Hi, good afternoon, everyone. Welcome to this follow-up conference call and Q&A session after this morning's presentation of Kongsberg Maritime's financial results for the second quarter and first half year of 2026. Thank you all for joining us today and for your continued interest in our company. Joining us on this call is our CEO, Lisa Edvardsen Haugan, as well as our acting CFO, Jan Erik Hoff. We assume most of you have seen our report, we are actually happy to dive straight into your questions. With that, we would like to open for questions. Please raise your hands and we will take question by question. Maybe, yeah. [Espen]. Yes, I guess I can. Can you hear me? Yes. Fantastic. I can kick the party off with a question on the aftermarket. You posted at least a positive development on the aftermarket revenue Q-over-Q. We appreciate and understand that the visibility there seems to be rather limited. However, any flavor on activity level into second half would be appreciated, or at least if you could say anything about if there's any typical seasonality patterns we should remember there into second half that we can use as a proxy. Any flavor there would be very much appreciated. Yeah. What I can say is that when it comes to the aftermarket, we are seeing that the activity number and the number of quotes that we are getting into us are quite stable and actually are also increasing, and that we are taking as a positive sign. That relates both to the field service activity and also to the spares. When it comes to the larger upgrade projects, we see that some customers are having more this wait and see approach. I do believe that entering into the second half, we will see more positive momentum into this area. There is a lot of interest, it's more this question around timing. If something I can say is that in the past it can turn real quickly. That is also what we have experienced entering into 2026. I'm having a positive outlook when it comes to aftermarket because the long-term fundamentals are so strong. I'm cautiously positive for the second half, to put it like that. Understood. Thank you. Thank you, Lisa. Any other questions or while we wait for any hands to be raised, maybe, Lisa, you can comment a bit about both the acquisition that we announced yesterday and also the development in the quarter. Yeah, I will be happy to do that. Should we take the question from Lucas first and then Lucas, please go ahead and then I can comment afterwards. Yes. Good morning. Thank you. Good morning. First question is obviously relating to the margin development. When I look at the segments, margin was down quarter-over-quarter in the Energy & Control division. That's despite the fact that the aftermarket share was up quarter-over-quarter. Is there something specific that explains the dynamic, or could you provide a bit more color on that? Yeah. Would you like to begin? I can start. Please go ahead. I think you are right in what you say, but I think it's also important to remember that the profitability differs also within both new building and aftermarket. We have seen there are mixed signs of some between quarters, mixed shifts inside the aftermarket and inside the new building market as well. What we see in Energy & Control specifically is that we see very strong development on the new building side, on the new deliveries when it comes to efficiency and when it comes to margins there. The aftermarket side is more impacted by the mix within the aftermarket, where the development is slightly weaker on the spare side, but better on the more field service and project side. If I were to add something on the answer from Jan Erik, it's also important to keep in mind that the energy part, which consists of a lot of third-party equipment around the electro, is also growing. That is also having some impact on the profitability within Energy & Control. That are also impacting the margins that we are having in the customer support. With that said, electro is a very important driver behind the strong growth that we are seeing also within the new building field. Coming back to what I have talked about earlier, that electro is a major integration layer in all that we are doing now, focusing around energy efficiency. Okay, that's helpful. Thank you. If we keep sort of outside of the equation now, your backlog for execution for the remainder of the year is roughly NOK 800 million higher than at the same time last year. For the second half of this year, are there factors that move the growth rate in one direction or the other compared to last year? It's very positive with this really strong order intake we are having with the new build. Of course, that brings bigger visibility also into the second half of 2026. With that said, for the new building side, it takes some time from we are converting order intake into revenues. It's fair to say that we are having a good coverage for the new build side entering into 2026, and it also gives us strong visibility into 2027. It's like we have said before, the uncertainty lies within the aftermarket part, which are a positive given the fact that we are seeing increased revenue from the second quarter compared to the first quarter. Also the number of quotes makes us consciously positive in the outlook also for the second half of 2026. Okay. Then I had some questions on the acquisitions, maybe you can start with a general introduction and we can follow up on that. Thank you. It's very possible that we are now doing exactly what we have said. We have talked about the uniqueness of Kongsberg Maritime and how having such a broad portfolio and also broad segment coverage is one of the true uniqueness. When it comes to the propulsion, it's fair to say that we had a quite broad portfolio for the propulsion range, but we were missing the part addressing especially the merchant sector and also the light grey naval. This is exactly what we are getting with the acquisition of Berg Propulsion. They have a really strong presence within coastal cargo, bunker, and tanker. Scaling on that in addition to the very fast-growing defense market, makes this a really strategic move for us, and we have high expectations to this acquisition. They are having an installed base of 4,000 vessels. It's not much of that that are overlapping with the installed base that we are having in Kongsberg Maritime today. Actually, 90% are on vessels that we do not have Kongsberg Maritime equipment on today. Also scaling on that and bringing in the broader Kongsberg Maritime portfolio is something we see as very attractive. Then, of course, with the global footprint that we are having in Kongsberg Maritime today, being present in 35 countries with more than 100 locations, we are now hoping also to utilize that, and that gives us then synergies into this acquisition. Happy to take questions if there are any around that acquisition. Yes, Lucas? Yes, I can just follow up on that. If revenue of Berg was around NOK 1.9 billion last year, what kind of a growth are you foreseeing for them to deliver going forward? Is that in line with your own or is it higher? We will come back with more targets regarding the Berg acquisition later on. But it's like you're saying, they had EUR 161 million in revenue last year. They've had a really strong performance the last years. So, of course, we are positive also for the outlook going forward and also what we can bring on of integrated value to our customers with this acquisition. Is there a reason for not disclosing the transaction value? Because I guess it will be disclosed in the financial statements at some point in time in the future. Jan Erik, would you like to comment on that? No. As you said, the transaction value will come at a later point, but it's an agreement now that we cannot disclose it at this point. As we have said in the announcement from late last night, the transaction is valued at approximately the same EV/EBITDA levels that Kongsberg Maritime is trading on. Okay, you're going to finance it with the cash on hand and the available debt facilities that you have lined up prior to the merger? We will come back with the exact way of financing it at a later point, but as you are aware, we have a very strong balance sheet. We are rated investment grade BBB+ by the credit rating agency that we are using, meaning we have capacity on the balance sheet. We have approximately NOK 2.5 billion in cash at the moment. In addition, we have credit facilities that we can draw up to NOK 4 billion on. The exact split on the financing is something that we will come back to. When should we include the new business in the modeling process? We announced the signing yesterday. We are entering into the closing phase as of today, basically. It will take some time, but within a couple of months, it should be cleared. Okay. It's obviously less than 10% of your revenue base, so it's relatively small. I see the rationale for expanding into the higher volume segments. Aren't those segments also more competitive when it comes to margin? It's fair to say, Lucas, that it's fierce competition within this sector. That's why focusing on competitiveness is key. We have, over time, built up a supply chain also present in all regions that we hope to get further scale on than what we are having today. For us, this is a really attractive area to enter into. As the vessels are getting more advanced also, it's easier for us to come in with clearer differentiators also, and moving up then in the price corridor. I would also like to highlight what I talked about around the potential that lies within naval, also bringing in the portfolio from Berg Propulsion. This is a fast-growing market with huge potential. If we compare it to your Propulsion & Handling business, and look at the margin that you delivered in the past, is that comparable, or is it widely different? The Berg Propulsion has been really good in delivering also solid earnings. It's fair to say that they are living on par with Kongsberg Maritime. Also with this acquisition, we are bringing the scale and the volume part also into Berg Propulsion. Hopefully, that will also bring some additional benefits. First and foremost, it's bringing or adding customer value into this segment, which is a really interesting market. It's also fair to say that taking a stronger position within merchant are giving us a more natural hedge to what is somewhat volatile development within the different segments over time. Okay, if I can just pivot back to your second quarter. You mentioned that the aftermarket share has stabilized in terms of the revenue percentage. Is this a level where you feel is a sustainable run rate, or could there be significant swings one way or the other? When I look at last year, you were pretty much at the same level, and then it bumped up in Q4. Are we at a level where this is something that should be achievable going forward? Yeah, I can start to comment on that. With regards to the aftermarket share in the quarter, it was basically 50/50 between aftermarket and new builds. Not necessarily, or we did not specifically say that is a stabilizing split, so to say. We have been through a period now over the past year and a half, where the share of aftermarket has gone down from close to 60% at the peak to around levels where they are today. The previous quarter, the split was 53/47 between new builds and aftermarket. It will fluctuate a bit, so it's not like a straight line in one direction. We have not set any sort of natural split over the cycle or anything like that. That will also differ depending on the temperature in the aftermarket. The new build growth that we have seen, we have experienced pretty solid growth on the new build deliveries through the past year and a half, which has increased the share there. The new builds have outgrown the aftermarket side of the business. We see from the order intake that book-to-bill on new builds were 1.24 the previous quarter. The book-to-bill on the aftermarket was slightly below one, meaning taking that as the sentiment going forward, you could see an even slightly higher share of new build in the short to medium term at least. We are approaching some point, but it's hard to give you one natural split there because it will differ between quarters. Yeah, I was more thinking about the absolute level. Last year you were like first half, was it NOK 3.5 billion on average on the aftermarket? Now you are about 10% lower, so it's been between NOK 3.1 billion-NOK 3.3 billion. That seems like could be what should be achievable and obviously you could have some quarterly variations- Yeah In addition to that. Yeah. I understand your question. You're right with regards to the absolute level. The absolute level in Q2 was slightly higher, I would say, than Q1. It was slightly higher than Q2 last year. With regards to development in that area, you can say that it hasn't weakened any further during second half. With that in mind, it seems to find a stabilizing level. Of course, this market is reacting pretty quickly on what's happening in the world, so to say, both on the positive and the negative side. The picture can change quite rapidly. Mm-hmm. When you look at Q4 last year, the aftermarket bounced up to NOK 4 billion in the Q4. Looking in the back rear mirror, what was the driver behind that? It is mainly fluctuations and especially deliveries of large projects that could make the revenue have those kind of fluctuations. Okay. Thank you very much. Yes, Sindre? Yes. Hi. Just a question on the naval side. I can see that's solely or the highest contributor in the order intake here with close to NOK 1.4 billion if I read the chart, and obviously it's volatile. Can you say something for the, let's say, expectations going forward in that segment? It is fair to say that naval is one of the areas that we are monitoring closely because of the underlying drivers which are really strong, also the momentum of focusing on utilizing commercial products into the naval context in order to keep cost down. Of course, the large program in Norway with the standardized vessel represent a huge opportunity for Kongsberg Maritime, for the entire portfolio that we're having with everything from the bridge to the electro to the propulsion part, also for handling. Of course also we are seeing an increased interest around the USVs unmanned surface vessels. Especially that we are having this out now and demonstrated our capabilities, is something that has caught the interest from the defense sector. High expectations also to this market going forward. Now also with acquisition of Berg Propulsion, we are broadening the portfolio range that could be attractive for this market even further. In a quarter it was this Offshore Patrol Cutter that came in with this large contract. We talked about that also in the Q1 presentation. Okay. Thanks. Hello, I have a question. Go ahead. It's Marius at Mustad here. It's regarding the breakdown of the result in the quarter. I see the other line is a quite big negative number there, and there's a footnote, Jan Erik, I wondered if you can give some color on this number and whether this is something that's going to be quite big, volatile piece of income statement on a normal basis. Yes, you're completely right. We have a quite negative EBITDA impacting from the others line. Included in that is NOK 37 million that is related to the demerger from Kongsberg. This should be the final quarter where you see the effects from that impacting our P&L. We haven't specified the exact figure, but there are some sort of startup costs on establishing systems, IT, and such with regards to us standing on our own feet, so to say, from the 23rd of April. That is the main impact. We also have a division inside the others reporting numbers or an area called Digital and Emerging, which has a negative result, but it's a slight improvement from Q1 individually for that division. That said, the cost level there has come slightly down towards the last two months of Q2. The run rate is at a better, so to say, area now than it has been in the previous two quarters. Okay. Thank you. This IT build-up program is going to run for several quarters? That's the question. I can start. Yeah. There will be some costs going on. It's not like you turn on a button and everything starts at day one. It's an area that we hold it very close to kind of don't take on extra additional costs that aren't necessary, of course. We aim to get that cost normalized as soon as possible, I would say. We are more or less, I would say, approaching a level where we have completed these initiatives that has been required. There is also one other thing that I did not mention on with regards to the other side, that was when Kongsberg Maritime emerged from Kongsberg, it was also around 35 corporate employees from Kongsberg entering into the Kongsberg Maritime base. Most of these FTEs are represented also in the others function. That is functions like IR and such, which was not present in Kongsberg Maritime when Kongsberg Maritime was a business area in Kongsberg. Perhaps you can also elaborate a bit about the competitiveness program that we have launched, Jan Erik. Yeah Which is a natural follow-up now when we are establishing ourself as a listed company. Yes. I can do that. Of course, it is not like we are only looking at our competitiveness through specific programs. This is something that we do continuously. From time to time, it makes sense to gather all the programs and look at it from a sort of integrated total level. We started working on this very early this year, actually, and we launched it officially at our capital markets day in June. It is a program consisting of numerous initiatives, both individual initiatives within the divisions and cross-divisional initiatives to In a way, the program is named Competitiveness Improvement Program, and that is what it is. It is to secure continued and future competitiveness, make sure that we are working as efficient across the divisions, in between the divisions, and inside the divisions as we can. Our goal is to realize NOK 600 million of savings by the end of this year with full year effect next year. Yeah, I guess that sums up the major parts of it. Thank you very much. We have a question from [inaudible]. Hello. Sindre from Arctic. Just on the FX side, foreign exchange is said to have shaved off approximately 4% from revenues this quarter as well. Going forward, looking at or assuming that spot FX rates is the level we will see going forward, should second quarter be the, let's say, peak of the negative year-over-year FX impacts? I know there's a time lag there, but you had approximately the same headwind in the second quarter as you had in the first quarter. Assuming that the dollar now is almost on par with the third quarter last year, and actually in the second quarter next year, you will actually see a positive dollar effect. I guess the Asian currencies also reflect the dollar. Should we actually see a basing FX impact going forward now? Yeah. I think it's like you say, you have to assume a stable FX rate, which of course will never happen. Assuming a stable FX rate, this is, as you know, it's translation effects, meaning it's really translating revenues results and balance sheets from our foreign companies back to Norway. There are someone that are not muted there where it's a lot of talk in the background. Yeah. As you say, Sindre, if the average FX rate is the same in Q3 as it was in Q3 last year, these impacts will be smaller. Yeah. Okay. Thank you. Yes. Carl-Oscar. Hi. Thanks for taking my questions. Back to the Berg acquisition. Can you talk a bit about the background for the deal? How long has it been on your radar? It would be interesting to know also what their split of new builders is aftermarket is, and what their current backlog has been or is today, and if you can comment on their order intake development, that would be interesting, too. Yeah. I can say that Berg has been on our radar for quite a long time. This is a strategic move, and a company that we identified through our strategic process. Have been quite clear on the fact that we will use the entire toolbox, including acquisitions, to solve the gaps that we are having within our product portfolio. You have a lot of detailed questions. I think it is fair to say that we need to come back with more answers around both the targets, the composition of the company, as soon as we are closed the deal. You will hear more back from that point of view. If I were to say something more, perhaps not mentioned earlier, it's to say that the propulsion range that they are having is somewhat below the sub-7 MW product portfolio range, which is a range that Kongsberg Maritime is not covering today. It's very complementary to the product portfolio that we are having not much overlap in the product area. Okay. Thank you. And then we- Ranjish. Yes. Yes. Hi, good morning. Good morning. I've got two questions. The first one is on margins. I think you mentioned in the near term that the aftermarket is likely to be a bit softer than the new build. Does that mean this mix shift will have a further negative impact on margins as well in the near term at least? I think if you assume profitability back in time repeating going forward, you are right in theory. We have also proven, I would say, over the past year or so, that we have been able to scale on our new building side. What we see in Q1 is that improved efficiency that we are delivering from Energy & Control and Propulsion & Handling [combined], is not fully, but to a large extent, actually offsetting that margin shift. We will work to continue to improve efficiency on the new building side. We will, of course, also work to improve through both the Competitiveness Improvements Initiative that we have started, as well as others work to deliver as solid profitability from the aftermarket side as we can as well. That's great. Thank you. Apologies, I didn't understand clearly on the other line within the sort of divisional split on profits. How should we think about the normalized level going forward for that line? Just any color on that would be great. Thank you. Yeah. No, the others, as we said earlier, it includes NOK 37 million in demerger cost. We are done with those sort of costs in the P&L. That should of course be deducted going forward. We are working also. We are seeing signs of certain costs coming slightly down on the Digital and Emerging business, which is included there as well. I won't give you a specific target there, but that number should improve going forward. Very clear. Thank you very much. Other questions? No? No. If not, very well. Thank you, Lisa. Thank you, Jan-Erik. Thank you all for joining us in this conference call. Hope to see you next quarter, third quarter. In the meantime, we hope that you all get a really good summer. Thank you. Thank you. Thank you. Thank you. Have a nice summer, everyone.