Good morning, as we say in Oslo, welcome to this quarter presentation from Andfjord Salmon. My name is Martin Rasmussen, and I am the CEO of the company. Today's presentation will be given by myself and our CFO, Bjarne Martinsen. We will, after the presentation, end it with a Q&A, and you can submit questions through our webcast solution or ask them as a participant in the audience. First, a brief introduction to Andfjord Salmon. The key behind the concept is location with access for a natural seawater from the Gulf Stream, perfect for salmon farming with a non-complex technology. The concept is taking the best from traditional salmon farming in the sea, with a temperature-rich, oxygen-rich seawater from the Gulf Stream that allow us to have a very energy-efficient production method. With a water inlet at 50 m depth, we avoid the salmon lice, algae, and jellyfish in our closed system. We have a very large pool designed to recreate the salmon's natural habitat on land. This is the Gulf Stream brought on land, and this give the fish plenty of space to exercise its natural behavior. With our closed system, we are protecting the fish from the external factors such as salmon lice, jellyfish, and algae. At the same time as we're protecting the environment for having such a large concentrated biomass in one place. Over to today's agenda. First, we will look at the highlights from the quarter and subsequent events. We will thereafter dive into the details from the fish farming operation, look more into the strategic post-smolt partnership with Eidsfjord Sjøfarm, give a status on the Kvalnes build out. Bjarne will cover the financial, and end the presentation with a summary outlook and Q&A. The key highlights from the first quarter and subsequent period. The eight first months of production demonstrate very strong operational metrics ahead of schedule. The long-term strategic partnership has been entered into with Eidsfjord Sjøfarm, with the first sale scheduled for June this year. We have strengthened our financials with a private placement of NOK 385 million, alongside an increase in bank facility of NOK 200 million. We will, during the next days, release smolt into K3. The construction of K2 and K4 is progressing as planned, with smolt release this autumn. Based on the experience and the production so far, several improvements measures has been identified to support strong operational performance going forward. Let's look at the fish farming operation. As we can see, the survival rates continue to be very high. The yellow dotted line indicates a survival rate of 5% in a 15-month production cycle. This does not mean that we will have a 15 months production cycle, but just to put our numbers into perspective and show how we perform compared to a 5% mortality rate. The yellow line is the first production cycle from 2022- 2023. The red or the pink line is K1, and the blue line is K0. So far, the survival rate is 99.17% in K0 and 99.24% in K1. Overall, the fish health condition is also very good, demonstrated by both our internal and external examinations. The growth has also been very strong, with both pools performing above our initial expectations. The fish in K0 was released with an average weight of 180 g in September and has now reached 2.1 kg. The fish in K1 was released in November at an average weight of 160 g and is now 1,150 g. Both groups has delivered very strong production throughout the winter season, and which is the period with lowest temperatures and thereby the slowest growth conditions. In the recent week, we have entered a transition phase from winter to spring, and where the temperatures is gradually increasing. This is now reflecting in increased higher daily production levels. We expect to start the harvest in K0 in the third quarter, and complete the harvest in the fourth quarter, and in K1, we expect to start the harvest in the fourth quarter. The final timing will of course depend on the growth and development for the coming weeks and months. After eight months of production, we have identified several learning points, but also learning points from the first production cycle in 2022 and 2023. We see the results implementing these learning points. It's clear that they have the intended effect. We can see that the results and the quality on the performance in the new pool, K1, is giving us the results that we wanted to achieve. We have a higher biomass in K1 and also very strong performance. We are very satisfied with the result and optimization that we have carried out now in the construction phase and also after we have started the production. In summary, we consider the first eight months of production to have been very strong. The total standing biomass is 1,584 tons, and K0 have currently 727 tons, and 857 tons in K1. The Feed conversion ratio, FCR, remains low at 1.03 in K0 and 0.93 in K1. It's very encouraging to see that a solid biomass has been built with only two production units, during the coldest time of the year. With K3 expected to be stocked with fish in the coming days, this will support a strong and efficient increase in the biomass going forward. The third pool is now ready for smolt release, and the smolt is on its way to Kvalnes during the next couple of days. We have conducted throughout testing and training in K3 since it was filled with water around Easter. Approximately 550,000 smolts will be stocked with an average weight around 110 g- 120 g. It's planned to utilize the smolt from K3 for a separate dedicated post-smolt sales program in the autumn. Over to the strategic post-smolt partnership. As we have communicated in several occasions, the post-smolt strategy is a supplement to our human grade production of salmon. That said, it is somewhat misleading to refer this as a post-smolt as this is a very large post-smolt. It's a mega smolt or what we call a small salmon. We have chosen to use the post-smolt definition to ensure that the strategic message is clearly understood. Eidsfjord Sjøfarm is a regional salmon farmer with a very strong track record with a good biological performance. They have been a shareholder for many years in Andfjord Salmon. They have also contributed in developing the company for many years, and we have had a very strong cooperation so far. They have also now increased their ownership with NOK 100 million in the last private placement. The post-smolt partnership helps to secure the value chain for both parties. It improves the production on land, in the sea, and have also a very good environmental impact on the aquaculture industry in the region. The strategic partnership provides the foundation for improved production both for Andfjord Salmon and for the salmon farmer, Eidsfjord Sjøfarm, including better MAB utilization and capacity optimization. We are planning to produce approximately 1 million post-smolt from the facility in 2026. In addition, we continue our planning for the coming years to ensure an optimal ramp-up of the biomass at Kvalnes, combined with the post-smolt production. As a part of the collaboration, an agreement has been secured with Holmøy's new modern processing facility for the harvesting, ensuring long-term predictability for both parties. This is representing an important step in securing the value chain. Now in the middle of June, we will carry out our first post-smolt sale of 450,000 fish with an average weight from a size range from 1.3 kg- 1.4 kg. This is providing a revenue stream approximately six months after stocking and represent a profitable model both for Andfjord Salmon and for Eidsfjord Sjøfarm. The remaining biomass will continue to grow in the pool with harvest distributed across multiple periods, as illustrated in the diagram to the left. We will look at the status on the Kvalnes build-out. This is an illustration of how the facility will look in the future. As mentioned earlier, K1 is in operation. We will release smolt in K3 during the next couple of days. K2 and K4 is progressing as planned, and we will release smolt in the autumn. We have signed the contracts for K5 and K7, and we expect that these units will be in operation in the first half of 2027. We have signed a contract with the contractor Harald Nilsen AS, who also took over the work to complete K2 and K4. A very important key element of our tactical approach to further expansion and the construction of each of the pools is to have focus on operational and cost efficiencies. We will continue to refine and improve the upcoming construction based on experience that we have both from the operations. We get the synergy that we need in the construction and also in the operation going forward. Here is an image of the construction site. Two pools in operation. K2 has more or less installed the wall elements. There's some small part remaining on the midsections. All wall elements is on site. K4 has started the installation of these prefabricated elements. K5 is also completed. We expect that all of these production units is in operation during 2026, with more than 3 million smolts released. Yes, I will now hand the word over to Bjarne, who will cover the financials. Thank you, Martin. I will present an overview of the financial reporting for the first quarter and also an update on the financing. I also like to mention that for more details, you can see the interim financial report that is published earlier today, and it's also available on our website. First, an overview of the construction phases. If you look in the slide in the middle here, we have now three pools operational, as Martin presented, and this gives an annual production volume of 6,000 tons HOG and post-smolt with these three pools. With the next two pools, which is being ready quite shortly, the overall production capacity will increase to 11,000 tons annual production. We have now financed phase I and Phase II-A of the build-out. When the pools in these two phases are complete, the production capacity will be 17,000 tons HOG and post-smolt. This is a significant production volume at Kvalnes, and it's not far away in time. Now it's about utilizing the investments in the infrastructure and continue to add on increased production volumes. As we disclosed in connection with the share issue that we did a month ago, we can now present an improved bank financing package. We have received a signed term sheet from the existing bank syndicate, which is an increased bank financing from NOK 1.3 billion- NOK 1.5 billion in total. This is an offer on highly competitive interest margins, and the company has accepted these terms. Of the total bank financing of NOK 1.5 billion, currently NOK 600 million is undrawn. This is a construction loan that will be converted into a term loan when the construction is complete. There is a 24-month amortization holiday before we have a repayment profile of 12 years. In addition to the CapEx financing, we also have the financing of working capital. The bank financed 60% of the value of biomass, trade receivables and also other inventories. An overview of the financial reporting. We had operating expenses of NOK 25 million in the first quarter. Inventories, including biomass, increased with NOK 23 million, in addition to the fair value adjustment of NOK 12 million. The biomass is valued at fair value in the accounts, and the fair value is currently a little bit below the cost value of the salmon, but this will change as we get later into the production cycle. For the second quarter, we expect fair value to be above production cost. For the second quarter, next reporting, the income statement will be more interesting because then we will start to report sales income. For the planned sale of post-smolt raised for Eidsfjord Sjøfarm in the second quarter. Looking at the assets in the balance sheet, the overall investment activity is reduced now as we have several work streams that are complete. You can see here the biomass valued at NOK 97 million at the end of first quarter and other inventories at NOK 3 million. Also be aware that in addition to cash and cash equivalents visible here, we also have undrawn credit facility of NOK 119 million at the end of the quarter. Undrawn construction loan was NOK 400 million at the end of first quarter, and this is now increased to NOK 600 million with the most recent improvement of the bank package. There are no major changes to equity and liabilities during the first quarter. Borrowings here includes a bank loan of NOK 900 million and a bond loan of NOK 750 million, valued at amortized cost in the accounts. The cash flow statements reflects the phase that we're in. Reduced investment activity. We see that operational activity, including biomass buildup, results in NOK 67 million in outgoing cash flows during the quarter. This is the last quarter where we report no sales income. I must say I really look forward to next reporting of financial results with sales. With that, I leave the word back to Martin. Thank you, Bjarne Martinsen. We will now look at the summary and outlook. To summarize today's presentations, very strong operational performance. Continued low mortality with good growth, and low feed conversion ratio. A long-term strategic partnership has been established with Eidsfjord Sjøfarm for post-smolt production and processing capacity. We have strengthened financing with NOK 385 million in equity and increased bank facility of NOK 200 million. New smolt is currently on their way to Kvalnes in K3. K2 and K4 are progressing according to the communicated timeline, and contracts for K5 and K7 are being signed. Despite strong operational results, we have identified several improvements and optimization measures to be implemented in ongoing and upcoming construction phases, including more efficient feeding systems and the cleaning robots. We will now show a video from Kvalnes before we are moving over to the Q&A. Yeah, many videos of jumping salmons. With that, we will move over to the Q&A, and you can ask question here in the audience, or you can submit it through the webcast solution. I can read up. We'll start with a couple of questions from the webcast. For everyone here in the audience, there are microphones in the ceiling, so you don't need a handheld microphone, but make sure you raise your hand and of course, speak clearly and loudly when asking your questions. Let's start with a couple of questions from the webcast. A question about sales. Have you entered into any sales agreement regarding the batches of future full-grown salmon? If yes, have they been entered into on a fixed price or what type of price levels? No, we have entered into what we call the partnership with some few strategic position as exporters in combination with strategic customers. As you also probably know, we have some large shareholders representing the market, and we have ongoing process on utilizing these possibilities. When it comes to the prices, we are not into any fixed prices discussion yet. We are just discussing how we can create a fundament for the sales program now for the start of the sale. Thank you. Another question about the post-smolt, where you will mid-June have your first sale. Can you give some indication about the price you will achieve when you sell the smolt, so the kilo price? We can't be specific on the exact price that we have with the buyer, but as I said in the presentation, it's a profitable model both for Andfjord Salmon and for the buyer. Can you give an indication, so cost per kilo salmon as you exit the sort of projects engineering phase? Yeah. Without specific comment in the exact cost, I would say that if you look at all the cost parameters, for example, the biology, we are better results compared to our calculations. If you look at the feed conversion ratio, we are having a better performance compared to our initial production cost profile. Electricity, it's almost nothing. It's a very small amount compared to what we have communicated, and around 1 kWh/kg of salmon. The production profiles and the results we have seen so far is giving us a very promising, and demonstrate that we will be capable of producing with low operational cost. I don't know if you want to elaborate on that. Yeah, I agree. You have the foundation for having really competitive cost levels with the feed conversion rate and the energy, and mentioned what you mentioned. It's now all about increasing the volume. That's why when increasing the volume, we see that the fixed elements in the cost model will be reduced the same time as we will keep the level on the variable cost. You mentioned 1 kW h to produce 1kg of salmon, and we have a question here about electricity. Do you have fixed price cost on electricity? What type of agreement do you have? Yeah, up until now, the total energy consumption hasn't been that high, so it hasn't been relevant. That is something we're looking into now, especially with the strong increase in production volumes going forward. We are actually in quite advanced processes with that. That is something we will get back to. That is about securing at least part of the volumes going forward. Thank you. Any questions from the audience? Yeah. Yeah. Ole Traaen, DNB Carnegie. What will be the total smolt release in 2026? I heard 3 million, but is that the total output number? The total number is expected to be around 3.5 million smolt. Yeah. Any comments on total harvest volume for food grade? As we said, depending on how much volume we will slaughter in the fourth quarter and the first quarter. All of the volumes will be slaughtered in K0. We target that we will have an average size on both of the pools above 4 kg HOG. As the final volume will depend on how much volume we will slaughter in Q4 and Q1. Yeah. Last one maybe. You said that in terms of the profitability on post-smolt, you said that it's a profitable partnership, but can you say anything more if it's more profitable than selling food-grade fish on a like-for-like basis? Is it the same? How should I think about it? You look at the specific transaction, all models saying that you should move towards only post-smolt. The beauty with the concept is the flexibility in case that you have 1 kg or 2 kg fish, you have the flexibility to also take it to human grade in case that fish is not suitable, for example, for post-smolt. The flexibility we have to utilize this position together with the salmon farmer, at the same time also, if the salmon farmer have some issues in the sea, we can support with volumes from our facility to contribute on their MAB utilization. Yeah. All Excel sheets that say that you should produce post-smolt. If you have endless access to the markets, it will be a very profitable utilization of the facility. Yeah. Yeah. Christian Orbé, Arctic Securities. Can you elaborate a bit on which pools you will stock and how much in each for the 3.5 Million? Now it's 550,000 in K3, but is it going to be roughly those figures in the two new pools as well? Will you stock in K0 and K1 again in 2026? How will it be? We will empty K3 in the third quarter and have a total new smolt release. It means that you can have one production cycle for smolt and then new smolt in K2 and K4. We will have two new post-smolt release and also in K0. The numbers of individuals that we released in K1 in the fourth quarter in 2025 is very representative for the volumes and how we will distribute them between the pools. The final specific numbers on how much volumes individually will be in each pools is depending on how we prioritize the groups as we see how the smolt is now performing until it will be released at our facility. Also how the growth is performing and developing on the site. Can you explain then why you stock 200,000 of your fish in K3 versus K1 when it's all post-smolt? Depending on if you want to have a post-smolt program or you want to have a splitting. When it comes to our production methods, it's like a puzzle. It's like pieces that you have to time the numbers of smolt depending on when do you want to take out batches to the sea or to a new tank when you're doing splitting. For example, if you have a large smolt early in the autumn, this require that you will have a splitting in the spring. As I said, it's how we manage to put all the puzzles together in a total program for optimizing the capacity in 2027. Yeah. We are always looking one step ahead when we're doing the stocking. Yeah. In terms of the, I know you answered about post-smolt profitability, but is it a fixed price contract or is it some sort of variable element there? Yeah, we haven't agreed price levels on different weights. This is something we do as with Eidsfjord Sjøfarm as a partner. In the contract between us, we agree on a price matrix, so dependent on the weight of the salmon. Have you made estimates on at what salmon price it makes sense to grow full-grown salmon? Yeah. What sort of price level is that? You also have to take into consideration what is your production capacity. If you have endless of access with new pools, then of course then you can have this approach. If you look at the production now in K1 from November to today, because now we are in what we see as a reasonable threshold for the density. Soon we'll be up on 45 kg, 50 kg/ cu m, and then we want to have either a splitting or a post-smolt due to the capacity. There are many factors that we are always evaluating. Of course, but when the prices on the salmon is increasing, that affect how we increase the volume of human grade. With the prices that we see now, it's profitable post-smolt, but in the future, if this whole prices is increasing, then we will have a different approach. Yeah. When will you be able now to deliver the application for license expansion as you're now starting to be operational? We are now preparing for new applications and more license on the Kvalnes. If we will deliver the application this year or early next year, that is a decision that we will take now during the autumn as we see more of the results from the production going forward. So far, all the numbers, both on the biology and the environmental impact, is leading to a very good direction on how we will increase our license capacity. Yeah. A couple of more questions from the webcast. You touched upon it, just to reiterate, if prices are strong for human-grade salmon, does this also imply higher prices for your post-smolt? What's important when you have a partnership, as we have with Eidsfjord Sjøfarm, is that we always evaluate and have an open discussion on the pricing model. Of course, everything will impact how we will price the fish. For the next couple of years, we are very confident that the model that we have now, it's profitable for both parties. Question on operations. Is the current survival rates ahead of your budget or in line? It seems very strong. Yeah. The performance on the mortality rates, it's better than our budgets. In our models, as I say, we are targeting it to be below 5% mortality. Over time, we see that it's achievable, but the key is to succeed low mortality rates at the same time as you're scaling up. Question to Bjarne. How much is interest cost reduced with a new attractive interest rate from the bank that you mentioned, not considering the increase in bank debt size? Yeah. What I said that this is a highly competitive interest margins. I don't think I will go into the specific figures as these banks are competing to each other, but I will emphasize that it's highly competitive. Let's get back to the actual interest cost when this is visible. Two more questions about build out. Are the new entrepreneurs successfully producing concrete locally? How is concrete production going? As you said, if you look at Harald Nilsen as entrepreneur, we are very satisfied with the result that they have demonstrated so far. They have done significant cost reduction on the site and improvements, and this is the reason why we have signed contracts with them for the next pools. I think that is answering the question. I probably know your answer on this, Martin, but just to touch upon it, can you provide an update on the ongoing legal dispute with the previous contractor? Yeah. As we said in the last two quarter reports, we are not in a position to comment on the matter as we have an ongoing legal dispute. Yeah. Okay. Any more questions from the audience? One follow-up on the legal dispute. It increased from Q4- Q1 now. Should we expect that it remains now at this disputed level on the balance sheet, or can it increase further ahead? This is the final claim. This is visible in our costs. We need to have it in the account, so we have made it visible on a separate line, but this is the final claim, so it will not increase. Yeah. I think that is probably the one question. What can you say about the pool density so far and going forward? Yeah. As I said, in K1, we are now over 41 kg/ cu m, and we are targeting to be from 45 kg-50 kg/cu when we will take out the post-smolt. We have the capacity to increase the density in the pools, but I see a clear correlation between the densities peak at 50 kg-60 kg/cu m and strong growth. To have a model where we can be on this maximum density peak, we see that's a very good part of our concept. We are now really testing the capacity with the density, and we all see the performance. It's very strong even though we are now on almost what we see as an operational density peak. Thank you. That covers all the questions from the webcast. Any more questions from the audience? Yeah. Can you give some more insight on the fixed price contract for construction of K5 and K7? Yeah. We clearly see that we have done a lot of work to have the synergies with the new entrepreneurs, and they have identified several improvements on the pools that will give us a very favorable fixed price contracts. Both on the price, but also on the construction pace. According to what they delivered so far, we are very fit to their capability of deliver what they have on the price of the new pools. Also, we have agreed on also to work on how we can optimize the next phase. This is the reason why we have only signed for two pools because we see that we can reduce and optimize the scope for K6 and K8. We will use the time now to work more on that. Yeah. What's the timeline for pools six and eight? We target to have signed contracts early autumn. We are now also in the process, as I said, it's engineering. To engineer to allow us to utilize improvements. It takes some time before you identify an improvement until you manage to put it into a contract. Time is on our side to really succeed on getting a lower price on six and eight. We know what we will do, we just need the engineering to go forward on that. All four pools in phase II-A will be operational during next year. It's first two, five and six operational first half and K6 and 8 operational the second half. That we can have synergy on the startup cost that we will have on the two first pool. It's mobilization, for example, on equipment. Okay. With that, we will thank everyone for listening to us today, and thank you for all listening on the web.