Welcome to the quarterly presentation for Fjord Defence Group ASA. It's a pleasure to hold this presentation. Q2 is according with the management expectation and in line with normally quarterly variation. Second quarter pro forma revenue from the defense segment was NOK 245 million, with an EBITDA of NOK 42.4 million. The order book we have now is reached approximately NOK 1.8 billion, including planned and released customer volume. It's a strong order book that improves visibility and confidence for the next following quarters. As you may have seen, we closed the latest acquisition of PartnerTech Karlskoga yesterday, and we did close also Frydenbø Milpro, now renamed to Fjord Defence Marine at the June 5th this year. As visibility have increased during the quarter, we remain confident in our previous communicated guiding for 2026, and therefore keep our guiding unchanged. We will provide guiding for 2027 when we do the third quarter presentation. Since we have got a new company, it presented what's now called Fjord Defence Marine in Q1 presentation. It's a short little presentation of PartnerTech Karlskoga. It's a leading Swedish manufacturer of strategic metal components for global OEMs with manufacturing roots all the way back to 1917. PartnerTech Karlskoga has around 250 employees and is led by the group CEO, Magnus Blomgren. It's a niche supplier of high-precision components for weapon systems and large caliber ammunition. Strategic supplier to both Saab and BAE Systems for more than 30 years. Profitability have accelerated with the growth from revenue of SEK 350 million in 2022 to SEK 620 million in 2025, with an EBIT margin growing from 7% to 16%. Based on the general growth in the defense in Europe and clear requests from our largest customer for each of our four companies, we currently are investing a lot to build up the capacity for the expected growth. We will continue doing that also in the second half of this year and in a disciplined manner like we have done in the first half year. Fjord Defence Group have used the first year now to buy four quality companies to create a foundation for further profitable growth. Going forward, new acquisitions may be funded through retained earnings, increased debt capacity, and consideration shares. We are less dependent on share issue to get the money. The buying phase we have been through now, it's not going to stop, but as far as we have come now, creates the foundation and we are to unlock future operational improvement in the building phase of buy and build. Based on expected growth in all four companies, we have a strong focus on the buy and build strategy, and we have a strong focus on the build side for these four companies. Developing internal capacity is highly attractive to shareholders and can, over time, evaluate the EBITDA to a higher level. That, we'll even come back to later when we discuss the financial numbers. Our portfolio companies have all a strong position in their respective defense niches. Given high market growth, we also retain our ambition to reach NOK 400 million-NOK 500 million EBITDA in 2029 based on the expected organic growth. New buy will of course increase the growth as well. As mentioned previously, we have a strong order book and that remains us to unchanged our target of NOK 1 billion in pro forma revenue and about NOK 190 million to NOK 230 million in pro forma EBITDA for the defense sector in the company. Supported by the order backlog and strong pipeline, we are expecting an accelerated growth in 2027 and beyond. I leave over to Øyvind to take care of the numbers. Thank you, Jon Asbjørn. The numbers we are considering here are solely the defense segment, and that is done on a pro forma basis as if we own the companies from January 1, 2024. As can be seen here, there has been modest growth from Q2 2025 to Q2 2026, and that is as expected with a relatively flat development into 2026. As we are awaiting accelerated growth into 2027, we have incurred more costs that can be seen in the personnel and other operating costs is going up and thus depressing the result for the EBITDA for Q2 2026 compared to 2025. This is as a preparation for accelerated growth, as Jon Asbjørn also mentioned. The rightmost column here shows the last 12 months, Q2 numbers for the pro forma, including PartnerTech Karlskoga and with a revenue of NOK 942 million and an EBITDA of NOK 188 million. As we can see here, this is quite close to the full-year forecast that was alluded to previously by Jon Asbjørn, and we maintain that. I would also like to add that pro forma revenue in the first half of the year is about NOK 460 million, and you saw previously the year to go order backlog of NOK 530 million. If you add them together, you get very close to the full year forecast, and we consider it with minor uncovered revenue as a low-risk estimate and forecast for the year. Again, reiterating and illustrating the growth we have been doing as we say we have been through a very intensive buy period, increasing our turnover from NOK 85 million a year ago to almost or more than 10 x that amount, including PartnerTech Karlskoga with NOK 942 million and NOK 188 million in EBITDA, as we have shown. This growth is, we are very satisfied with it. It gives us then the platform to build on. We are not stopping acquisitions, but now we have the platform for buying. Our operational focus will be to develop the left-hand side of this slide with revenues and profits as good as possible. That's the operational part of it. While on the right-hand side of the slide, it's more the financial side of it. We are in addition to or to enhance the development for the shareholders. We focus on the value per share, which is depicted here as cash earnings per share. We've calculated that as pro forma EBITDA, less 7% interest charge on net interest-bearing debt post each of the transactions. You can see that this has increased from NOK 0.49 per share to NOK 1.14, which is a 2.3 x uplift. And we will continue to focus on shareholder value by using measures per share. Our target is that this value should increase more than the results in the business over time. There may be variations from quarter to quarter, we repeat that, but we take a long-term view on this, and then this is going to increase more than the results in the company. That's the aim. Finally, a few words on the balance sheet. As you can see, it has increased from a level of NOK 700 million to NOK 1.7 billion. That is reflecting the acquisition of Scanfiber Composites and the acquisition of Fjord Defence Marine, which is included here. Also, if you look at the bank and cash in hand at the end of the first half, that is NOK 480 million, after a successful private placement of NOK 412 million second half of June. And that amount has been pending the transaction closing of PartnerTech Karlskoga, which took place yesterday. Also, after this transaction, we have a very solid balance sheet with a 77% equity ratio. The liquidity will be still good, and we have a moderate net interest-bearing debt to the EBITDA for the year, estimated at about 2x. So that's within the limit of 2.5 that was pointed at previously. I would conclude to say that we have financial robustness and flexibility. We have the capacity to continue to build Fjord Defence Group further. Thanks for that, Jon Asbjørn. Yes. If you are looking at the outlook as we see it now. Unchanged 2026 target of NOK 1 billion in revenue and between NOK 190 million -NOK 230 million in pro forma EBITDA. Supported by this order backlog and strong pipeline, we expect growth in 2027 and beyond. As said, we have a strong order book. We have, at the moment, as both I told before and Øyvind, on preparing the four companies now that we have in our portfolio for the expected growth based on general growth and also from guidelines from our key customers in the different companies. So we are there. When it comes to the financial position, we have done a lot of private placements over the last year. We now have calculated that we have an internal capacity for new acquisition of about NOK 700 million through retained earnings, debt, and consideration shares. We have done the weighted calculation of how much we have given in consideration shares over the last year with all the four acquisitions. It shows that normally, we end up with about 40% given in consideration shares. So we will be focused on buying as well as building, and we know there is a lot of interesting companies coming up for sale over the next year. So we will be clearly active on that. But we want to also underline that building the companies now to prepare for the growth that everybody expects over the next five years is an important thing, and we have to do it, as we told before. We have to do it this year, so we're ready to take on the growth. Then, again, guiding for 2027 will be a part of the Q3 report. So we are moving strong. We are growing the company. Last year, that was my first quarterly presentation in Q2. We announced NOK 85 million in expected pro forma revenue. Now we are expecting NOK 1 billion. We have done quite a good start, and we will continue to grow the earnings per share for the shareholders. Thank you very much.
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