Good morning, both to those of you present here at MS Brisen today and those of you following us online. Welcome to Kongsberg Maritime's Capital Markets Day 2026. My name is Jan Rickhoff. I'm heading Investor Relations here at Kongsberg Maritime. Before we kick off today, I have to give you a few practical information. The presentations today will be divided into two parts, separated by an approximately 20-minute break. After the second session, we will gather all the presenters here together with me at stage for a Q&A. Restrooms are located at the aft deck where you entered this boat and on the upper deck. In case of emergency, you have to leave either by the entrance on the aft deck or on the front deck and up on the port side. Soon, our President and CEO, Lisa Edvardsen Haugan, will enter the stage, before that, take a look at this. Maritime shipping is the backbone of global trade, carrying more than 80% of all international freight. Maritime assets are vital for all transport at sea. In every segment, customers face stricter regulations, higher expectations for vessel performance and energy efficiency, and rapid digitalization. The global fleet is aging, and the pressure is on to make smart investments that deliver value both now and in the long term. In this transition, Kongsberg Maritime stands out as a unique partner across the entire industry, serving everything from offshore vessels to the rapidly expanding naval sector. We are a global provider of mission-critical maritime technology, integrating hardware, software, engineering, ship design, and digital services into complete solutions for advanced vessels. With an unrivaled product portfolio and more than 200 years of maritime heritage, we have consistently led the way, pushing the boundaries of maritime operations. Today, our systems and solutions are installed on one-third of the global fleet. Together with our customers, we design and equip advanced vessels and support them throughout their entire lifespan. Through deep domain knowledge, digitalization, and seamless integration, we ensure every onboard operation is optimized. We are building tomorrow's vessels today. Kongsberg Maritime is truly global, present wherever our customers operate. This makes us resilient and adaptable in an ever-changing world. With 8,000 dedicated experts worldwide, we create innovative, award-winning, and secure technologies, ensuring we remain our customers' first choice. Very good morning from me as well. I'm very glad for the interest and that you are willing to come here despite the weather forecast. Today is a historic day. It's our first Capital Markets Day. Today is also an opportunity to step back, look at the bigger picture, and explain how we are positioning the company for the years ahead. Joining me today from the management team are Mette Toft Bjørgen, our CFO, Per Håvard Siljan Hjukse, EVP Propulsion and Handling, and Johnny Aarseth, EVP Energy and Control. Propulsion and Handling, and Energy and Control are the areas we report on quarterly, and today, we will provide a deeper look into the product portfolio and market offerings. The maritime industry is operating in a world that is more demanding, more complex, and more consequential. It remains the backbone of global trade and an important part of economic resilience and energy security. Three forces are shaping the industry today. A more fragmented geopolitical landscape, a sharper focus on maritime security and resilience, an accelerating focus on energy security and energy efficiency. These forces are closely connected. Together, they are changing how our customers invest, operate, and prioritize. For us, they create both opportunities and responsibility. Today, maritime is becoming more important in a national context, both with regards to resilience and autonomy. Geopolitical shifts and trade policy changes are visible in our industry almost immediately. Tension between the U.S. and China, more use of tariffs and industrial policy, and a broader move toward regionalization are changing trade flows and investments decisions across the maritime value chain. More than 80% of global trade moves by sea. There is no real substitute for moving the world's food, energy, and goods at scale. One implication is that the maritime sector often is the first sector to feel the impact of global unrest. When the world becomes less stable, many implication follows. Trade routes are disrupted, supply chains are reshaped, energy prices fluctuate, and investment priorities shift. Even in that environment, maritime remains indispensable. Maritime has always been essential to the global economy, and over time, the underlying demand remains strong. It is supported by population growth, urbanization, rising incomes, and industrialization in fast-growing economies across Asia, the Middle East, Africa, and South America. We are today witnessing continued pressure from sanctions, especially in energy, logistics, and maritime services. These measures affect routing, fleet use, compliance, clients, and the broader risk picture for ship owners and operators. Trade agreements matter more than ever when geopolitical friction is creating more uncertainty. In that environment, stable regional and bilateral frameworks become more important. They support investment and help preserve the predictability that maritime trade depends on. The broader picture is also clear. We are moving into a less globalized environment. Tariffs, local content requirement, export control, and subsidies are becoming more common. That may support domestic priorities, but it also fragments markets and reduces efficiency. We have seen this clearly in the Red Sea, the Black Sea, and the Strait of Hormuz. Routes become longer, costs rise, and planning becomes harder. Critical sea lane can no longer be taken for granted, and rerouting tightens capacity, raises transport costs, and often increases emissions. As a result, governments are strengthening national maritime strategies. Shipping ports, shipbuilding, and maritime infrastructure are increasingly seen not just as a commercial asset, but as a part of national preparedness, competitiveness, and security. This also creates opportunity for Kongsberg Maritime. This is the kind of environment where we have often built our position by entering markets early and developing alongside yards and vessel owners as those markets matured. We continue to do that today. We are already present in growth regions such as India, the Middle East, and Brazil. Here, we are scaling up with customers over time, and over time, this will also result in increased yard capacity. Defense and security are high on the agenda globally, and we also see that reflected in demand across our commercial maritime portfolio. At the 2025 Hague NATO Summit, member states pledged to increase defense spending to 5% of GDP. For naval markets, that sends a clear signal. Maritime capability is becoming a higher priority. This supports fleet renewal, modernization, digital capability upgrades, and life cycle support. It also expands demand beyond the vessel itself into products, systems, and aftermarket services. Naval platforms are extremely expensive assets, and the cost per hull continues to rise. That increases the value of proven commercial technologies wherever military-specific solutions are not required. Greater standardization reduces complexity, simplifies maintenance, and helps maximize system uptime over the life of the platform. In the end, this is about delivering more operational effect from every defense dollar invested. Decarbonization in shipping is no longer a distant ambition. It's becoming a real operating and investment framework. The IMO's net zero direction is pushing shipping in a clear direction. Regional rules and customer requirements are reinforcing the same trend. Together, they are driving lower emissions operations, new fuel pathways, and more efficient vessel performance. For ship owners and operators, this means more complex decisions. They must navigate fuel uncertainty, new compliance requirements, infrastructure availability, and the need to protect returns on long life assets. That creates demand for solutions that reduce energy consumption now while supporting multiple pathways over time. In our view, the winners in this transition will be those who combine operational efficiency, digital insight, and future-ready technology. The market does not only need greener vessels, it needs vessels that consume less energy, operate more efficiently, and enable better decisions through data. This is where maritime technology plays a critical role. The transition is not just about alternative fuels, it's also about using energy better. It's about optimizing routes, improving onboard efficiency, strengthening digital control, and integrating with a broader value chain. Ultimately, it's about cutting emissions and cost while improving performance over the vessel's life cycle. When we look at the market backdrop, our view is straightforward. Geopolitical fragmentation increases the need for resilience and security. Structural demand growth reinforces the long-term importance of maritime, and the energy transition increases the need for efficiency, digitalization, and technological renewal. That is why we believe long-term value will increasingly be created by companies that help support customers operate more safely, more cost efficiently, and with lower emissions. I have now described the broader macro trends. From here, the focus shifts to the customer journey and where we create value. Across our markets, customers are looking for many of the same things: safer operations, better cost efficiency, lower emissions, and more confidence in long-term investment decisions. We serve customers across three main areas: merchant marine, offshore energy, and naval. The needs vary by segment, but the underlying priorities are increasingly aligned. Whether the challenge is energy efficiency, digital control, life cycle support, or meeting new operational requirements, our role is to help the customers reduce complexity, improve performance, and stay ready for what comes next. Later today, you will hear concrete examples of how we do that across both new builds and aftermarket. Over the past decade, we have transformed Kongsberg Maritime significantly. We have broadened our product portfolio, expanded our market exposure, and strengthened our positions across key markets. At the same time, we are operating in markets with strong long-term tailwinds, which gives us confidence in our ability to continue growing the business profitably in the years ahead. Mette will come back to the financial ambitions in more detail, but at a high level, our ambition is clear. We aim to grow Kongsberg Maritime at 10% CAGR over a five-year cycle. At the same time, we continue to improve profitability over time with the ambition to reach and sustain an EBITDA margin above 16%. With that, let me hand over to Mette, who will take you through our financial ambitions in more detail and explain how we plan to deliver on them. Thank you, Lisa, and good morning, everyone. Before going into our financial targets and capital allocation, I would like to start with where we are coming from and our current status. Since 2021, we have grown organically from NOK 15 billion-NOK 27 billion, implying a CAGR of 15%. The high aftermarket growth was mainly driven by spare parts sales, efficiency upgrades, and reactivation of the offshore fleet. In 2025, in addition to divesting parts of our mature business, we began to see a slowdown in the aftermarket, while the new building side of our business continued to accelerate. This mix shift was very clear in Q1 this year, where the aftermarket accounted for 47%, whereas the new build revenue grew with around 20%. High freight rates have driven down docking and repair calls, and this is impacting the aftermarket, and in particular, in our merchant segment, which is down 28% in the first quarter. High freight rates are good in the medium to long term, both related to the new build and the aftermarket. However, the short-term effects are negatively impacting our business. Our order backlog has grown with even a higher CAGR than our revenues. We have experienced solid contracting for our solutions within several vessel segments. We have both been able to confirm our position with our traditional scope and at the same time succeeded in expanding our scope in existing markets. Both Per Håvard and Johnny will come back to you with examples on this later today. Since 2021, our order backlog has grown from NOK 12 billion-NOK 28 billion, which gives us a solid foundation going forward. More than 80% of our order backlog consists of deliveries to new vessels. With shipyards more or less fully booked in the next 2 to 3 years, this gives us good visibility for new build deliveries. Aftermarket order backlog is short cycled. Our large install base and diversified exposures give us predictability. At the same time, volatility in the aftermarket hits fast, and the aftermarket is therefore more cyclical in the short term. The medium and long-term drivers are strong, both for new builds in the aftermarket, and I will come back to this when I present our financial ambitions. Kongsberg Maritime has a solid and profitable track record that we aim for to continue. With the strengthening of the NOK and the change in project mix, we are currently experiencing margin pressures. We are constantly working on taking out efficiencies and improving our operational performance to remain globally competitive. For 2026, our competitiveness initiatives aim for a NOK 600 million cost reductions from today's level to be realized by the end of the year with a full-year effect in 2027. These effects will protect our margins and enable our trajectory of profitable growth going forward. Our customers are at the core and the driver for everything that we do. They rely on us to deliver product solutions and services, improving their operational efficiency and safety, and preparing them for the future. A natural piece of our customer partnership is to continuously find ways, excuse me, to improve when it comes to products, technology, costs, and service level. We serve our customers throughout the vessel life cycle as both Per Håvard and Johnny will present to you. To continue to serve our customers, we rely on targeted R&D. Historically, our R&D spend has been between 6%-8% of revenues, and we aim to keep this level going forward to secure our organic growth. The R&D spending target both existing and new product development. This will be subject to strict capital discipline, along with our other capital allocation priorities that I will come back to. In summary, the competitiveness improvements target more efficient operations, stronger customer orientation, combined with a continued focus on selected growth initiatives to fuel our organic growth, all with the aim to increase our global competitiveness to secure profitable growth. Over the last years, disciplined working capital management has driven a structural reduction in net working capital, where we reported 5.8% of revenues at Q1. We aim to continue the initiatives to support strong cash conversion, although we expect an increase this year related to the change in our project deliveries. Our capital structure should support business objectives and remain solid as an important key to secure continuous profitable growth and realize our potential to drive change in the maritime industry. We started as a newly listed company with a cash position of NOK 3 billion and no interest-bearing debt outside of our lease commitments. Our operation requires good liquidity and access to capital, giving us the financial flexibility needed to realize our growth ambitions and returning strong dividends to our owners. In the event of sudden market changes and immediate financing needs, we have secured an RCF of NOK 3 billion and a NOK 1 billion overdraft facility. We aim to remain investment grade, which gives us clear guardrails on leverage capacity. A solid balance sheet granting us access to debt capital markets at competitive terms is important to us for many reasons. Being exposed to cyclical market segments, fluctuations in working capital requirements, and to support our capital allocation priorities. Since our listing in April, we've held a BBB+ rating from Nordic Credit Rating. We allocate capital to support our profitable journey, continue to strengthen our market position, and deliver solid returns for our shareholders. Organically, we aim to grow by continued R&D spending. Our dividend policy targets predictable shareholder returns as we maintain capital discipline and balance organic and inorganic investment needs. Kongsberg Maritime aims to pay an ordinary dividend per share that is between 40%-60% of net earnings. On top of the ordinary dividend, the board of directors will assess an additional shareholder remuneration on an annual basis through additional dividends or added share buybacks. Such assessments will be based on a holistic view of the company's balance sheet and strategic outlook. That leads me to our M&A agenda. We will focus on opportunities that complement and grow our existing technology portfolio. We will use bolt-on acquisitions as vehicles to support our growth ambition and strengthen our footprint or complement our existing product portfolio. We look for businesses with activities in markets adjacent to our existing business or markets which can benefit from our technology, competence, and global footprint. We will always seek synergies to nurse a complementary growing portfolio. Kongsberg Maritime has proven the ability to grow based on an asset-light model, creating solid returns and strong cash conversion. Going forward, we will continue to demonstrate strict capital discipline and prioritize shareholder remuneration. Our financial ambitions are based on our ability to continue to realize profitable growth. We are coming from a strong track record where we have demonstrated both growth and improved profitability while increasing delivery capacity and building the organization. We face strong long-term tailwinds driven by underlying market growth and increased demand for our products, services, and solutions. In the near term, as already mentioned, the market outlook is mixed. The new build market is strong while parts of the aftermarket are facing headwinds. Going forward, this means that we're starting on a slower initial trajectory. We expect initial growth rate in the range of 0%-5%, depending on the market conditions when moving into the second half of 2026 and at the start of 2027. The strengthening of the NOK further emphasizes this trend. A continued strong NOK will impact our full year revenue with translation effects. In Q1, this amounted to three percentage points lower revenue growth. Moving past the current market situation, we expect growth to start picking up. That's why we set a financial target of delivering a CAGR around 10% over a five-year cycle. We target profitable growth, and we will aim to improve our EBITDA margins towards above 16% in the same time period. You will hear more about the growth initiatives and market segment outlook in the next presentations. Our financial targets are supported by the underlying market growth, our strategy to increase our scope, and the potential to sell more of our products and solutions into new market segments. We target profitable growth, which means that we will scale on our current cost base, and we will continue to target cost reductions to increase operational efficiency and ensure competitiveness going forward. Our capital allocation priorities will ensure a solid balance sheet by remaining investment grade, continuing to invest in R&D to support long-term organic growth, prioritizing shareholder remuneration, and using M&A to complement and grow our existing portfolio. Currently, we have several ongoing M&A initiatives to support our strategy and targets, and we will continue to investigate how to strengthen our position even further. New technologies, energy efficiency solutions, dual-fuel capabilities, naval programs, and fleet modernization projects do not convert fully in the next quarter or even in the next year. Many of these initiatives build momentum over several years and are likely to contribute more towards the end of the decade and beyond. These strong growth drivers give us confidence in our financial targets going forward. To sum it all up, Kongsberg Maritime has a unique and strong position with its large install base and domain knowledge. The medium-term and long-term tailwinds are strong, and we aim to continue to deliver profitable growth by leveraging the current market portfolio, while also expanding into attractive segments fitting our competence and product portfolio. We have set ambitious financial targets of growing 10% over a five-year cycle while improving our EBITDA towards exceeding 16%. In the short term, we experience a project mix shift, FX translation effects, and structural costs putting pressure on our margins. Our answer is the competitiveness improvement initiatives with cost reduction to ensure continued profitable growth going forward. With that, I would like to thank you for listening and give the word back to Lisa to continue her presentation. As I talked about in my first session, our markets are exposed to cyclicalities. However, our business model creates resilience. We are diversified across much of the maritime landscape, including cargo, offshore energy, passenger and ferries, tugs, and naval. These segments are driven by different underlying factors, which gives us a structurally broader and more balanced revenue base. I will come back to these segments soon. Our revenue is recognized through the vessel's production and delivery process, not at the point of order. A solid backlog gives us strong visibility, and because yard capacity is constrained globally, deliveries are stretched over time, which makes our revenue conversion smoother than the underlying contracting cycles. On top of that, a large share of our business is linked to the installed base. We have systems on board more than 30,000 vessels, and over the past five years, we have serviced around 12,000 individual vessels on average each year. That installed base gives us recurring life cycle opportunity that is less dependent on new build cycles. As the global fleet ages and regulation tightens, owners need upgrade, maintenance, and performance improvements to keep vessels efficient, compliant, and future ready. Put together, this gives us several layers of resilience. These are a broad market exposure, backlog and delivery cycles that smooth operation, and a large installed base that supports recurring life cycle demand. That combination helps reduce fluctuations in our earnings profile and supports a more stable platform for growth over time. Our broad segment diversification is a core strength in our business model. With that backdrop, let me now move from the overall picture to our exposure in the individual segments, what is driving demand, and how we see opportunities ahead. This is an overview showing our main market segments, and it's worth stopping on because it says something important about Kongsberg Maritime. We operate across a broad and diversified set of segments in both new build and aftermarket. These are not one market moving in one direction. They are shaped by different cycles, different customer priorities, different regulations, and different technology trends. Some are driven by global trade and energy flows, some by offshore investment, and some by governmental spending and long-term strategic demand. That diversity is a real strength for us. It gives us exposure to several attractive end markets while reducing dependence on any single cycle. Our market view, underpinned by the structural market drivers, supports a positive growth outlook across both new build and aftermarket. When we talk about gas carriers, LNG carriers are the segment most people immediately think of in connection with us. We also serve adjacent categories such as FSRUs and LNG bunkering vessels. This is a highly specialized market with demanding requirements for safety, efficiency, automation, and reliability. That plays directly to our strength. Market activity in LNG carriers has been extremely strong in recent years. That has been driven by expanding LNG export capacity, particularly from the United States and Qatar, and by Europe's renewed focus on energy security. Together, these forces have supported a significant wave of contracting, and for us, that has translated into strong order intake and good visibility going forward. This is also a market with high technical and commercial barriers to entry, and that clearly favors suppliers with strong reference and domain competence. Overall, gas carriers and LNG carriers in particular remain a very attractive segment for us. It gives us exposure to a structurally important energy flow market with a higher technical barrier to enter and a strong combination of new build and aftermarket potential. Offshore energy is another broad and important market for us. It spans everything from offshore support vessels and subsea construction vessels to more specialized units linked to field development, maintenance, and offshore wind. This is a space where Kongsberg Maritime has longstanding competence and a strong installed base. Our exposure is broader than traditional oil and gas. What matters here is complexity of the marine operation, advanced maneuvering, precise positioning, efficient propulsion, and mission-critical vessel functionality. These are all areas where we are strong and where customers place a premium on safety, uptime, and operational precision. Historically, this market has moved with offshore investment cycles like oil and gas, CapEx, rig activity, subsea developments, and broader field development spending. When offshore activity rises, demand for support and construction capacity tend to follow. In recent years, the backdrop has improved. Energy markets are stronger, offshore fundamentals have improved, and energy security is higher on the agenda. This is not a simple repeat of earlier cycles. In some subsegments, customers remain cautious on large new build programs, partly because the fleet capacity is still available and partly because capital discipline is much stronger than before. At the same time, the market itself is widening. Offshore energy increasingly means not only conventional oil and gas, but also offshore wind and a broader set of energy-related marine services. That expands the relevance of our portfolio. For us, the strategic focus is clear: capture value in selective new build opportunities and capture even more through upgrades, retrofit, digitalization, service, and life extension. Customers want lower emissions, better fuel efficiency, lower operating cost, and stronger operational performance. That creates opportunities well beyond the original vessel delivery. Yes, offshore energy remains cyclical in new build, but for us it is attractive because it combines selective project opportunities with a large and valuable life cycle business. Cargo is a broad and strategically important market for Kongsberg Maritime. It includes container vessel, bulk carriers, tankers, and other merchant vessel categories that underpin global seaborne trade. For us, this is a large volume market where we see room to grow. The content per vessel may be lower than in some specialized offshore or oil or gas segments, but the scale makes it highly relevant. Traditionally, contracting in cargo has followed the classic shipping cycle factors, freight markets, trade expectations, asset values, fleet age, yard pricing, and yard availability. When earnings are strong and confidence improve, owners order. When markets soften or uncertainty rises, contracting can fall quickly. Today there is something more structurally happening as well. Environmental regulations, uncertainty around fuel pathways, and rising demand for efficiency are changing both new build specification and retrofit decisions. Owners are looking for solutions that improve energy performance, optimize operations, and help future-proof fleets in a market where the technology direction is still evolving. That is where our opportunities comes in. In cargo, it is not only about the number of ships ordered, it is also about the technology content per vessel. As customer place greater emphasis on automation, efficiency, emission reductions, and digital decision support, the value of advanced systems increases. Like this vessel, Tanvik, which I had a picture of earlier today when I talked about decarbonization. This coastal cargo vessel have our design, a large equipment package from us, and also have installed our K-Sail solution. Cargo is not just a large market, it is a market in transition. The transition creates opportunity for Kongsberg Maritime, both in new build and across the installed base over time. Tugs are a specialized but resilient market. They serve port, terminals, and coastal operations. Demand is supported by underlying maritime activity, port development, and need for safe, efficient vessel handling in harbor environments. Contracting here is typically less volatile than in some merchant markets, although it still depends on port traffic, fleet renewal, and local investment appetite. It also increasingly are influenced by environmental regulations, especially in ports pushing for lower emission operations. Our focus is straightforward: maintain a strong position in high-performance tugs and strengthen our relevance through efficiency, lower emission solutions, and life cycle support. As in several other of our markets, service and retrofit can be just as strategically important as new build. Johnny will shortly show one example of how we are bringing that to life. Passenger is another market where we see attractive opportunities, although the dynamics vary quite a lot across sub-segments. In cruise, the market is shaped by long planning horizons, access to financing, consumer demand for travel, and confidence in future capacity absorption. This means contracting is often lumpier rather than smooth. Ferries are somewhat different. There, demand can be more regional and more policy driven, especially where public transport investments and green transition programs support fleet renewal. For us, this is a market where integrated systems, safety, efficiency, and digital capability matter. Customers are looking for dependable operations and, increasingly, for solutions that support lower emissions and better performance. We have already good example of contracts in this space where we supply high-value systems. To naval, which is another area of growing relevance for us. This is not a new adjacency for Kongsberg Maritime. Over time, we have delivered products and systems to more than 1,000 large naval vessels, and we have built a strong position in areas where performance and reliability are mission critical. Traditionally, our exposure has centered on propulsion systems such as propellers, thrusters, and waterjets, and that remains highly relevant. Per Håvard will come back to the new Type 26 frigates that Norway have ordered and our expectations here. Beyond that, we have also seen important wins recently. This winter, we won a contract to supply 18 large Kamewa waterjets for the Indian Navy's next generation missile vessel program. We have also secured propulsion and maneuvering scope for Indonesia's new fast attack craft and propulsion system for the Philippine Navy's offshore patrol vessels. In May this year, we announced a contract for the next four ships in the U.S. Coast Guard's offshore patrol cutter program. This is a follow-on contract where we deliver our Promas propulsion system together with steering gear, rudders, fin stabilizers, and tunnel thrusters. Continued supply into that program is an important validation of our product performance and our competitiveness in a demanding governmental customer segment. This is not just a long-term opportunity. It is something we are already winning in here and now. These programs differ in vessel types and customer need, but the common denominator is the same. High consequence operations demand proven technology, strong system integration, and trusted industrial partners. That is where our heritage gives us real credibility. As we believe the future opportunity is broader than before, naval customers are under pressure to do more with very expensive platforms, smaller crews, and tighter readiness requirements. That increases the value of standardized, integrated, and commercially proven systems wherever military specific solutions are not strictly required. That plays directly to our strength. Many of the capabilities we have built in commercial maritime are highly relevant in naval as well. Automation, control, energy management, digital interfaces, training, and life cycle support. Navies want solutions that are easier to integrate, easier to train on, easier to maintain, and easier to upgrade over time. Standardization helps deliver exactly that. It reduces complexity, supports crew mobility and training efficiency, simplifies maintenance and spare parts, and improves operational availability. In other words, it helps navies get more output from each platform and more value from every defense dollar. While propulsion and handling remain an important foundation for us, the bigger message is this. Naval is moving in a direction where more of our portfolio becomes relevant. As fleets modernize and budget focus more on readiness, resilience, and life cycle efficiency, we see clear potential to participate with a broader and more integrated maritime offering. Thank you, Lisa. It's time for a 20-minute break. Approximately two minutes before we enter the stage again, you will hear this sound. That means take your seats. Enjoy the break. Okay, welcome back, everyone. Soon you will meet two of our EVPs, Johnny Aarseth and Per Håvard Siljan Hjukse. Before Johnny enters the stage, please have a look at this. The maritime world is changing. Operations are becoming more complex, more demanding, and more critical than ever. Kongsberg Maritime supports this shift, delivering technology, systems, and expertise across the vessel. It often starts earlier, working with customers to understand their operations, challenges, and goals. Through ship design, those insights are translated into how vessels are configured, integrated, and built to perform. From the bridge through to propulsion, we help vessels operate as a complete system, driving better decisions, giving crews and operators the clarity they need in real conditions. Performance depends on more than decisions. Systems need to respond consistently, predictably as one. That's where experience matters. Everything we do is shaped by decades of real operations, understanding how vessels perform at sea, not just how they're designed. This understanding translates into performance, delivering efficiency, reliability, and control across the vessel. When it matters most, systems perform as expected, supporting safe and predictable operations. With a global footprint and installed base across thousands of vessels, we continue to support performance over time. Kongsberg Maritime. Technologies for sustainable oceans. Hello, everyone, and welcome back. My name is Johnny Aarseth, and I am leading the Energy and Control division in Kongsberg Maritime. As Lisa said initially, our portfolio extension operation are categorized in two main areas, Energy and Control and Propulsion and Handling. Before we dive in, we have a breadth that no one can match, and this does not only relate to our product portfolio, but also our ability and commitment to serve our customers throughout the entire lifetime of their assets. Our global reach means we can serve our customers wherever they are, both when they do new builds and when they upgrade or maintain their existing fleet. This is cost-efficient, improves our response time, and means we can be global but act local. From early design phase, before vessels are contracted, we do advisory, simulations, concept work, and ship design. Equipment design and configuration and delivery to yards, including installation support, commissioning, sea trials, and training. After a vessel goes into operation, we provide services for planned and unplanned events. This can be maintenance required from wear and tear, operational support, dockings, and regulatory updates mandated by class or flag state, but also upgrades and refits to extend vessel lifetime and improve its performance and thus competitiveness. The latter is especially important now and is part of the energy transition. A trend seen across segments is that high-quality vessels built in the early 2000s last longer than historically. We also see that previous age limitations set by charters are being eased. The yard capacity, pricing, and investment constraints also drives the needs for increasing the lifetime of the existing sailing fleet. Technology and products we design and deliver for the new building phase is also used to attract new customers and serve existing customers when they need to upgrade their existing vessels. Important for us, regardless of these phases, is to work closely with customers, sub-suppliers, and partners to understand where we can generate value and where we have the right to play. This way, we ensure we constantly develop our competitiveness, which is needed in fierce global competition. One aspect that sets us apart is our ability to deliver integrated vessel systems. This is built into industrial software and hardware to control and power the global fleet. This is how we utilize our domain knowledge, developed together with end users over decades. System integration is about increasing efficiency and reducing complexity for the end users. This is one of the ways we create customer value. The importance of this increases with introduction of new technologies, such as electrification and hybridization, wind propulsion, and use of alternative fuels in combination with new regulations. Vessel and fleet operations need to be optimized way beyond traditional ways of operating ship systems individually, and it is already happening. Our systems integrate with third-party suppliers and partners but work even better when combined with our own suite of products. Within Energy and Control, we have four product areas, and they are all integrated platforms by nature. Starting with navigation and maneuvering. These are bridge systems for controlling, maneuvering, and positioning a ship in a safe and efficient manner. We are strong in integrated navigation and bridge systems, sharing sensor data and information between various systems on the bridge for increased operability. We are the leading supplier of dynamic positioning systems with more than 4,500 systems installed, with specialized digital applications and functionality for different vessel types and marine operations, supporting the crew operating safely and reliably. With a total fleet of around 5,000 vessels, this indicates we have more than 80% market share. An important new step here are the pilots we are doing together with Solstad and other important customers on the remote DP, where we take parts of the DP functionality to shore for enhanced crew flexibility. Connectivity now also brings entire vessel control to shore, providing for efficiency in manning and new ways of operating. We are leading this development within remote and autonomy and together with pilot customers and joint development partners, we have projects both in the short sea shipping, ferries, and offshore vessels. An example of the latest will come later. Part of this development also covers assistance systems deployed to manned vessels for increased awareness and decision support on board. For instance, deployed on LNG carriers. Next is automation, and we are the global leader of automation systems with more than 12,000 vessels installed, ranging from standalone control system for a small tug to complex control and safety systems on offshore production units. For instance, the Johan Sverdrup field on the Norwegian continental shelf. These are systems controlling and monitoring the machinery on a vessel and closely integrated with the bridge systems. For instance, engine and fuel gas systems, power management, ballast systems, tank and cargo measurements, power management, process plants, fire and alarm systems, and various sensing systems, basically connecting all sensors and actuators on board a vessel into a centralized system for monitoring and control by the operators. Automation is a volume product. As an example, we have delivered close to 600 AutoChief engine control systems year to date. We are especially strong in offshore cargo and gas carriers and work closely with yards in China and Korea for delivery efficiency. Our differentiator is segment breadth and system flexibility, providing for resilience, cross-learning, and scale. This enables standardized, configurable, cost-efficient systems with flexibility for customization when needed, for instance, to offshore vessels and FPSOs. We have electrical power systems configured and built in a way ensuring reliable power flow, balancing efficiency with performance and safety margins of vessel operations. This is a key enabler and integrated platform for any efficient vessel of the future. Hybridization, use of batteries, fuel cells, wind sails, air lubrication, and many of the alternative fuels for power generation and even nuclear require an electrical system connecting producers to consumers and to energy storage on board. Increased requirements for efficiency and emission reduction will increase the trend we already see of the global fleet electrifying, combined with electric propulsion. In this area, we've had strong growth in the recent years, and this will also be a strong growth driver for us going forward. Our differentiator is combining the electrical power system with our automation system, enabling intelligent energy management, providing fuel efficiency in the end. We are strong in offshore, but also gaining foothold in other markets such as tugs, passengers, naval and cargo. Lastly, we have ship design and working with ship design for us is a way to engage closely with operators and end users to understand the fundamentals of the tasks their vessels shall perform. We have a long history with more than 1,000 vessels delivered over 50 years, building strong domain knowledge. This puts us in a unique position to develop vessels and operations of the future, combining our own technology skills with the operator's operational knowledge to create differentiations and innovations with real customer value. Many of the vessels we have delivered to offshore oil and gas and offshore wind are great examples of this, including the recent developments we've done in offshore USVs that we will come back to. In the geopolitical localization we see happening globally, working with ship design is also a strength. In emerging markets with ambition to build and develop the shipbuilder capacity, the yards require support on how to design, build and integrate vessel systems. For instance, experienced in Brazil and India. In ship design, we are strong in offshore, present in parts of the short sea segment and leading the way in offshore USVs. This was a brief introduction to Energy and Control. I will hand over to my colleague, Per Håvard, who will take you through a closer look at the Propulsion and Handling portfolio. Good morning. My name is Per Håvard. I'm heading Propulsion and Handling, the primarily hardware part of Kongsberg Maritime. Our hydrodynamic competence allows us to optimize propulsion performance at vessel level, giving customers a better fuel efficiency, performance and life cycle cost, which is a key differentiator in winning contracts. We offer the broadest propulsion portfolio in the industry, allowing us to solve customer needs across vessel types, while also capturing a larger share of each vessel. Our four product lines are all core components of the vessel's Propulsion and Handling system and create a significant value standalone, but in particular, when we are able to integrate it into a larger system. We have more than 16,000 thrusters on sailing vessels around the world, ranging from main propulsion to auxiliary. We have strong positions with thruster solutions in demanding segments such as tugs and offshore, where extreme performance and reliability are paramount. We are also present in passenger segments, delivering energy efficient and sustainable solutions. Common for these segments is that propulsion is mission critical, supporting both strong margins and recurring service demand for the lifetime of the vessel. Think about this as something which is spinning around all the time when it operate. You need our support all the time. Within propeller, we have an installed base of 6,000 propellers. Our propeller and shaft line system are optimized for high efficiency, low vibration, and low underwater radiation, i.e., noise. Particular in naval and other high power applications such as ro-ro and ro-pax vessels, where performance requirements are high and we are able to differentiate. Our Promas system, where we add a customized rudder together with the propulsion line, we further increase the efficiency and strengthen our ability to deliver high value contracts. On waterjet, we address high-speed vessel, so it's a fun segment to be part of, such as ferries, naval and yachts, where performance and maneuverability are critical. These niche segments require advanced engineering and create opportunities for differentiated pricing and long-term service relationships. Within waterjets, we have more than 12,000 jets sailing around the world and a very active aftermarket. Our handling system are mission critical for offshore, naval and cargo, supporting safe and efficient operation. In advanced applications such as heave compensation and tension control, we hold strong positions, while our broader portfolio allows us to compete effectively in more price-sensitive segments, providing both margin and volume contribution. Our installed base here is more than 60,000 vessels with handling equipment around the world. Across these product lines, our position in high-performance vessels and our ability to deliver integrated propulsion and handling systems enable us to deliver increased value per vessel, strengthen our installed base, and create a long-term aftermarket opportunity. These are all mechanical equipment that needs continuous maintenance, which is a good business. As Johnny said, we have one of the broadest offering in the maritime industry. We are one of the few players, if not the only one, in the industry able to deliver an integrated vessel system across design, automation, power, propulsion, and handling, allowing us to take a system-level responsibility and increase value per vessel. A customer problem is increasingly solved at system-level, but it always depends on competitive products at the bottom. When we deliver propulsion handling, power automation, and bridge as one integrated system, we are able to optimize vessel performance and energy efficiency, reduce the integration risk at the yard, and provide the operator with a unified control and decision system. This increases the value of our delivery per vessel and strengthens our position both in the new build and the aftermarket. We act as a life cycle partner, supporting vessel owners from delivery through operation, as Johnny said, with maintenance and upgrades. For vessel owners, minimizing off-hire and maximizing uptime is critical, and this creates a strong demand for our services for long-term support. This allows us to build long-term customer relationships and generate recurring services and upgrade revenues over the vessel lifetime. We are 8,300 people around the world in 35 countries. We have a global operation. Our strong presence in the major shipbuilding hubs in China and Korea position us at the center of global new build activity. Being close to the major shipyards allows us to reduce lead time, ensure efficient execution, and work closely with yard and owners during vessel construction, increasing our competitiveness and share of project values. We have an asset-light delivery model founded on a broad supply chain around the world. Our global supply chain enable us both with competitiveness and growth. It creates cost leadership through scale and resilience in a more geopolitical unrest and proximity to customers through regional presence. Our global presence with local service capabilities enables fast response times and reduce vessel downtime, strengthening our position in the aftermarket and increase customer retention. There are not many players in this industry with as broad customer or customer support network around the world as we have in Kongsberg Maritime. Together, competitive products, life cycle partnership, and global presence creates a scalable platform where each vessel delivered strengthens our installed base and drives long-term value creation. We are sharing some examples. The first one is Molslinjen, which is a typical ferry example. They needed to significantly reduce fuel consumption and emissions while maintaining speed and passenger comfort, driven by regulatory and cost pressure. The solution was to increase the vessel size and cargo capacity, leading to a more bulky ship design, with vibration and cavitation becoming critical constraints. Conventional propulsion solutions were not able to meet emission requirements while maintaining comfort levels. Kongsberg Maritime solved this by optimizing the propulsion system as a whole, including the aft ship design, appendages, and propeller using simulation-based hydrodynamic design. The result was a step change improvement in performance, 30% improvement in fuel efficiency per cargo unit, 17% increase in cargo capacity, and 40% more passenger. With our design and support, Molslinjen got a larger ferry with less installed power while maintaining the same speed as the sister vessels. This example illustrates how system-level integration and hydrodynamic expertise allows us to solve complex customer challenges and deliver measurable value, strengthening our ability to deliver high-value contracts. While we are good in propeller design, the graphical design outside the vessel is not ours. That is not our strength. A couple of aftermarket examples. We apply the same principles there. We see a sailing fleet reducing speed below the design speed in order to reduce fuel cost. By optimizing propulsion system through upgrades such as propeller reblading and Promas solution, we can improve efficiency, reduce emissions, and extend vessel lifetime. This represents a significant and scalable aftermarket opportunity across the globally installed base. A good example here on how we are growing in the aftermarket and delivering measurable customer value is our contract with Höegh Autoliners. Here we have upgraded the propulsion system on 10 existing car-carrying vessels using our Promas Lite solution, which is typically fit for the retrofit market, and the upgrade resulted in a 6% fuel saving through system-level optimization. For the customer, this meant lower cost and lower emissions with short payback times. Another example is Scandlines. There we replaced our conventional push thruster with the Azipull thruster solution. Scandlines improved hydrodynamic efficiency and reduced CO2 emissions by up to 15%. The retrofit demonstrates a short cycle pathway to value creation, lowering fuel costs, and improve margins and future-proofing their assets. For us, these two cases demonstrate three things. We have a scalable retrofit potential in the sailing fleet, strong life cycle positioning, and a clear differentiation through hydrodynamic expertise and system competence. As Lisa said, the naval market is becoming increasingly important also for players as us, driven by rising geopolitical tension and increased defense spending globally. Type 26 is a large multi-decade frigate program selected by four countries with a total potential of up to 34 vessels. Norway has selected Type 26, but not yet signed the contract. These programs provide long-term revenue visibility as deliveries extend over many years and typically follow a predictable build schedule. Up to now, we have signed 14 of these vessels in Kongsberg Maritime. Our deliverables include propeller, naval steering gear and rudder, stabilizers, and replenishment-at-sea equipment on all of those vessels. Total value of the delivery for one vessel is approximately NOK 150 million, and the total potential of this entire program is up to NOK 5 billion in contract value. In programs such as Type 26, offset agreements often require the prime contractor to source technology and products from participating countries, and this is the case when Norway buys into this program. That strengthens our position in future programs to the U.K. One example here is unmanned solutions, which is high on the investment agenda in the U.K. Here, Kongsberg Maritime has proven solutions from the commercial market with Reach Remote, which Johnny is going to say more about afterwards. We hold a strong position in naval propulsion systems, supported by longstanding relationships and reference from other advanced frigate programs. The naval market has high barriers to entry, with specific requirements, security clearances, and cyber requirements to mention some. Once selected in a program, suppliers are typically retained over the lifetime of the program, and that creates a highly defensible position. Naval vessels have long operating lifetime, typically 20-30 years, with significant demand for maintenance, upgrades, and system replacement over time. This creates a substantial aftermarket opportunity where life cycle revenues can significantly extend the initial equipment cost. Our ability to deliver similar system architectures from bridge to propulsion in both commercial and naval markets with the naval requirements on top allows us to leverage technology across segments, improving efficiency and strengthening our competitiveness. Today, we hold a strong position in naval propulsion and Handling, as I just talked about. As navies increasingly adopt proven commercial technologies, we see a clear opportunity to expand our scope and increase value per vessel through more integrated system deliveries. The standardized vessels to Norway represents a large opportunity for us, and we are capable of delivering the entire vessel platform system with everything from bridge to propeller. We are also one of the best, I think, to secure the standardization on these vessels, which is very important to the Norwegian government and other governments doing this, as Lisa was talking about. The competition will start now and run for 12 months, and we will fight very hard to win as much as we can on this vessel. So it will be really exciting to see. Now I leave the word back to Johnny, but first we will have a video. This is Reach Remote, an unmanned vessel controlled from shore, designed, developed, and delivered by Kongsberg Maritime turnkey. What you just saw was clips from real operations utilizing our remote technology. It started as a research project in 2015 and ended in successful delivery of the two first units last year. One operates in the North Sea and the other one in Australia, and there are two more on order. These vessels were unmanned from day one, also under commissioning and testing, as they were not designed to have any people on board. Risky, some would say, but an example of us transforming the maritime industry. Here, integration really comes into play with control, power, propulsion, maneuverability, handling equipment, and sensors functioning as one unit. On top of that, adding advanced control, connectivity, cybersecurity to ensure control and monitoring in a safe manner from shore. This example is not just about technology, but about addressing industry challenges due to demography challenges globally. This will reduce costs, CapEx and OpEx, emissions, and manning, and it will become an increasingly important topic in the maritime industry going forward. Availability of skilled crew will be challenging and a limited resource, and it needs to be utilized efficiently across fleets. This is a world first and a demonstrated concept ready to be taken into new applications. From this concept and related technology, there is a lot of future potential, both in the commercial markets and in the naval markets, for partly and fully unmanned vessels. For the naval market in particular, as mentioned by both Per Håvard and Lisa, there is a strong interest in unmanned capabilities. This relates to surveillance of underwater activity, protection of critical infrastructure, and more. As said, this vessel is about realizing the true value of an integrated system where all parts need to play along in an ecosystem, enabling over-the-horizon operation in a safe and efficient manner. Another example where being a system provider with domain knowledge pays off is the electrified tug. Over time, the global tug fleet has developed in line with other shipping markets. The trend we have seen is more of larger, high-powered tugs required to handle the global fleet of vessels growing in size. Electrification with battery systems offers high power instantly when needed, but also supreme efficiency at lower loads relevant to tug operations. As port authorities and commercial actors across the globe look at decarbonizing harbor operations, electrification is key. For our scope, this means the value for each vessel increases between two to three times, and we've even seen more. For tugs, electrification has not seen large volumes yet, but an increasing number of hybrid and fully electric tugs are being introduced to the market. We've taken contracts in South Korea, U.S., India, and now also with Svitzer, one of the leading commercial actors in tug operations globally. The increasing scope we see here is also representative for other markets that are electrifying. This is why investments in electrical power systems embedded with our control systems and digital solutions will be a priority going forward and a source for growth together with our electrical thrusters and pods. It's ultimately about optimizing overall performance from bridge to propeller through an efficient power system. Lastly, it also represents an example of how electrification trend matches competency and products that we can offer and plays to our strength as a system integrator. We have now been through a brief introduction to what we offer and how we create value for our customers throughout the entire life cycle. It happens on a global scale in specialized niches and standardized volume markets and comprises a lot more than we have demonstrated here today. An illustration here shows just a small glimpse of that. We believe the global maritime industry trends urging for efficiency and optimization will benefit our company now and in the future. The energy transition we experience has different drivers, ranging from reducing climate impact to economic incentives, and lately, also energy security upon volatile geopolitical tensions. They somewhat call for the same. In a sense, it's about making vessels and fleets do the same or more with less use of resources, and thus energy, emissions, and cost. This is a global race, building and supporting competitiveness across industries and where shipping and maritime plays a key part. Hence, we will continue developing new solutions to the benefit of our customers and our own business. Regardless of pace in regulations or which alternative fuels wins in the end, fuels and emissions will become more expensive, and that is why investing in energy efficiency pays off already now and even more so going forward. Thank you for the attention and back to you, Lisa. Let me close with this. Why will we deliver? Because we are coming from a position of strength, and we are uniquely positioned. With our technology, our deep domain maritime knowledge, and our strong competitiveness, we will continue to deliver strong customer value. How will we do it? By being forward-leaning, curious, and eager to pursue opportunities, and at the same time focus on disciplined execution and competitiveness. What will we deliver? We will deliver profitable growth, targeting a 10% CAGR over a five-year cycle and an EBITDA above 16%. We have a capital-light model. We have created solid cash generation, and we are aiming also now to have a long-term sustainable value given to our stakeholders. Why can I say this with confidence? It is because of the people here with me today, the people you see on the screen behind me, and the rest of our colleagues. I know what this team is capable of. I see it when I come to work every day, their commitment, their customer focus and curiosity, and I see it every day. That's what's creating the magic in Kongsberg Maritime. With that, we open for a Q&A. Okay, we are open for questions from everyone. I think we will warm up with a few questions from our viewers. The first one is from Carl. No last name, unfortunately. "Can you help me understand the development in your installed base over the last year? In the 2024 annual report, it was stated that you were on 34,000 vessels, while now it is stated 30,000. Do you want me to comment on it? Per Håvard maybe. Yeah. I can do that. As you remember back then, we sold our steering gear business, and there were some vessels with only steering gear on board. The installed base was reduced by those 4,000. That is the key explanation. Thank you. We'll take another question from the web and please raise your hand and you will be given a microphone for those of you who would like to ask questions here. "You have previously described the maritime market as highly competitive. In which areas do you find competition toughest, and do you find the competition intensifying as well? Shall I take that? Yep. I think we've always experienced tough competition because this is a global market we operate in. I think what we've seen lately is that also in traditional, more high-spec market, competition is intensifying. That's why it's so important for us to both build strong, profitable products, but also do the system integration part in a clever and always a more efficient way. Also working closely with partners where that makes sense for the totality. I would say competitive markets are strengthening, but with the strategies we are building and especially building on the localization we do with shipbuilding in Asia, it's a way where we are able to meet that, and we've shown that over many years, and we will continue to do that. Thank you. Thomas? Thank you. Yeah, everyone can hear me? Thomas Helge, analyst at Danske Bank. I have a question regarding the 10% revenue CAGR. Can you split that up in aftermarket and new build, please? We don't guide separately on the aftermarket and the new build. What we've said is in the short term, we are experiencing headwind, as we reported in Q1, we also had a very strong new building growth. The predictability in the new building revenue is also shown in our order backlog. We don't separate between the aftermarket and the new building growth over the year. I think the presentations today have shown that this is a natural life cycle, and we're servicing at specific maintenance and repair calls and also unplanned deliveries. That can vary also with the market conditions. Okay. Thank you. A follow-on question from me please. On the aftermarket, where do you see the most growth, in what segments, and where do you hold the strongest position in terms of pricing power? It's natural to start with our position within offshore energy because we are so strong there, and we also have such a breadth in the portfolio. It's like Per Håvard was mentioning also, because with our propulsion range, especially with all the mechanical products, that is driving a lot of spares activity. When it comes to the Energy and Control, that is much more software-related. Of course, there are different mix of what kind of revenue we are creating. Within the Propulsion and Handling range is often more values to each sale than compared to the Energy and Control side. I must mention one thing because I think it's a key element, and that is that the fleet is aging. There is a point behind that. One thing I think a lot have missed out on is also that when the fleet is aging, I do believe, like Johnny was talking about earlier, that we will see owners looking into how can I expand the lifetime. The reason for that is that the steel quality of the vessel that has been built recently is still quite strong. With high new building prices, there will be high interest on how can you prolong the lifetime of the vessels. This is the area where we have played a lot of our investment into coming up with specific products and solutions that are tailor-made for exactly that. I have strong confidence also in the aftermarket going forward. Can you talk a bit about the cost improvement program? What specifically is in there, and are there any low-hanging fruits related to the demerger? Would you like to start? Yeah. I can start. Well, low-hanging fruits related to de merger, no. We've said that we are actually increasing our costs, and we also have structural costs related to de merger this year. Of course, that's not going to be carried forward. I think if there were very low-hanging fruits, it would have been taken out because we're always meeting global competitions. We are across, actually, our global organization, and I also said that we are meeting the competition and the capacity utilization very differently across our global organizations. We have very different initiatives in different parts of the organizations. I think maybe, Lisa, you can come back to some of the overall initiatives that we're looking at. To build on what Mette is saying, I think it's fair to say that we have grown quite significantly the last couple of years. We have more some freedom to navigate because we are no longer part of a bigger corporation with a set and a structure. Of course, it's natural also for us now to have a look into the organization and how can we improve efficiency. You must remember that we are operating in a market where we are meeting fierce competition every single day. Focusing on competitiveness is not something new for us. It's something we are doing. It's good management. It's not about leadership, it's also about ensuring good management in the operation. Focusing on how can we have lower cost in our sales, lower SG&A, that's always good for competitiveness, and we will also look at the R&D spendings to see how we can be even more efficient in that with new kind of functionality. AI, for example. We are also using that in our operation. A follow-up on the 16% EBITDA margin target. Does that assume a relatively even split between aftermarket and new build revenue, or do you see somewhat of a shift in that split in the years ahead? I know that you would like to focus on the aftermarket and the new building and try to separate it. I would like to start in another end of it, because when we are taking investment decisions, we are looking at the entire life cycle of the vessel. It's not only that we are delivering a new build. For us, when we have delivered a new build, the next phase starts, as like Johnny were presenting. Over time, with new business models, digitalization, and so on, I think we will see a gradual shift also in how the margins are developing. With that said, we stand behind our target of 16% EBITDA. We are a technology company Delivering what has been told also from the scene today, we have a uniqueness in the systems that we are providing and that we should benefit from. Thank you. We'll take one question from the web while we'll wait for the microphone to pass. You mentioned, here it says seven active M&A initiatives. I think you mentioned several active M&A initiatives. Very. Are you primarily looking at technologies that strengthen your existing portfolio, or are adjacent vessel systems and complementary technologies also part of your acquisition strategy? What we said, I'll just repeat it, we are looking at complementary product portfolios or complementary technologies to our product portfolios, we are looking at positions to better serve with our product portfolio into adjacent vessel segments. It's both on the product side, it's also to access new markets with our existing portfolio. Thank you. Åsne. Last year, as you mentioned, you divested the steering gear and the rudder business. Can you talk a little about, from a strategic point of view, what prompted that decision and why did that make sense to do? Yep. We looked at our strategy and our portfolio. We were very competitive in a life cycle perspective. We always compare our competitiveness of the lifetime of the vessel, because sometimes you need to be really competitive on the new build. That was a factor of it. There was also a factor on the steering gear itself, which is a product not electrified, so we saw that coming. We also saw was this, what do you call it, mission-critical product or not? Based on those answer, we decided that, no, we wouldn't do it. We also like to, when we do those thinkings, when we look at our portfolio and ask ourself, "Would we buy this if it was a company or not?" Based on those questions, we decided that, no, let's have this a go and see if we can create value by selling it. If someone else is a better owner, will they take care of our customers, and will they also take good care of our employees? We were able to find a good buyer of it, and both for the customers and the employees. We think that was a really good transaction, and also to the shareholders. Thank you for a good answer. If I can take another question, a little bit different theme. I assume you have quite good visibility on the new build top line you will see over the next two years. Can you comment on the growth rate in the new build segment you will see in 2026 and also 2027? Yeah. I think it's fair to say that when we released our ambition of growing 10% CAGR over the five-year cycle, our order backlog on the new building side is supporting this ambition. As you saw in the first quarter, we grew more than double-digit, 20%, it's a very strong growth, and I think that that double-digit growth we see also going forward. Thank you. Thank you. I think we have a question from Sindre over here. Yes, thanks. Sindre Sørbye, Arctic Asset Management. Two questions. First is near-term growth, which was guided for 0% to 5%. How should we take currency into account? Because in my opinion, if you have 6%, 7%, 8% currency headwind, the underlying growth is actually quite decent. Is that the premise here? I can just answer on that, Sindre. This year, when comparing with last year Sorry FX, we see that headwind, and that's included in the 0% to 5%. Underlying, yes, it's much better growth. Since we're comparing to last year FX, when we report, and we report also in different currencies for our subsidiaries in Sweden and Finland and Korea and so on, of course, this has a translation effect, and that translation effect is included in our guiding. Okay. Excellent. Good. Just one more question. I think your slide said that 47% of your aftermarket business in 2025 was related to offshore energy. Can you say something how that has developed over time, and also what kind of subsegments, like offshore rigs, like traditional PSVs and stuff like that, and also the offshore wind vessels? Yeah. When it comes to the offshore wind vessels, to start there, of course, that's quite a new fleet coming into operation, there are different timing on when we are doing major upgrades. It's more natural class activity related to that and normal maintenance work that are done on those kind of vessels. I think it's important to remember that the average age of the offshore fleet is quite old. Half of the tonnage will be passing 25 years in 2035. If you reflect a bit about that, and you see it's not coming a lot of new tonnage out in the market, there needs to be some kind of life extension on the existing fleet, especially if we are believing in higher activity now in the offshore sector, driven by the focus on energy security. With that, we do assume some high activity. If you look in the past, the offshore reactivation, of course, has influenced the aftermarket. It's fair to say that, yes, we see some kind of peaks then on the project-related activity, but the spares and the normal field service activity is somewhat flattish. Okay. Did that answer your question? Yep. Thanks. Yes. Hi, it's Rajesh Patki from Barclays Research. I've got two questions. First one is around M&A. How would you set the priority order between M&A and share buyback or special dividends, however you want to look at it? What contribution have you assumed from M&A in the revenue growth target of 10%? To the first question, we prioritize ordinary dividends, then extraordinary dividends and share buybacks will be additional capacity based on the board of directors' evaluation of the current capital structure and also the strategic outlook for our investment needs. Prioritizing shareholder remuneration with ordinary dividends. On the revenue side, the CAGR is not including M&As, so to say. Of course, doing M&As is part of our strategy, so it will lift the trajectory going forward and be in addition to our organic revenue growth. For bolt-on acquisitions, it will be more used as part of our normal business. Transformative will not be included in our overall ambitions. Got it. Very clear. Another question around the 16% margin target. You've clearly talked about, or not talked about the aftermarket and new build, but would you expect the split of the revenues from the two divisions to be similar to what it is today when you're thinking about the 16% margin target? We have assumed that we are going to grow and that we're going to scale our cost base as we grow. That goes for both the new building side, where we're scaling and standardizing more of the deliveries, and also on the aftermarket. The aftermarket have very strong tailwinds in the longer term. Of course, right in the immediate picture, in the short term, we are facing some more headwinds on that side of the business. Over the five-year cycle, we are also assuming stable growth for the aftermarket, not as aggressive as we're seeing the current new building market. Very clear. Thank you. Thank you. We have one more question from the viewers as well. It is regarding R&D. Can you go a little more into detail on how R&D is allocated today, and eventually whether you consider to allocate it differently in the future? Would you like to start, Johnny? Yeah, I can start. I think we have always used R&D to nurture our innovation capabilities. Important to also state that it is not only about the innovative technical solutions. We also invest in tools and supply chains and methodology to become more efficient. I see with the way the markets are moving now, I think investing in even more standardized solutions for high-end vessels on a system delivery level will be important for us. Also, we have discussed now the life cycles perspective. I think going forward, we will invest more in the hybridization and electrification also of the existing fleet, because those are refit or upgrade kits that are really needed by the market going forward. Yes. For Propulsion and Handling, we are looking into R&D, just as Johnny said, to increase competitiveness and design to cost initiatives, of course. We are also looking into initiatives to take us into segments we are not as strong as we would like to be. For the cruise, as an example, we are looking into early stages on could we do something to get back in the pod segments for the larger pod for the cruise. That is an area. On the ocean-going vessel with the sailing, with wind-assisted propulsion, if you there put on a controllable pitch propeller, you will get much more energy efficient solution. That is also an area where think about having all your propellers on the sailing fleet in the cargo market. That would be really exciting, right? We are looking into that, we will come back to it and see. It is both increase competitiveness and take us into segments we are not as strong. Yeah. If I were to add something on what the two guys have discussed here is around digitalization. I have talked previously to many of you about decarbonization and how strongly linked it is to digitalization. That is the tool that we are using also to demonstrate the capabilities that we are building. Digitalization is also a very important area for Kongsberg Maritime, where we have invested, and we continue to invest going forward. Thank you. I don't see any more hands, but I have one more question from the web while we wait for the microphone to pass. The number of new vessels delivered from shipyards are limited to shipyard capacity, which seems to be increasing, but not at the same levels as your growth targets. Can you say some words on how you will be able to deliver more growth than average of the markets that you are delivering into? I think I touched into that in my presentation around the different segments. One thing is to look at the number of vessels being contracted. A big part of our strategy is to deliver more equipment into each segment. Let's take cargo, for example. We have a really strong position with automation when it comes to cargo. Over time, we have also built a product portfolio that is targeting more that segment, and we have had some recent really good wins. For example, with the Transpetro, where we came in with approximately NOK 80 million per vessel. Previously, if you look at the historical numbers, we were around NOK five million-10 million per vessel. We can have a growth story even though the number of vessels is flattish, because we plan to capture more with a broader part of our product portfolio into each segment. We have similar stories. We talked about tugs today, we have given you some examples of how we plan to do that. Per. Per Stenersen, Eika Kapitalforvaltning. As a standalone company, do you see any negative synergies developing after the demergers, especially maybe inside the naval fleet and the defense segment? On the flip side, are there any new opportunities opening up, such as you are more agile, equity raise? Some color. The good part is that we know our colleagues in Kongsberg Defence & Aerospace quite well. Of course, we will continue the collaboration and the partnership with them also going forward. I think we have a lot to discuss with the standardized vessels coming up, with our strong capabilities within unmanned surface vessels and so on. We will continue to build on the good collaboration that we already have with Kongsberg Gruppen, to put it like that. Yes, the answer is also yes to that. Now we have some more freedom to navigate as well, being a standalone listed company, and that is what we are planning to take advantage of. Thank you. We have one more question from the web. Can you discuss in greater detail around the strategy for expanding into adjacent or eventually new segments? Yeah. Would you like to give one example each, I can? Yeah, I think we touched a lot upon naval, for instance. As mentioned, unmanned capabilities that we are investing in. That's one way to do it. We're also investing heavily in our bridge systems, where we have also had some successes lately. For instance, a big contract to Chile a few months ago. I think we've proven that we have invested with our commercial products to get them into the naval market and started to succeed, and also with the electro part. At least for Energy and Control, that would be a key contribution to expand the footprint. Yeah. I copy just shortly on Johnny's on the naval. I don't think I've seen a segment that has such high growth projections as we see now in the naval market. What I wanted to comment on is back to the cargo. There are several segments there, and if you look at the coastal cargo, it's of course a much more cost-conscious area, but it still needs the maneuverability because it's in and out of ports, right? You have a lot of technology that you can put together from the Propulsion and Handling side, and also the Energy and Control side to make very energy efficient and sustainable solutions. That is an area where I'm very curious what's going on. There's a very old fleet, so they need to start building new vessels. If I were to add one thing that we perhaps haven't mentioned, which I'm really curious to follow is, for example, ferries and what we can do with our remote and autonomy capabilities. Here we are in the forefront. We have something unique, and we have also proven our capabilities in this area. We see a lot of markets where this will get some traction now. Ferries is one of them, but there are also other segments that I think will take advantage of this. The reason for that is that it will be less seafarers in the time to come. There will be a focus now on how can you automize the functionality on board the vessels. This is an area where we have invested, not just recently, but over years to develop that kind of capability. It's difficult also to copy some of it because it's so integrated into our systems. When we talk about digitalization as well, it's important because for me, remote and autonomy functionality is a part of the digitalization journey. It's important to remember that Kongsberg Maritime, we operate both in the IT and in the OT domain. Few others do that. We are not only capable of reading the signals and showcasing the data, we are also capable of making the vessel act on it. That is a core strength and a uniqueness. We have a question here from the viewers as well, from Andrew Goff. Can you be a little more specific around expected cash conversion going forward? Also, what is your long-term expected tax rates going to be? We have seen a very strong cash conversion over the last few years. What I said in the presentation today is that we expect to build more working capital this year. We will not have a strong cash conversion this year. We have seen a very solid cash conversion and ability to deliver strong conversion. Depending on both new M&As and how we see that, but overall, a very strong picture going forward as well. I'm sorry I can't be more detailed on it. Thank you. Any more questions from the audience? It seems like everything is clear. With that, thank you all for coming today, for participating, and see you all soon. Thank you