why we are here in the first place. Aker Clean Hydrogen's purpose is to accelerate the clean energy transition to reach net zero by solving the hardest industrial climate challenges. How are we going to do this? Well, our mission is to produce affordable clean hydrogen by leveraging our innovative and efficient solutions to bring down cost across the value chain. Let us zoom in on the how for a bit on the next slide. For us, affordable hydrogen means USD 1.5 per kilo, and we have tangible plans for how to reach that by the end of this decade. Our ambition is to be the most efficient, integrated hydrogen producer operating 5 GW net capacity by 2030. We will chase waste and efficiency gains across the entire value chain, both horizontally from energy supply to consumer as well as vertically from the plant operation and through the EPC integrator down into the technology OEMs. We operate leaner and more agilely than the current energy majors, while at the same time keeping the recognized predictability and stated performance that the Aker companies are known for. One of our competitive advantages is actually Aker Horizons and the Aker family, which includes energy suppliers and execution specialists as well as potential hydrogen consumers. For green hydrogen, electricity represents up to 70% of the cost, and even incremental savings will have a significant effect on the levelized cost of hydrogen. We benefit from partnering with strong players like Mainstream, that you just heard about, Statkraft, that we are working with on the Herøya project and others; and Varanger Kraft, as well as others that have proven capability to provide low-cost energy. We're also focusing on the regions with the best renewable reserves. Chile is one good example of that. Facility costs from the technology provider and the execution from the integrator are also significant. We aim to control CapEx rigorously by influencing and collaborating with Aker Solutions and technology suppliers that have the most ambitious and tangible cost reduction roadmaps. Key levers to significantly reduce that CapEx are scale benefits, obviously, but also the way we simplify, standardize, and modularize the solutions, enabling repeat solutions, and also the use of industrial software to automate this execution process. These are all processes and experiences and solutions that the Aker family have fine-tuned over several decades. On my next slide, I will give a quick update on the market funnel since the IPO. We have seen an increase of approximately 0.9GW, mainly within the categories we define as pipeline and prospects. The increase in the pipeline category is primarily linked to new opportunities in Brazil, as well as Aukra Hydrogen Hub, that I will come back to a bit later. The increase in the prospect category is driven by adjusted capacities for existing prospects as they are now maturing. Lastly, we have also identified interesting new segments and opportunities that will receive dedicated focus as we grow the team. However, these are not yet accounted for in this overview. Since the IPO, we have, as promised, worked on maturing the identified projects and prospects. On the next slide, I will walk you through some examples of what we are doing. We have mobilized strong teams and dedicated teams, and more than 50 persons are now working on our project and prospects. We have established or are about to establish dedicated project companies, or what we call SPVs, with our partners. The working relationship with Aker Solutions as the executor, the integrator, and selected technology partners is also developing well. The offtake situation is also developing. We have either agreements or letters of intent or promising discussions with consumers for all these projects and prospects. Regarding governmental support, we are well engaged with the relevant regional authorities to position the project for funding or support. Let me quickly focus in on two of those projects, the Herøya and the Berlevåg. At Herøya, we are, together with Yara and Statkraft, aiming to convert Yara's plant from gray to green ammonia, removing 800,000 tons of CO₂ on an annual basis and installing more than 450 MW of green hydrogen capacity. Far, we have mobilized an integrated team and agreed on scope and roles focused on maturing the solutions towards the different phases all the way towards the final investment decision. An important factor is the grid capacity of getting power into the hydrogen facility, and we have already initiated work with Statnett to investigate that element. In parallel, we are, of course, also maturing all three parties, dialogue with authorities on support mechanisms for this project. In Berlevåg, we are together with Varanger Kraft, aiming to decarbonize shipping and off-grid power plants and save up to 100,000 tons of CO₂ on an annual basis and installing around 100 MW of green hydrogen capacity and then converting that to ammonia. Together with the other value chain partners in that green ammonia value chain, Grieg Edge and Vectura, we have received a letter of intent for approximately 350,000 tons per year of ammonia, which is more than three times our planned production capacity. We have also signed a project agreement with Haldor Topsoe for the green ammonia part and are full steam ahead to conclude the concept before the summer holiday. The project SPV is also established. The company is established, and we have also recruited a profile chairman of the board, Liv Monica Stubholt, to support us in driving that company forward. Let's move on to the topic of hydrogen hubs, which is the final topic I will go through today. According to our Prime Minister, Erna Solberg, hubs will enable hydrogen usage across public transport, shipping routes, ferries, and industries. Hubs are also key for the export of hydrogen from Norway to the continent. Both public funding schemes and industry alliances are focusing more and more on supporting and promoting the establishment of hydrogen hubs. Aker Clean Hydrogen is on the board of the Low Carbon Energy Hub JIP, or Joint Industry Project, and we are currently also applying for support from Green Platform together with Aker Carbon Capture and external partners. More importantly, we are well-positioned at some of the most promising hub locations along the Norwegian coastline, as you see to the right in this picture. An independent survey recommended five main hub locations for clean ammonia in Norway, and Aker Clean Hydrogen is well positioned for four out of these five hub locations. Let me then share some examples of hydrogen hubs we are developing at the moment and also some characteristics of a hydrogen hub. If you move to the next slide, please. Aker Clean Hydrogen takes an active role in developing hydrogen hubs, both in Norway and internationally, as I mentioned. Here are some of the characteristics of a promising hydrogen hub. You see that to the left on this screen. First of all, of course, you need access to cost-effective feedstock. That could be either green power from solar, wind, or hydropower, or natural gas if you are looking at blue hydrogen projects. Strong off-take opportunities, both for industrial purposes and maritime and mobility purposes, are also needed. To be a large-scale hub, you also need access to high-capacity export solutions, either by ship transport routes or pipeline to the EU or the UK. Of course, it's also important to make sure that you have opportunities to create a circular economy here by using the byproducts such as CO₂, oxygen, and heat for other industrial purposes. It is also very positive if you have a legacy in the Aker family of companies in that particular location. Aukra, as you see in the top right, is a new opportunity for us, complementing our portfolio alongside the Berlevåg and Uruguay examples. Today, I will only look at the Aukra one, but quickly on the Uruguay hub, we are maturing that well now that Aker BioMarine has decided to switch from diesel to green ammonia for their shipping fleet, the fishing fleet operating out of Uruguay. Together with them, we also have a close and good dialogue with other ship operators that use Uruguay as a fueling base. The opportunity looks promising, and we will probably come back to that at a later stage. Moving to the Aukra opportunity on the next slide. Sorry for the rather busy slide, but Aukra Municipality and Aker Clean Hydrogen have now signed an exclusive agreement to develop a large-scale hub at Aukra, next door to the Nyhamna gas terminal that was originally designed and built and later modified by Aker companies. The Aukra satisfied all the relevant hub criteria, and we see this is a very promising opportunity, even though it's still early days. You will potentially have access to gas from the Nyhamna gas terminal next door. There are local industries and high shipping activity around Aukra that represent interesting local offtake opportunities. In addition, the gas pipeline from Njord to Easington in the U.K. represents a potential hydrogen highway if hydrogen spiking of the natural gas is acceptable. We are also exploring these circular opportunities for local utilization of, for instance, CO₂ to produce, let's say, nutrition for fish farming. Of course, by being located as it is, it is relatively easy to pick up the captured CO₂ that has been liquefied and then transport it to the appropriate CO₂ injection terminal. The plan is to produce hydrogen at large scale and either compress it, liquefy it, or convert it to ammonia to offer a green fuel alternative for different applications. Compressed hydrogen as the low -carbon alternative for natural gas towards large industrial consumers or for mixing, as I said, in with the natural gas for export to U.K. Liquified hydrogen as the alternative for road transport fuel or short-haul shipping fuels like ferry transport, et cetera. Finally, ammonia is the alternative for long-haul shipping and also a really effective hydrogen carrier to transport hydrogen in ammonia form to Europe for use. Another benefit of this particular hub is that new gas reserves with high off-spec CO₂ content, meaning that they have more CO₂ than is allowed to be put into the pipeline, can be routed directly to this plant, where the CO₂ is separated out and clean hydrogen is mixed back into the gas transport line, improving the gas quality. Together with Aukra Municipality, as well as Aker Carbon Capture and the entire Aker Horizons, we are now in dialogue with other strong partners with interest in this hub. We have also recently hired Trude Sønset, the previous CEO of Gassnova, and she will be heading this initiative from our side. Let me then try to summarize on the next slide. The strong progress we have made on the 2021 priorities really serves our 2030 growth ambition. We have matured the market funnel, so teams are mobilized, agreements are firmed up, project companies are being established, and we are progressing well. We have also identified interesting new segments that will receive dedicated focus as we grow the team. We are building a strong team. We have more than doubled the team, attracting really strong international talent with strong hydrogen experience. The working relationship with Aker Solutions and selected technology partners is developing well. Thirdly, we really drive the structured cost reductions as we promised. The standardization program, the supply chain strategy, and the digital agenda are progressing really well. All this will secure that we are well-positioned to become a significant integrated hydrogen producer. There will be a remarkable growth in clean hydrogen for the hard-to-abate sectors, as Kristian pointed towards earlier. We are innovating the way we work across the entire value chain to bring out efficiency and cut waste. We have now an active 1.7GW portfolio of projects and prospects that we are maturing. As such, we have solidified our ambition to reach the 5 GW installed capacity by 2030. Thank you. Excellent. Thank you, Knut. Aker Clean Hydrogen is the most recent addition to the investment portfolio. As Knut explained, the company is set up to lead the industrialization of clean hydrogen production. On slide 38, you can see a couple of ownership agenda items. One of the key factors that makes us optimistic about the hydrogen economy is its ability to tackle some of the toughest industrial challenges, as you've heard today, replacing emissions in sectors such as shipping and agriculture. Now, there are many hydrogen companies being launched these days. We believe Aker Clean Hydrogen will have a unique competitive advantage in utilizing the Aker Horizons portfolio companies and the wider Aker family to source low-cost energy and modularize and digitalize key aspects of the value chain. Costs need to and will come down. Aker Clean Hydrogen is looking to be on the right side of the cost curve as the industry develops and demand increases. We'll move on to Aker Offshore Wind and Aker Carbon Capture. They both had separate presentations today, a couple words on each of them, starting on slide 39. Moving on to Aker Offshore Wind, which is a pure-play offshore wind developer. Its focus is on deep -water assets. The company builds on Aker's five decades in offshore operations and project execution to take early positions in the development market for floating wind parks. The company is currently part of projects or prospects in South Korea, the United States, Norway, Scotland, and now Sweden. Most of these countries have launched concrete targets to develop offshore and deepwater wind resources over the next decade. In the first quarter, Aker Offshore Wind entered into a cooperation agreement with Statkraft, Europe's largest producer of renewable energy, to explore possibilities of collaboration on offshore wind power projects on the Norwegian continental shelf. In addition to maturing ongoing projects and prospects, the company is also actively pursuing new opportunities in emerging deepwater wind markets. In March, Aker Offshore Wind and Hexicon entered into a joint development agreement to explore opportunities to realize floating wind projects offshore Sweden that could generate several gigawatts of renewable power and support Sweden's goal of reaching net zero emissions. Our ownership agenda is centered on further developing key partnerships, growing the pipeline through identified projects as well as new markets, and utilizing the wider Aker group, particularly Aker Solutions, capabilities offshore to drive down the levelized cost of energy. Moving to slide 40. Lastly, we have Aker Carbon Capture, which has market-leading proprietary technology to deliver ready-to-use carbon capture plants. Fundamental drivers that support the emergence of a commercial market for carbon capture, utilization, and storage continued to develop favorably from the start of the year. The CO₂ quota prices in Europe continued to reach record highs, close to EUR 50 per ton, as countries around the world, most notably the U.K. and the United States, launch more ambitious climate targets. These developments continue to support the case for CCS. For Aker Carbon Capture, the startup of the Brevik CCS project in January was the main highlight this quarter. In this breakthrough project, Aker Carbon Capture will deliver the world's first carbon capture plant at a cement facility to Norcem Heidelberg Cement in Brevik, Norway, removing 400,000 tons of CO₂ per year. In other developments, Aker Carbon Capture secured a series of strategically important collaboration agreements and partnerships, including the MoU with Ørsted and Microsoft, to support the development of CCS at biomass-fired heat and power plants in Denmark. Aker Horizons' agenda is to support the company's further development, with a particular focus on developing business models such as carbon capture as a service and expanding prioritized markets. Overall, we are very pleased with how carbon capture is developing. With that as a portfolio update, we will turn to the financial section, and it is my pleasure to introduce Nanna Tollefsen, who I have worked with for over five years and who had her first day on the job in Aker Horizons yesterday after returning from maternity leave. She will walk you through the financials starting on slide 43. Thanks, Kristian, and I'm really glad to be back. Diving right into it, as Aker Horizons is an investment company, we will focus on the combined numbers of the parent and holding companies and not on the consolidated numbers. We will, however, include the consolidated numbers in the second and fourth quarters. The following numbers will reflect accounting effects from Aker Horizons' first trading day, which was February 1st, until quarter- end. Since the first quarter numbers do not include the effects of the Mainstream acquisition, we have included some slides showing pro forma numbers after the Mainstream acquisition. We reported a net profit of approximately NOK 3.1 billion in the period, and this is mainly related to value changes in our shareholdings. We saw a negative change in market values, in particular for Aker Offshore Wind and Aker Carbon Capture, but this was more than offset by the introduction of Aker Clean Hydrogen, which was the main driver for the positive value change during the quarter. Aker Clean Hydrogen also developed negatively after listing, but all in all, the net change in values for portfolio companies was a positive NOK 3.3 billion during the quarter. Cash from operating activities reflects general running costs as well as some startup costs. Investing activities include Aker Horizons' investment in Aker Clean Hydrogen and Rainpower, and the proceeds from the private placement, the convertible bond, and the green bond are all included in the financing activities. The total cash position is approximately NOK 7.6 billion as of the first quarter. Jumping to slide 45. This gives an overview of our current financing facilities and our committed credit facilities. First, let's spend a few words on the revolving credit facility. As of Q1, we had a commitment of EUR 170 million committed by two banks. As we're always searching for attractive green investments, we're also looking to have flexibility when it comes to financing. Therefore, we're very pleased to have been able to increase our RCF from EUR 170 million -EUR 400 million. We have also secured an accordion option, which potentially brings the total amount up to EUR 500 million. We've used the opportunity to include more banks in the facility, up to a total of eight European banks. The RCF has a duration of three years with one plus one-year options and has a NOK 200 million liquidity covenant and a 50% loan-to-value covenant. The RCF is currently undrawn, but we expect to draw on the RCF with the closing of the Mainstream transaction. In addition to the RCF, we have three sources of debt financing. We have a subordinated shareholder loan of NOK 2 billion. This loan carries an interest cost of 6% with a deferral option against a 1% deferral fee. The loan matures in 2026. Also, we have a subordinated convertible loan, which was issued in connection with a private placement in February, which carries a 1.5 payment in kind interest. The conversion price for this instrument is NOK 43.75 per share, and the instrument matures in 2026. Note that for accounting purposes, we recorded NOK 348 million of the convertible bond as equity and the remaining part as debt. Lastly, we have the green bond, which we issued in February, where we raised NOK 2.5 billion with a margin of 3.25%. The bond matures in 2025. Moving on to the next slide. This figure illustrates liquidity reserves as of the 31st of March and the estimated reserves post the Mainstream acquisition. We estimate a total cash outflow in connection with closing to be around NOK 7.9 billion. This figure includes 75% of the EUR 900 million acquisition price, as well as the previously announced day one equity injection of 75% of EUR 110 million, as well as estimated transaction costs. More than 95% of the total euro cost is now hedged, compared to when we gave our offer in November last year, we have reduced cash outflows by almost NOK 600 million. As you can see from the green bar to the right, we expect to have a solid liquidity buffer also after the Mainstream transaction, with more than NOK 3.7 billion in liquidity reserves. The next slide illustrates net interest-bearing debt. As the Mainstream transaction is yet to be closed, we had net interest-bearing assets of approximately NOK 2 billion as of Q1. With an expected cash outflow from the closing of NOK 7.9 billion, we expect a pro forma net interest-bearing debt of approximately NOK 5.9 billion after the transaction. Moving on to the final finance slide. This shows our capital structure after the Mainstream transaction, where listed assets are recorded at market value and unlisted assets are recorded at book value. As you can see, the loan-to-value, as defined by the covenants, is estimated to be 12.5% after the Mainstream transaction, which gives significant headroom to our covenant of 50%. With that, the financial section wraps up, and I'll hand it back to you, Kristian. Okay, thank you very much. Moving on to slide 50 and summing things up. Here, as mentioned, it's been very high activity in the quarter, not only at Aker Horizons but also across the portfolio companies. We've reached several milestones. There's been strong fundamental ESG tailwinds, although financial markets have been more volatile of late, and we continue to see synergies across the Aker Horizons portfolio. Looking forward, a key priority for us is continuing the expansion across portfolio companies, with a key focus being business development, partnerships, M&A, building a renewable energy major through Mainstream, including the IPO of the company, identifying new platforms with major impact potential, and lastly, driving tangible operational and business development synergies across the portfolio is a strategic priority. With that, we will open up for Q&A. Okay. We have a few questions. The first one is going to Mary, and it's from Jon Olav Langseth of ABG. Says a couple of investors, or investors are worried that increased competition for both solar and wind projects will bring down profitability. Do you see a pressure on profitability, and if so, is there any difference between wind and solar or amongst geographical regions? Thank you, Ivar, and thank you for the question. Paul, would you come on video, please? I'll ask you to take this one. Sure, Mary. I'm happy to do so. It's a really good question. It's a key factor in not just our business but in the businesses of several of our competitors. We've probably been faced with this question for a few years; actually, one of the first things we've said, particularly in the markets we serve, being emerging markets, or having served, is that reduced prices, while they do create additional competition and can challenge profit margins, also create new opportunities for us. Having a product or a clean energy product come down in price has opened up several markets for us. I think it's right to distinguish between wind and solar. I think solar on a standalone basis has become more commoditized, I think that word has been used on a couple of occasions. I don't always agree with how it's used. I think in the case of standalone solar, it probably does have some validity. For us, the way in which we deal with this is by combining projects or combining wind and solar and also looking at ancillary revenues, whether that's from operating these projects on behalf of others or from providing additional services from the operating plant and trying to drive additional value through that. I think that, as a developer, one of the key ways that we distinguish ourselves is to have the best products and the best projects in order to ensure that, to the extent that there is a profit margin out there in a competitive low-price tender, we're able to keep that and keep it for ourselves as opposed to having to have purchased a lot of our pipeline from other parties. Very often, not only are you paying away profits there, but you're also not getting the best projects. It's a key challenge, and it's one that we watch very carefully. The last thing you want to do is win in an auction and then realize that you're doing so at a loss. It hasn't happened to us to date, and I don't believe it will happen in the future. We're seeing lots of opportunities, particularly in Chile. Having an ability to base new offerings on existing generation is a real differentiator for us, and it means that you can be much more clever and creative in selling power when you've got an existing, I suppose, bank of generation, being the Andes Renovables portfolio. That allows us to add to that portfolio by selling some additional power that might be available in the interim and then waiting for the new projects we have to come online. It's that type of, I suppose, differentiation that allows us to get, I think, a little bit of extra profitability versus standalone projects in auctions. Okay, great. Thank you, Paul and Mary. One question for Kristian on the portfolio development. In terms of potential additions to the group, where do you see Aker Horizons growing? Yes. Well, now we have well -established the four platforms today, with Carbon Capture, Aker Offshore Wind, Mainstream, and Clean Hydrogen. There's a lot going on with those companies, and a key priority for us is supporting them in industrial development and also M&A within all of those companies. We have the Sunrise side of the portfolio with a number of early-stage options. What we see very clearly is that battery technology and energy storage are emerging, interesting areas for us, both from Aker Offshore Wind and Mainstream in connection with hybrid projects, for example, but potentially also as a standalone area. Time will tell. We're spending time in that area. Secondly, we're spending time around plastic, which is a very large and growing problem. We spent a lot of time philanthropically around that topic. We're spending time to see if there's something that we can do commercially in that area. Time will tell around that. I would just say there's a tremendous amount of ideas, both internally and externally, but also maintaining discipline on what we're spending time on. That's what I could say at this stage. Okay, great. One follow-up just on that is on REC Silicon, summarizing some questions. What are the plans for REC? REC Silicon. We're happy owners of approximately 25% of the company. It's been a very good investment for us. The Chairman and main owner of Aker, Kjell Inge Røkke, has gone in as Chairman of REC. We are monitoring it very closely and think it's particularly interesting what's going on around the potential and what I was just talking about on batteries. That's what I can share at this stage around our plans for REC. Okay. Just one question more for Mary, or maybe for both. If it is possible, give more guidance on the potential readiness for an IPO of Mainstream? Maybe Kristian wants to go before Mary. The question in terms of timing? Yeah. Yeah. What we have said clearly externally is three years within that, but we've already started preparations for that. That's really what we have to say about timing, and we'll be coming back later. What's important for us is what I mentioned earlier about developing the pipeline organically. A lot of interesting growth opportunities globally, diversifying the portfolio, and then driving synergies across the various Aker companies. That's what we can say for timing on an IPO. Yeah. I see those were the main questions that have come in, and we've come to the full hour since we started, Kristian. Okay. That's good. A lot of information. I hope this was useful. Thank you very much for your time, and we look forward to seeing you again in connection with the second quarter report on July 14th. Have a great day.