Good morning and very welcome to everybody to Bonheur's second quarter presentation. My name is Anette Olsen. I am the CEO of Bonheur. Today, as usual, we will have our CFO, Richard Olav Aa, presenting the figures. Also, the CEOs for the individual companies will present. At the end, we will open up for Q&A. Welcome, everybody. Richard? Yes, thank you, Anette. Also, a hearty welcome from me to this second quarter presentation. As an overall picture, we're delivering a solid set of financial figures this quarter. Apart from some downtime in Fred. Olsen Renewables, the companies are delivering well. In addition, we have booked the gain of the sale of our 50% share in United Wind Logistics. In total, the financial figures for this quarter come in at a strong level. I will now go through each of the segments quite briefly and with a more financial focus because they will be covered more thoroughly by the CEOs. I will go through the consolidated P&L figures and also cover the sale of UWL in more detail so you can understand the financial effects. Finally, I will cover the balance sheet before handing over to the CEOs. The highlights for the various segments: renewable energy, then EBITDA of NOK 127 million, down from NOK 259 million. You could assume that due to the steep drop in the power prices in Sweden, that the pricing is the main driver behind the drop. It's true. We have very low power prices in Sweden, but the prices in the UK are holding up quite well. The UK is a much bigger part of our portfolio, so pricing is not the main driver for the reduced EBITDA. The main driver we find on the generation side, which is 20% lower than the P58 estimate. That's due to continued downtime in some of our operations, and particularly at the Crystal Rig 1 wind farm, where we also have rocks and good prices. Lost generation there is also hurting from a financial perspective, which Sophie will cover more in detail. The construction projects, Crystal Rig IV and Windy Standard III, large projects, total CapEx close to NOK 3 billion, progressing according to plan, very important. Lars will cover the significant development in Scotland, where we now have the Onshore Consent Award for the Murmur project. Knowing the grid situation in Scotland, that's a very good achievement. Wind Service requires some explanation this quarter because here we have a lot of effects. I think I would point your attention to the fourth bullet point. This has been a good operational quarter. If we look at just Fred. Olsen Windcarrier and Global Wind Service, which will be the two operating companies in that segment going forward, post the sale of United Wind Logistics, they deliver an improved EBITDA of NOK 145 million when we exclude the significant termination and reservation fee effects in the wind service segments. I'll come back in a later slide to how those reservation fees and termination fees affect the quarter. Underlying, it's a strong delivery from both Fred. Olsen Windcarrier and Global Wind Service in this quarter. I think also an important achievement in this quarter is the divestment of United Wind Logistics. I'll come back to the financial effects from that. Overall, EBITDA is down from NOK 763 million to NOK 584 million. The effect of the termination and reservation fees is NOK 305 million net. If you take that out and add back the NOK 145 million from Fred. Olsen Windcarrier in EBITDA and a small effect from United Wind Logistics, you get to the NOK 584 million. On the cruise, an improvement from an EBITDA of NOK 212 million to NOK 307 million, almost 50% improvement in EBITDA. We're still sailing with less than full ships, occupancy improvement to 79%, also lower than we were aiming for. We see that net ticket income is up from NOK 196 million to NOK 210 million. We also have lower costs this quarter than the second quarter last year, where we also had a one-off related to the Holland America case. On the other investments, positive EBITDA of NOK 35 million compared to negative NOK 4 million. The main driver for that is improved results in NHST, which had an EBITDA in the quarter of NOK 63 million, up from NOK 44 million similar quarter last year. The long-term trends since 2017 on EBITDA and revenues per segment and total continue approximately at the same level we have been with this quarter, somewhat lower revenue due to this effect of the termination fees. We see also the EBITDA are keeping on more or less the same level as in the last couple of years. The divestment of United Wind Logistics was announced in the first quarter, but this quarter, it showed its effects on the account. I think a very easy way of looking at the financial effect of this is that we acquired these shares back in 2019 for EUR 12 million, and we sold them for EUR 48.5 million. It's a gain buying and selling of EUR 36.5 million. In Norwegian kroner, it's more because the euro rate was lower when we acquired than when we sold. However, when you look at the effect on the consolidated group level accounts, the effect is less than the €36.5 million. It comes in at an effect of EUR 29 million or a EUR 347 million financial gain. This is not part of the EBITDA. It's a part of the financial gain in the quarter. The reason why you have a delta is obviously that we have taken in the profits from UWL in the period, while we have not received dividends as the company has paid down debt on the ships. The cash effect will be EUR 51.2 million because in addition to the equity price for the share of EUR 48.5 million, it was a shareholder's loan of EUR 2.7 million that was paid back in Q1. What should you expect going forward? We sold the shares for EUR 48.5 million for 50% of the company. The full value of the company was then priced to EUR 97.5 million. The EBITDA of UWL the last years have been around EUR 9 million that will now go out from our accounts going forward. A very easy way to think about it is that the company on equity value was sold on a 100% basis for EUR 97 million, and it's around EUR 9 million that will go out from the consolidated EBITDA going forward. Going a little bit more into the variation between the second quarter last year and the second quarter this year on revenues and EBITDA. Renewable Energy, mainly lower generation both on revenue and EBITDA, which Sophie will cover more in detail. We have the Wind Service where we see the revenue is down almost a billion, mainly related to the termination and reservation fees in previous years. I would like to point your attention to Wind Service EBITDA, which again is down €179 million. There we have booked a positive reverse or positive effect of the termination fee of EUR 100 million in this quarter, while we had a positive effect of EUR 405 million in the same quarter in 2024. The net of this is EUR 305 million negative effect from 2024 to 2025, while we see the variance is only a reduction of EUR 179 million. Hence, there has been a strong underlying improvement in both Global Wind Service and Fred. Olsen Windcarrier, mostly in Fred. Olsen Windcarrier. Cruise lines and NHST already commented on a little bit of a credit to NHST, improved revenues and good cost control in this quarter, delivering a strong quarter. On a consolidated basis, already commented on the revenues and the EBITDA. On the depreciation, a small special effect this quarter is that we could reverse an impairment of NOK 23 million related to mentioned solution in this quarter. That was a debt item that we could now eliminate and put back on the impairment. A positive effect there of NOK 23 million. Net finance is positive this quarter. That was negative with NOK 130 million same quarter last year. That's basically the gain on the sale of UWL shares with NOK 347 million. That's the main driver of the NOK 320 million variance year on year. Earnings before tax comes in at NOK 967 million, NOK 164 million stronger than last year. Tax costs are down because basically where we earn money in this quarter is on the vessels, which are all in the tonnage tax system, so there is less profit in renewable energy where we are in a taxable position. The net result comes in NOK 226 million stronger than the second quarter last year. As the main profit generator in this quarter is 100% owned by Bonheur ASA, the share of the results to the parent is quite high this quarter with NOK 877 million to the parent compared to NOK 596 million same quarter last year, since the improvement of NOK 281 million. For the parent company, this has been a quite strong quarter. Finally, from my side, the capitalization per second quarter, I will not go through again the financial policy and the capital allocation policy, but I just remind you of what is to the left there and how important it is to us, but more focusing on the figures. As usual, we have split this in the entities we control 100% and the joint ventures and where we don't own 100% to the bottom. Where we own 100%, the cash position now is close to NOK 5.7 billion, and the external debt is NOK 3.5 billion. The only significant external debt we have where we have 100% are the bond loans in Bonheur ASA. As you see, the net cash debt in Bonheur ASA is down by NOK 321 million. That is basically related to that we paid out dividend to the shareholders in the second quarter and that we have not upstreamed the cash from Wind Service. You would see in Wind Service, there is now a cash position coming from the UWL sale and the strong results in Fred. Olsen Windcarrier of more than NOK 2 billion in cash in Wind Service and very little external debt related to Breakthrough and Bolt-Turn. A net cash and debt position in Wind Service is close to NOK 1.7 billion. On the less than 100% but more than 50% owned entities, there is no significant development in Renewable Energy. That's basically related to the joint ventures in Scotland. While on Wind Service, obviously, these numbers now are without United Wind Logistics. These numbers here are really related to Global Wind Service and Blueturn in particular. That takes Anette, me, to the end of my presentation. Yes, good. Thank you. First one to present today is Fred. Olsen Renewables with CEO Sophie Olsen Jeppesen. Thank you very much. The highlights of this quarter are that production were below estimates due to the low availability and also low wind in Scotland. We see weak power prices and curtailed generation in Sweden despite there being quite high winds. Finally, the construction of our two wind farms in Scotland is progressing well. Moving on, we have presented our business model previously with the overview of our projects. No highlights or news to mention there today, so I will just keep it here and then move forwards. Talking about the market, we do see that the average prices have declined due to a low demand, which is not unreasonable given that we have the onset of the summer season where there is cooling demand expected in the more southern regions of Europe, but not the same demand expected in northern Europe. I think the most remarkable thing to note in this quarter is that we have had a record amount of negative price hours up over 50% year to date compared to last year. This is driven by rising solar and wind generation because we do see in general that the renewable energy supply is high in general. Moving on to comment on our production. As mentioned, the generation is below budget due to downtime. There are three main reasons for that. Crystal Rig 1, our wind farm in Scotland, has technical and operational challenges at these early 2.5 megawatt turbines, or early generation, I should say, as they were very novel at the time they were built. We do have a turnaround program ongoing and are working closely with our service provider to really get this turnaround. In Sweden, we see that Högaliden has had technical challenges related to blade bearings, and several have been exchanged in the quarter, and that has been the main reason for the downtime there. Now that is solved, but going forward, we have seen that we needed to take three turbines offline as we want to investigate some suspected blade cracks. I think this shows the importance of being proactive because they were identified during some proactive drone campaigns that we had on the wind farm. Midhill, our wind farm in the northern part of Scotland, has had a grid outage from June 16 to July 13. There is, unfortunately, a planned grid outage from September 25 until May 26, and there is work ongoing to try to mitigate this impact to see if that can be done in any way. However, an outage should be expected on this wind farm in that period. We have had high winds, as mentioned, and periods with low negative prices in Sweden, which means that we are curtailing production. A measure to counter this is that we are on the way to access the ancillary market in Sweden, which has had record prices lately. We have had low winds in Scotland on top of the impacts mentioned above, which has further reduced generation. Moving on to address our construction projects, the first one is in Scotland in the southwest. Windy Standard III is progressing well. There are a lot of trees on site, and the tree felling has achieved its first milestone ahead of time. We have been constructing the roads and the hard stands, and the construction compound is where all the activity is done from. We have another construction project as well, Crystal Rig IV, which is a bit more progressed in the timeline. All the hard stands are now ready for turbine installation, and we will now start the transport of the turbine's components. This is the more exciting time, I would say, of the construction period when we actually do see the erection of the turbines. We have also had the transformer delivered to site, and the installation and commissioning of this is ongoing. Summing up, production is below estimates due to low availability and low wind in Scotland. We have had weak power prices and curtailed generation in Sweden despite high winds there. Our construction projects are progressing well. I also wanted to mention the reason why we are here and what we are working to achieve every day. That is actually that we do very strongly believe that onshore wind plays a core part in the future energy mix. We do see that Fred. Olsen Renewables benefits from having a presence in very committed markets like the UK, like Italy, like Sweden, and that we do have a strong pipeline. Thank you, Sophie. Lars Bender, CEO of Fred. Olsen Seawind. Yes. Thank you, Anette. I will take you through the highlights for Fred. Olsen Seawind this quarter. Before doing that, I thought I would make a few overall comments both in relation to the quarter and also in relation to our projects. As you see here, the first point is that we have strong projects in attractive markets. Codling Wind Park is a fundamentally strong project. It's one of the largest bottom fixed projects in Europe. As important, it is sitting in a market where the government is in strong support of offshore wind. In Scotland, we have Murmur, which is a floating offshore wind project with the potential of becoming the first large-scale floating project in the world. Again, a project with strong fundamentals and also a project which sits in a country with strong governmental support. The reason I mention this is because this is naturally key for us that we have strong projects, and it's key also for our strong belief and confidence in taking these projects forward along the way. The second bullet, in relation to our projects, we apply what I would call diligent development strategies, which basically means three things. Point one, we maintain lean cost and DBEX profiles. Secondly, we minimize pre-FID commitments. Thirdly, and as importantly, we focus on delivering incremental value and progress on the projects quarter on quarter. This allows us to be flexible in the development, but it also allows us to progress the projects in a manner where we can gradually take them towards the next milestones. I think that leads naturally to the third point, which is good news for this quarter. Richard already mentioned it. We had an Onshore Consent Award for our Murmur project in Scotland, which I can say a bit more about what that means for the project if we turn to the Murmur slide. Because we've now had an Onshore Consent granted, which naturally is positive, is a significant milestone, and it's a very well-executed job by the team in Scotland, so very well done. Now we are naturally awaiting the next step, which will be the Offshore Consent, which will come first half of 2026, or at least that's the expectation. Following the Final Consent Award, the project will be in a position for bidding into a CFD auction. Another advancement over, I would say, this quarter, but also the last quarter, is that our grid position has significantly improved. We now have a radial connection, and we are also eligible under the UK connections reform process. Both our consent and our grid are coming along nicely and advancing in the manner that we had hoped. This also supports and emphasizes the strategy we had from day one, which is being one of the first mover projects in Scotland for floating offshore wind. With that, I will turn to Codling. Naturally, a focus point in Ireland is the consent application process, which I've mentioned, I think, numerous times on these quarterly presentations, and we follow it closely. The planning body is now starting to request further information from the different projects, which is a, I would say, natural next step in the process of planning. Very importantly, and I think worth emphasizing also based on my earlier comment, is that we had a new Irish government coming into office, not in this quarter, but the quarter before. We very much see a government that is very committed to offshore wind and committed to progressing this rapidly and with government support in basically paving the way for these first projects in Ireland. Naturally, Codling remains key to the government's ambition in reaching its offshore wind ambitions. In the project, we are, of course, focusing on being ready on the back of the consent determination and the award of final consent to execute the project. I'd say overall a quarter with some good news in Scotland with both advancement of grid and also the consent onshore. Very importantly, I think it's important to mention we have strong projects in attractive markets, which we have strong confidence in. With that, I will give the word back to you and wish you a nice summer holiday. Thank you, Lars. Next is Per Arvid Holth. I'm not going to sing the birthday song. That's fine. Thank you. Happy birthday. Thank you. You will present for us the technology developments. I will, yes. For Fred. Olsen 1848, this time, we will start with floating wind and reflecting a bit about the importance of the project certification process and how we have attacked that and join that with some market observations. For floating solar, we'll share some observations from the last quarter. Looking at a certification process, that has been something that we had focused on from the start. A certification process is really a technical de-risking of a project development. This technical de-risking is done by verifying the technical concept according to a set of requirements, agreed requirements, which are defined in industry standards, which have then been accepted by all the industry stakeholders. By industry stakeholders, that is, of course, the normal food chain with vendors, fabricators, and developers. It also includes other stakeholders such as banks giving loans and insurers providing insurance. To the right here, you see that we have stolen two figures out of two such industry standards, these two issued by DNV, showing a typical certification scope and which parts of the technical system are typically de-risked. For a bottom fixed project, just to compare with that before moving into floating, you typically have a certified turbine from the start, so a certified turbine, a type certified turbine, that is. That means that the turbine itself has been pre-certified according to a set of boundary conditions. You take the pre-certified turbine and you integrate it with a site-specific foundation, being a monopile or a jacket, and that is done as part of the project development process. For floating wind, that's a bit different because the floating foundation itself can affect the operation of the turbine. In effect, the turbine and the floater need to be certified as one unit. The benefit of that is that one unit is much less site-specific, dependent on site-specific conditions. That means that you can, with the industry standards available today, take out a larger chunk of the technical de-risking scope outside of the project development and away from the critical line of the project. From our side, that has been an important feature when we've been working with Brunel to achieve an advanced level of certification as early as possible. How does this look out into the market? For us, we know that there are certain floating designs that have achieved an advanced level of certification for smaller turbines. When you come to commercially sized turbines, such as 15 MW and above, then it's really been us. We announced our basic design certificate in October, but then this quarter, Bavidio followed suit, announcing their basic design certificate. For us, we believe that we have a good solution when it comes to industrialization and performance. This news is also good for the floating wind industry. It's stepping in the right direction, is my view. That concludes the floating wind part. On the floating solar, this is much the same observations as we shared last time. Asia continues to lead the way with utility scale projects. This quarter is underlined by the Philippines, preparing for the fourth energy auction, green energy auction. By that, the Philippines will have a total pipeline around 3 GW for floating solar. Harvest station with hydro dams shows good potential. We see that is also the same continuing. Vietnam and Thailand have announced more projects. In fact, the largest, most projects in Asia today are harvest station projects. On the last bullet, Europe is moving forward, but slowly. There was the news this week, underlining that we thought with Italy launching a tender for 15 MW for floating solar, which is very, very positive, but of course, at a different scale than what we see in Southeast Asia. By that, that was my good. Thank you. Welcome, Haakon Magne Ore, CEO of Fred. Olsen Windcarrier. Good morning, everyone. I think the second quarter for FOWIC was a mixed quarter, but I think it's mixed in a good way. If you look at what our vessel did, one of the vessels preparing for a monopile drilling campaign, one vessel installing turbines, one vessel doing OEM. I think it's a good testimony of the diversity of our vessels and our organization. We also had some messes at yard. Despite that, the financials came in at a solid level, as highlighted by Richard earlier. On the market side, I think we reiterate the view that we have communicated for the last quarters, that we see a very tight market the next years, but we see some more volatility creating somewhat reduced visibility as we go along. If we go over to what the vessels did last quarter, as I said, we had Bold Tern. She started to prepare for a large offshore monopile drilling campaign with Saipem. I've updated the picture to try to illustrate the size of the drilling equipment that's gone on board. Normally, this is a huge deck area. Now you only see the drilling equipment and the temporary living quarters. Brave Tern completed the energy project in May. Thereafter, she went into yard to do the upgrade of the aft to do a generic 15 MW turbine setup. We easily can switch between Siemens and Vestas turbines and do some other maintenance. Blue Tern, she came out of yard during the period, and she commenced an online campaign with Siemens. Also updated the picture to illustrate what we're doing. We made a huge tent, which is basically a fabric on board. Blue Wind continued on the Högaliden project during the quarter. If we go then over to the financials, it was a solid operational quarter. We had a 99% utilization when we were on contract, taking into account the downtime we incurred in the yard and between the contract and yard. The total utilization was 73%. I think I've been standing here for some quarters now talking about yard. I don't like it. We see now that this high activity with planned yard activity is coming to an end. Brave Tern will now be in yard for most of the quarter, but I think that should hopefully mark at least it marks almost three quarters with higher than normal planned yard activity. The financial for the quarter came in with an EBITDA of EUR 42.1 million, which is very good. Please note that EUR 8.8 million of this is an accounting fact of a previously announced cancellation fee back from a contract termination in Q4 2024. Over to the market and backlog. I think in general, we have seen fewer than normal new contract awards in the first half of 2025. A lot of what has been announced has been earlier announced reservation agreement and acceleration campaign, meaning that you need more vessel time or there have been quality issues on the turbines leading to more vessel time. This was the same effect for FOWIC. This quarter, we did not book any new major contracts. The backlog went from EUR 426 million to EUR 352 million. On the market, as mentioned, we continue to see a tight market going forward in the next years with increasing activity. We also see that the ongoing value chain issues we have, the growth pains that we see in the offshore wind industry, which started two or three years ago, are again impacting the demand, creating some more volatility and some more uncertainty on the visibility when we go more out into the decade. If you look at our tendering activity, we always track the number of active tenders. You see the number of tenders that we have in the pipeline today is at a very strong level also when you compare it to 2023 and 2024. Activity on the tendering side remains high, and that's both for projects in the medium term, but also on the longer term. I think that concludes my remarks. Thank you. Richard, we'll talk to you about Fred. Olsen Cruise Lines. Yes, thank you, Anette. We're very pleased to see that coming out of a quite weak first quarter where we had the impact from the canceled cruise in the Red Sea due to the geopolitical situation in the Middle East, that impacted our first quarter in quite a material way. We're quite pleased now to see that the second quarter we have a strong recovery and also coming in with the results that are significantly improved from the second quarter last year. We see on this slide that some of the drivers' passenger numbers are up 12% second quarter last year to this year. Also, the yield per passenger is up 7%. Despite that, like I commented earlier, we're still below 80% occupancy. There is still room to grow. That leads me to the third bullet point there is the cumulative sales going forward. We also had a quite strong booking quarter second quarter this year. The cumulative sales now for the full year 2025, including the weak first quarter, 2026 and 2027 is 11% up. That leads me to the next slide then. Apart from a very nice picture of our very good vessels, there are a couple of important points in this slide. One is you see some of the destinations we're going to, which we think are very attractive destinations for customers. I'd like to point your attention to the number of cruises. Each vessel now has a double-digit number of cruises in the quarter. It's quite short cruises compared to what we have in the fourth and first quarter during the winter season where the cruises are longer. What we're able to do with these shorter cruises is attract a lot of new guests that are new to Fred. Olsen Cruise Lines and younger guests that will be important going forward. This is quite important that we utilize the summer season with shorter cruises where we can attract younger audiences which have less time for cruises into more cruises for a week or so on to quite attractive destinations around in Europe, as you see here. It's a big shift between the winter and the summer. That has been executed so far this summer quite successfully. That's also what we see going into the second and third quarter next year. A key challenge is how do we do this in the winter season, maybe in an improved way, which Cruise Lines is working on. All in all, a strong improvement from the second quarter last year, but still a lot more potential in the company. Good. Thank you. This now concludes the main presentation. We will move to the session of questions and answers. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, if you would like to ask a question, please press star one and one on your telephone keypad. I will do another reminder. If you would like to ask a question today, please press star one and one on your telephone keypad. There are currently no phone questions. I will hand the call back to you. Thank you very much. It remains just to wish you a very nice summer.