Good morning, everyone, welcome to Kongsberg Maritime's presentation of our results for the first quarter 2026. In Q1, Kongsberg Maritime was still a part of Kongsberg, therefore included as discontinued business in the Kongsberg Gruppen Q1 report. We would like to provide you with more details and present Kongsberg Maritime standalone. Today's presentation will be delivered to you by our CEO, Lisa Edvardsen Haugan, and our CFO, Mette Toft Bjørgen. If you have questions during today's presentation, you can submit them through the webcast, they will be answered towards the end of this broadcast. Please note that some of today's comments may be forward-looking and subject to risks and uncertainties. I will also take the opportunity to invite all of you to follow our upcoming Capital Markets Day that will take place on the 9th of June here in Oslo. It will also be possible to follow this event online. With that, I'll hand over to our CEO, Lisa. Thank you, Jan Erik, welcome, everyone. It's with great pleasure I stand here today to give our first quarterly presentation. Across our portfolio, the underlying drivers remain intact: energy efficiency, stricter environmental requirements, digitalization, and fleet renewal. Our new build deliveries are exposed to longer shipbuilding cycles, while part of our aftermarket are more sensitive to shorter term disruptions. Before we dive into the quarter, I want to start with a broader backdrop. Recently, the world has been characterized by conflicts causing industry disruptions and more unpredictable framework conditions. With more than 80% of global trade transported at sea, the maritime industry is often among the first to feel the impact, it's therefore also an industry that is used to adapting quickly. In the first quarter, the conflict in the Middle East caused disruptions to both maritime and offshore markets. We witnessed increasing tensions, including disruptions of key shipping routes and energy infrastructure. This has contributed to more volatile energy prices. Tighter shipping markets lifted day rates across several vessel segments. Oil price volatility can drive shorter term uncertainty. Longer term, energy security tailwinds remain supportive and are even strengthening. New building has remained stable. Shipyards have had a good influx of orders in the first quarter. However, we noticed slowdown in some segment in March as uncertainty increased. At the same time, shipyards have strong backlogs, generally stretching years out. Our benefit is clear visibility in our delivery pipeline for original equipment. With respect to the sailing fleet, our aftermarket activity is more volatile, like this quarter with geopolitical disruptions due to conflicts in the Middle East. Despite shorter term fluctuations, the longer term fundamental drivers are strong. The age of the sailing fleet is increasing. Our market, which consists of more than 100,000 vessels, are facing a strong push on both increased energy efficiency and emission cuts. Our view is therefore that the activity drop is not a signal of decreased investments from the industry, but rather postponements in timing. In Q1, we continued to deliver solid operations. Adjusting for the elements Mette will come back to, our revenue grew 4.5%. The growth is driven by very strong operations on the new build deliveries. I'm pleased to see that despite a relatively massive shift in revenues from aftermarket towards new builds, we are managing to keep our margins at a good level. This confirms that we are scaling our OEM businesses. We ended on a book-to-bill of 1.13 aggregated and 1.26 for our new build operations. I will come back to order intake on the next slides. We are experiencing strong demand for our entire portfolio. Over the past month, I have met with many of you attending this call, and I'll emphasize our naval exposure. Naval investments increase, and navies place greater emphasis on commercial technologies to achieve cost benefits. Our offerings are becoming increasingly relevant for naval operations. We have delivered our commercial solutions to more than 1,000 naval vessels. We also offer training capabilities on vessel operations. In Q4 last year, we signed our largest single water jet order to date with a contract to supply 18 large water jets to the Indian Navy. This quarter, we signed a contract with a French naval academy to deliver navigation simulators for training of French cadets and officers. Earlier today, we announced the recent signing of the contract where we will supply propulsion systems for the next four ships of the U.S Coast Guard's Offshore Patrol Cutter program. This program represents a significant investment in maritime capability, and the new vessels will replace the U.S. Coast Guard's medium endurance cutters and meet the need for long-term offshore capabilities. Speaking about highlights, I have mentioned my colleagues. I have to mention my colleagues. Two weeks ago, we had the pleasure of ringing the bell at Oslo Stock Exchange, marking the opening trade for the Kongsberg Maritime share. This marks the start of a new chapter in our more than 200 years history. This milestone would not have been achieved without a large team working day and night to make this possible. I'm really proud to be a part of this team. The maritime market is volatile. Our hedge to that is diversification, ensuring that we are offering our products and solutions to nearly all vessel segments throughout the vessel's life cycle around the globe. We serve customers in merchant shipping, offshore, and naval. Our portfolio spans a wide range of products, integrated solutions, software, and services. This broad exposure is an important hedge against short-term cyclicality in individual shipping segments. Ordering cycles for different segments will fluctuate, while yard capacity and delivery cycles are typically more foreseeable. Historically, Kongsberg Maritime has had our strongest exposure toward offshore energy. This is still a very important segment for us. It pleases me to see that we, in Q1, have succeeded with stronger order intake from the traditional cargo segment as well. Moving from left to right on the slide, gas carriers is one of the segments where we enjoy the strongest visibility with regards to order backlog and future deliveries. Expectations on future contracting from these segments also remain strong despite two relatively slow quarters. Cargo and naval, I have already touched on, and on both these segments, we will gain increased focus going forward, and we have numerous initiatives on how to grow our exposure even further here. Offshore energy has been and will continue to be an important segment for us. The current situation in the Middle East has increased the international focus on energy security, which again underpin the need for investments in this area. The tug market is an important area for us today. With increased focus on electrification and the high number of vessels being ordered, this market will continue to stay important. The passenger market, especially ferries, is a frontrunner when it comes to adopting new technology, including remote and autonomy. Kongsberg Maritime has delivered to several innovative projects and have product offering that fits well with the market demand. Overall, yard contracting was good in Q1. Typically, our contracts come between one-two weeks and one year after the vessel is contracted at the yard, meaning we see continued solid momentum for our offerings. We have equipment installed on more than 30,000 vessels. Our mix of new build and aftermarket creates resilience. The installed base generates recurring service, upgrades, and spare parts sales. When installing our systems, this marks the beginning of a lifelong commitment towards our customers. For years to come, we will support them performing their operations, keeping their assets up to date, and as efficient and compliant as possible. In previous years, a large part of our growth has come from the aftermarket, where reactivation of the offshore fleet have been an important driver. We saw this reactivation boom approaching the end second half of last year, and the market is normalizing. Despite this reactivation boom slowing down, we have managed to keep our revenues at a solid level from a historical perspective. The aftermarket is shorter cycle by nature than the new building market and therefore more sensitive to geopolitical and macroeconomic uncertainty. Increased geopolitical uncertainty and the regulatory environment has led customer to defer non-critical maintenance and investment decisions. In addition, retrofit and upgrade project are subject to timing related volatility influenced by factors such as vessel utilization and yard capacity. Turning to order intake and backlog. In Q1, we secured an order intake of NOK 7.5 billion corresponding to a book-to-bill of 1.13. We see the same trend on the ordering side as on the revenue side. Mix is shifting from aftermarket to OEM, and in the quarters, orders for deliveries to new builds accounted for 59% of the total order intake. Our order backlog continues to provide visibility for us. The new building orders we have signed this quarter are for deliveries 2027 and onwards. The backlog can fluctuate somewhat along with the foreign exchange rates. The value of the NOK has strengthened during the quarter, and this is the reason our backlog is not growing according to our book-to-bill. We value the backlog as high quality and diversified across segments and regions, providing good visibility of deliveries in the coming quarters. With that, I will hand over to our CFO, Mette, who will take you through the financials. Thank you, Lisa. Good morning, everyone, and thank you for joining our first quarterly presentation listed as Kongsberg Maritime. As Jan Erik mentioned in the beginning, our financial results are included as discontinued business in the Kongsberg financial statements. I will, however, give you the key financial highlights for our quarter. Let's start with the revenue development. In Q1, operating revenues were NOK 6.65 billion compared with NOK 6.7 billion in Q1 last year. There are two factors that impact the year-on-year comparison negatively. Firstly, in Q1 last year, we included NOK 154 million in revenues from the divested steering gear and rudder business. Secondly, currency translation effects impact our revenues by NOK 196 million. Accounting for these effects, the revenue growth is approximately 4.5%. We saw a solid 20% growth in our new building revenues. Revenues from the aftermarket declined by 15%, especially driven by softer deliveries of spare parts. We have seen a high utilization of the sailing fleet impacting aftermarket deliveries negatively and postponing upgrades. However, the long-term structural drivers for the aftermarket remain strong. Looking at our divisions, Energy & Control grew revenues by NOK 247 million year-on-year, and Propulsion & Handling declined by NOK 46 million, driven by softer aftermarket sales. EBITDA in Q1 was NOK 893 million, corresponding to an EBITDA margin of 13.4%. Q1 last year was significantly impacted by the gain from the divestment of the steering gear and rudder business. EBITDA was negatively impacted by NOK 32 million in currency translation effects and NOK 65 million in costs related to the demerger from Kongsberg. We will see some costs related to the demerger also in the second quarter. We've seen a significant shift, moving the aftermarket share down from 54% in Q1 last year to 47% this quarter. This impacts our profitability. However, I am pleased to see that we have been able to scale our OEM deliveries. By division, Energy & Control delivered EBITDA of NOK 431 million, up 20% year-over-year with a margin of 13.1%. This was supported by operational leverage and a strong project mix. Propulsion & Handling delivered EBITDA of NOK 617 million, down 10% year-over-year with a margin of 19.1% versus 20.9% last year. The decline was primarily driven by change project mix from aftermarket to new builds. When looking at our cash position, this is prior to the demerger from Kongsberg. Our cash and statement of financial position carry elements that changed at the date of the demerger. Working capital increased by NOK 177 million in Q1 and is at 5.8% to revenue, which is still represents a low level for our business. In addition to paid taxes of NOK 134 million, this impacted cash flow from operations during the quarter. Keep in mind that when you compare our reported Q1 numbers to the prospectus that we have released, the prospectus was based on the 28th of February and expected adjustments at the time of the demerger. We had a favorable cash flow in March impacting our financial position positively. The reported balance sheet at Q1, which is before the demerger, still show short and long-term interest-bearing debt. The debt was subject to a transfer from Kongsberg to Kongsberg Maritime at the time of the demerger. As of 31st of March, we still had a net receivable of around NOK 2.1 billion in Kongsberg's cash pool arrangement. At the time of the demerger, this receivable was converted into cash in Kongsberg Maritime. To summarize, we have a solid liquidity position and a balance sheet that supports continued disciplined growth. With that, I'll give the word back to Lisa for our outlook. Thank you, Mette. Looking ahead, we see market fundamentals that continue to support demand for Kongsberg Maritime solutions, energy efficiency and emission requirements, digitalization, including remote and autonomy functionality, and operational optimization. As a result, we foresee a continued need for reliable, integrated systems across multiple vessel segments. In 2026, the deliveries towards new build projects are expected to grow double-digit. 86% of the order backlog is related to new build deliveries. The backlog provides positive outlook for the development of new building deliveries for the next few years. The deliveries to the aftermarket are impacted by shorter-term cycles and tend to react rapidly when framework conditions are changing. The current geopolitical uncertainty with conflicts, shifting trading patterns, and rapid changes in underlying drivers generates somewhat more uncertainty for this part of the operation. However, the long-term outlook is strong due to the general need for fleet renewal and more energy-efficient maritime operations. Our priorities are clear: deliver on the backlog with quality and predictability, support our customers' energy efficiency and decarbonization pathways, maintain robust operation in an increasingly complex operating environment, and last but not least, support a strong organizational culture with an emphasis on profitable growth. We will share more of our strategy, targets, and outlook at our upcoming Capital Markets Day on the 9th of June. We hope to see many of you there. Thank you for your attention, and we are happy to answer your questions. We have received a few questions from the viewers. The first one is regarding the aftermarket. With regards to the current aftermarket temperature, have you seen a changing trend through the first quarter? Yeah. It's fair to say that we had a slower start on the Q1, but it has picked up the last couple of weeks. I think the most important thing to remember is that the underlying drivers for the aftermarket is still strong. The vessels are getting older. There is a need to have a focus on energy efficiency, which because that is also good economy in it. We see that with our products and solutions. We are now capable of coming up with good alternatives that both are reducing the emissions and also the energy. Thank you. Next question is on mix between new builds and aftermarket. We saw a relatively strong shift from Q1 last year to Q1 this year. How do you see this evolving into Q2 and further? I think it's fair to say that we are somewhat witnessing a shift now where the new build will be a larger part of the revenue also in Q2. Again, coming back, we see really strong drivers making us having a good and solid book-to-bill within the new builds, but also we hope now that the new aftermarket will pick somewhat up during the second quarter. Yeah. If I can just elaborate on that, I think that in the second quarter we'll continue to see growth on our new building business, like Lisa said, and of course, the aftermarket is uncertain. We're down from record high level, like Lisa also pointed to in her presentation last year. You know, there is uncertainty in the aftermarket, but also a better temperature getting out of Q1 into Q2 also for the aftermarket side of the business. Thank you. A question from Rune Tryti, SpareBank 1 Markets. Is the impact of the Middle East geopolitical situation most notable on the spare side, or on the project side for the aftermarket? It's fair to say that we are perhaps seeing it more on the spare side, than on the project side. It's a bit early also, to see a clear trend because it's not many weeks since, this occurred. Question in the same area from Lukas Daul, Arctic: With regards to the aftermarket, is it more sort of the hardware deliveries, or the upgrade software part that is impacted? From the Middle East, I think that's, you know, if we're comparing to last year, we see a decline, especially on the spare parts, and I think Lisa showed that in her presentation as well. There is high utilization at the moment on the sailing fleet, and that's why we also see lower port calls and, as such also, demand for our aftermarket. However, on the project side, there is also some postponements at the moment. I think I just want to emphasize as well, we do believe in the underlying and structural drivers on the aftermarket as well. Timing is of course a challenge as well. You are talking about the long-term fundamental drivers, structural drivers, both for the aftermarket and for new building side of the business. Can you be a little more specific on these drivers, what they are? Should we start with the new building side? The vessels are getting more complex. By that also our portfolio is being more relevant across a broader spectrum of segment. That is one underlying driver. The other is the two Ds that we have been talking a lot about, is the decarbonization and the digitalization. It's fair to say when we are talking about the decarbonization, our focus, strong focus has been on the missions, but it's fair to say that it's as much the energy efficiency part that are pushing the drive towards new technology in this field. Also with energy efficiency, you get this cost efficiency. That is the main drivers within the new building. I'm also really pleased to see this quarter that we have a solid order intake within naval, because security is also a very important market for us when it comes to new building. In the aftermarket, I think we have touched into many of the drivers that are, the fleet is getting older. There will be a need for more energy-efficient solutions that can drive down the use of fuel consumption. Also with really high new building prices in many segments, it's good economy also to prolong the lifetime of the sailing fleet. Thank you. A question around IMO and the carbon pricing regime did not get through in IMO last fall. Do you believe this has impacted your business, and how important is decarbonization for future success for Kongsberg Maritime? Of course, there was a lot of uncertainty around what would be the decision in IMO. It's fair to say that some customers jumped up on the fence. Now that when there's more clarity, I think more customers are now looking into exactly what I talked about, more energy-efficient solutions, because it's good economy in it. For Kongsberg Maritime, when we have developed our products, we have been thinking about both the emission reduction, but also energy efficiency with a focus on cost efficiency. We see on many of the projects that we have run, that we have fuel savings and counting from 5%-20%, depending on which segments, just on doing reblading and also perhaps putting in our Promas Lite solution. This is a product tailor-made for the aftermarket. Thank you. That concludes the questions from our viewers. Thank you all for following this presentation and see you soon.