Good morning and welcome to the presentation of Kongsberg's second quarter and first half 2025 results. Today's presentation will be given to you by President and Chief Executive Officer Geir Håøy, as well as Chief Financial Officer and Executive Vice President Mette Toft Bjørgen. This is a webcast-only presentation, but you can submit questions through the webcast frame. Please identify yourself with your name in the question. With that, I'll leave the floor to Geir Håøy. Thank you, Jan Erik. Good morning and welcome to the second quarter presentation 2025. It is a pleasure for Mette and myself to present another strong quarter for Kongsberg. I would say that we are developing very well, both in the short and longer term. We have a solid market position, and the demand for our products and solutions is on a high pace. Let me start with some introductory reflection before I go into more details about the results. During the NATO summit two weeks ago, NATO's 32 members pledged to increase defense spending to 5% of GDP. In a joint statement released during the summit, the alliance also reaffirmed the importance of collective defense. Preparedness and strong defense industry are important. Over the next years, NATO and allies will increase defense investments substantially. Norway shall invest in a minimum of five frigates during the next years. The agreement with the selected partner nation for the delivery of new frigates will also include a strong partnership for the industry over the next decades. It is a high priority for Kongsberg that a good industrial package is used as one of the main criteria for selection. In parallel, Norway will modernize its navy with a new class of standardized vessels designed for flexibility, cost efficiency, and rapid delivery. Our Vanguard class meets these operational needs and has already attracted strong international interest. The ocean space domain has become increasingly important for most nations, not only due to the current security situation, but also when it comes to sustainability. For decades, Kongsberg has pioneered technologies that solve challenges related to the ocean, from implementing hydroacoustics, building the first autonomous ship, to the use of satellites for surveillance and solutions that protect people and critical infrastructure. Security and sustainability are increasingly linked. In October this year, the International Maritime Organization will host its Marine Environment Protection Committee meeting, focusing on ship source pollution and greenhouse gas emissions. At the same time, the EU's new ocean pact and EUR 1 billion commitment underscore the urgency of innovation. A good example of how we contribute to a more sustainable future is the vessel Seawalker. This 90-meter commissioning service operation vessel, designed and equipped by Kongsberg Maritime, is a part of Integrated Wind Solutions fleet and is built on Kongsberg design. It was named Offshore Energy Vessel of the Year 2025, recognizing its innovative design and efficient operation. I think this is a very good example of how Kongsberg makes a difference. We have seen contracting at the shipyards come down from the levels they experienced last year. Looking into estimates from external analysts, like the ones from Clarkson. Shown to the top left here, the 2025 level is expected to continue for a few years. When translating this into our market potential, it is important to look beyond the aggregated figures. The majority of the market decline is estimated to come from the seaborne segment. This counts a higher number of vessels, but lower when it comes to potential value and scope for us. The illustration you see to the right translates the number of vessels into Kongsberg value. As we have stated before, the ordering mix continues to look favorable to us. When looking at statistics, there are a few things to keep in mind. First, it is important to remember that there is typically a lag from when a vessel is ordered to when our contract is booked. Secondly, and maybe even more important, our revenues are not generated at the time of signing. It is generated during the delivery period. Even though we are starting to see some capacity increase, especially in China, the shipyards are running at nearly 100% utilization and are more or less fully booked for several years ahead. Our revenues from the new building of vessels are less exposed to shorter-term ordering cycles, but more aligned with the delivery cycles, which seem to continue to be strong. Ukraine has an urgent need for more cost-effective air defense missiles in large volumes to deal with the airborne threats. In late June, we marked the opening of an office in Kyiv. Together with Ukrainian partners and with support from the Norwegian authorities, we look forward to developing and delivering an effective missile that we can manufacture and deliver in large numbers and that can be used with our NASAMS Air Defence System. I have already mentioned the recent NATO summit where the new 5% target, as well as the importance of a collective defense approach, was confirmed. As one approach to this, Kongsberg Defence & Aerospace and Thales have agreed to combine two of their businesses. Kongsberg's Tactical Communication Unit and Thales' Crypto and Secure Communication business in Norway, in a joint venture to meet the growing connectivity needs of defense forces in Norway, NATO countries, and other allied nations. This new company is a response to the European Armed Forces' call for greater interoperability, sovereignty, and urgent need for large-scale effectors. The new company will be owned 50/50 by Thales and Kongsberg Defence & Aerospace. Our space business is also an area experiencing increased attention. When we presented Q1 in May, we announced the first launch of our first own satellite. Just a few weeks ago, we successfully launched our next two satellites. During Q3, all will be in operation, contributing as a part of the N3X satellite constellation to secure better and improved maritime surveillance. A few weeks ago, we announced the acquisition of Sonatech. Sonatech is a leading underwater acoustic engineering and manufacturing firm supporting the US Navy. For Kongsberg Discovery, the acquisition of Sonatech will enable increased market access to the major US naval market and also provide a platform to leverage our technology further. To strengthen maritime preparedness, we have recently opened the Oslofjord Critical Maritime Infrastructure Protection Testbed in Norway. This is a unique facility focused on protecting critical maritime infrastructure. With today's more complex threat landscape, the center enhanced our ability to deliver integrated and scalable solutions. Here, partners and authorities can come and simulate scenarios, test solutions, and train using live data from radars, satellites, and underwater sensors. It is a concrete response to the growing need for security, resilience, and readiness. Looking more specifically at the quarter, we see the maritime order intake continue to be strong, with an increase of 23% and book to bill of 1.18. Especially new build orders have been strong in the quarter. As I mentioned on the previous slide, the mix of vessels ordered from shipyards continued to be favorable. During Q2, orders from the offshore segment have been especially strong, and we have won solid contracts for deliveries to both a series of DP Shuttle Tankers as well as a series of Platform Supply Vessels. European defense investments are expected to increase substantially going forward. We have, over the past years, seen the number and size of orders coming from both Norway as well as the rest of Europe increasing. In 2023 and 2024, the combined defense revenue from Europe, including Norway, amounted to approximately 50% of the total defense revenue. Looking at our current backlog, 71% of the orders are for deliveries to European customers. This exposure was further increased in Q2 with a Joint Strike Missile order to Germany valued at NOK 6.5 billion. With this order, Germany becomes the fifth nation ordering JSM. The majority of the backlog is focused on air defense and missiles. With the significant number of ongoing sales campaigns, there is no doubt that these two areas will have a major impact on our development going forward as well. In Kongsberg Discovery, we continue to experience strong demand for our sensors and underwater technologies. Few major orders were signed during the second quarter, making the total slightly softer compared to the previous quarter. However, the pipeline continued to be very solid, both in the civilian and also the naval market, making me very confident of a positive development also going forward. An important take when looking at Kongsberg Discovery's orders intake during the first half year is the increased naval exposure. This year's orders from naval customers have increased to 25% of the total ordering, a solid proof that our offerings to this market are in demand. For the remaining year, Kongsberg has already secured NOK 22 billion worth of orders for delivery. This is more than NOK 3 billion, a corresponding number a year ago. We are exposed to markets in demand for our technologies. We are continuously adapting, and we have a worldwide network of both our own business and partners that together have a solid foundation for continued growth. With that, I will leave the floor to Mette to take us through our financial status. Thank you, Geir. Good morning, everyone. It is a pleasure to share the half-year reporting of 2025 with continued solid performance for Kongsberg. At our Capital Markets Day last year, we presented how our strategy is based on the two megatrends: security and sustainability. We set an ambition to triple our revenue from NOK 40 billion in 2023 to NOK 120 billion in 2033, with an EBIT margin of 15%. One year later, I am pleased to see how we have strengthened our position. We are building on these two trends, delivering even more product solutions and services to our customers. During the first half of the year, we've also taken significant steps to execute on our portfolio strategy. We've acquired Naxys Technologies in Norway and Sonatech in the U.S., and we have launched a joint venture with Thales, focusing on secure communication solutions. We've also transferred our digital maritime business from Kongsberg Digital to create improved digital services in Kongsberg Maritime. Our structural initiatives provide important building blocks and assets complementing our organic strategy execution. For the first six months of 2025, revenues came in at NOK 27 billion, which is 19% higher than last year. As a CFO, it's great to see how the organization is able to transform strong customer demand into profitable growth, resulting in a 24% EBIT growth. This improvement comes from both scale as well as solid project execution and good cost control. Now, looking at the first. The second quarter, Kongsberg delivered a total of NOK 13.9 billion in revenues, with a year-on-year increase of 20%. All business areas contributed to the growth. Kongsberg Maritime delivered revenues of NOK 6.39 billion, a 7% year-on-year growth. The growth was driven by strong activity from automation and control products to a variety of vessel types. The aftermarket is still strong and accounts for 52% of the revenues in the second quarter. Kongsberg Defence & Aerospace delivers an impressive 38% growth from Q2 last year and is, for the first time, above NOK 6 billion in quarterly revenues. The largest contributors to the growth were air defense and missile projects. Kongsberg Discovery achieved NOK 1.23 billion revenues, an increase of 21% year-on-year. The main driver for the increased revenues was high activity related to autonomous underwater vehicles, as well as deliveries of subsea mapping and positioning systems. The contribution will vary between the quarters due to the timing of project milestones and deliveries. The group achieved a quarterly EBIT of NOK 1.92 billion. Adjusted for an additional gain from the transaction last quarter, the operating result is NOK 1.76 billion, representing an EBIT margin of 12.8%. This is a 0.3 percentage point higher margin compared to last year. Favorable project mix and continued cost control contributed to the margin improvement. Kongsberg Maritime delivered NOK 0.72 billion, with a corresponding margin of 11.2%. In Q2 last year, the EBIT was NOK 0.73 billion. The margin will vary between quarters due to the project mix. The portfolio change in Kongsberg Maritime also reduced margins, as we have replaced a mature business with an early-stage growth business, with subsequently lower margins. Kongsberg Defence & Aerospace delivered NOK 0.88 billion in EBIT, with a margin of 14.3%. This compares to NOK 0.70 billion and a margin of 15.9% in Q2 2024. As previously stated, defense margins will fluctuate between quarters depending on project mix. The project mix in our current backlog confirms the 2033 target of 15% EBIT margin. Kongsberg Discovery reported NOK 0.23 billion and a margin of 18.8%. This is up from NOK 0.14 billion and 14.2% margin in Q2 last year. Favorable project mix, strong project execution, and increased volume contributed to the increased margin. Free cash flow from operations is neutral in the quarter, while the cash position is down NOK 2.07 billion, mainly driven by paid dividend of NOK 1.76 billion and NOK 0.2 billion in paid taxes. The fluctuation in the working capital during the quarter comes from Kongsberg Maritime and Kongsberg Defence & Aerospace. Kongsberg Maritime increased by approximately NOK 500 million up to 9.1% of revenues. However, we see a solid improvement over the last year. Kongsberg Defence & Aerospace increased by NOK 1 billion, as we had large payments to several sub-suppliers utilizing prepayments from customers received in previous quarters. Total contribution from associated companies was NOK 111 million in Q2. Our two largest associated companies are Kongsberg Satellite Services and Patria. Kongsberg Satellite Services delivered revenues of NOK 575 million in Q2, which is a year-on-year increase of 2%. Caspar is investing in infrastructure to meet increased market demand. EBIT in the quarter is NOK 121 million, with a corresponding EBIT margin of 21.2%. This is an improvement from last year and a result of favorable project mix. The order backlog increased in the quarter to NOK 5.3 billion. Patria reported 10% revenue growth in the quarter compared to last year. The growth was primarily driven by deliveries of armored vehicles. EBIT improved from last year with an increased positive contribution from Nammo. Going forward, we expect Patria to continue to grow with the same seasonality effects that we have seen in previous years, and with most of the profits towards the end of the year. Patria's order backlog has increased to EUR 2.5 billion, and the backlogs from our associated companies are not recognized in Kongsberg's reported backlog. With that, I will leave the floor to Geir for some final remarks. Thank you, Mette. Before we open for questions, let me touch upon the most important drivers for our business going forward. The maritime fleet is aging, and the race for a more energy-efficient maritime fleet is a key driver for the maritime going forward. I touched on the current contracting from the shipyards and would like to emphasize that the mix of orders continues to look favorable. With the uncertainty in the geopolitical landscape, as well as more industry-specific challenges such as choice of fuel and long lead time on new builds from the shipyards, we also see the demand for upgrades continue to be strong. As mentioned later, this year it is expected that IMO will conclude on important elements on the future pathway for the maritime industry. This is important both for the shipowners as well as for us as a supplier in this industry. We experience stronger-than-ever demand for our portfolio of defense systems. Defense spending has increased, and with NATO agreeing on the 5% spending target, this trend is set to continue. The order backlog in Kongsberg Defence & Aerospace is now at NOK 109 billion, whereof more than 80% is related to missiles and air defense, where potential continues to be strong, both with the existing customers as well as new ones. I think it is important to also emphasize that we are enjoying a strong position with our remaining defense portfolio. I have already touched on our initiatives on defense communication and space. For close to 20 years, we have also been a major player within remotely operated turrets and weapon stations. This is an area where we continuously experience solid interest, both in Europe and in the U.S. in Kongsberg Discovery, we are actively expanding our offerings, most recently with the acquisition of Sonatech. We are experiencing strong and increased demand for our world-leading portfolio. The naval market, underwater surveillance and monitoring, as well as protection and surveillance of critical infrastructure, are areas of specific interest. In recent years, Kongsberg has experienced significant growth in Kongsberg Digital, reaching key milestones in the development of the business. In January this year, the maritime operation within Kongsberg Digital was transferred to Kongsberg Maritime. This strategic move enabled Kongsberg to streamline Kongsberg Digital's focus fully on advancing its core offerings within digital twin, energy simulation, and wells operation. As a result of this, Kongsberg has initiated an evaluation of strategic options for its ownership in Kongsberg Digital to fully realize the value creation potential Kongsberg envisioned for Kongsberg Digital. This process may ultimately lead to a transaction. To support the evaluation, Kongsberg has engaged J.P. Morgan as its financial advisor, and further announcements regarding this will be made when appropriate. Overall, Kongsberg's market position and the demand we are experiencing throughout our business are strong. We are a key player in our markets, and I'm confident that we will continue to deliver on our commitments and our ambition both in 2025 and forward. With that, I would like to open for questions from our viewers. Thank you. We'll start with a question on Kongsberg Maritime, and you touched on the decreased yard ordering or ordering at the yards. Can you elaborate on how this visibility is for Kongsberg Maritime in a market like this? As we pointed to in the presentation, I think the visibility for Kongsberg Maritime is, I would say, stronger than it has been for many years. Much due to the solid backlog that we have. Also, as I mentioned, the contracting trends are mostly seen in the seaborn segment. There are contracting out there, and these are vessel types that fit Kongsberg Maritime very well. We have historically a very strong market position in these areas. That is why I am saying that we are in a market where we see that. Vessels that are contracting are favorable for Kongsberg Maritime. We have also seen it now with the recent signing of shuttle tankers. It is a series of shuttle tankers where we get a bigger portion of our portfolio into these types of vessels, which means bigger orders for Kongsberg Maritime. Even though contracting is slightly going down in general, I think Kongsberg Maritime is well positioned to continue the contracting with the big portion of the portfolio. Thank you. A question from Magnus Rasmussen, SEB. You state that the aftermarket in maritime remains strong. Yet it seems like the aftermarket is down 4.4% year-on-year. Is this somehow also related to the sales of the rudder sense steering gear business, and what should we expect regarding this going forward? I maybe just start commenting on the general aftermarket. I think the aftermarket is, I would say, stable on a high pace, actually. It will vary within the quarter. We comment on that it's less spare parts this quarter. That might also change next quarter. It will vary somewhat. I think still it's a very strong aftermarket out there, and there will be continuously a need for upgrades. I think we will see more projects in the aftermarket going forward. I'm quite positive, actually, for the aftermarket also looking forward. You can comment on the sales of. I can comment on the sales of the steering gear and rudder business. That contributed altogether in 2024 with approximately NOK 1 billion in revenues. A significant part of this business was also the aftermarket business with margins along the normal Kongsberg margin. Of course, in the first quarter, we. Reported a quarter with two months including this business. In the second quarter, we have not reported any inclusion of the steering gear and rudder business. This takes away a portion of the aftermarket business that we also reported last year. Question from Sindre Sørbye, Arctic Asset Management, around the same subject. You have already answered when it comes to revenue and profitability, but does it also, how does it impact on ordering? Again, this was, as Mette mentioned, a large portion of that segment was actually aftermarket. I will not see, I do not see that this will actually impact a lot on the aftermarket. The vessels that we see contracting out there are vessels where Kongsberg can offer a complete integrated system. That means most of our portfolio will be relevant for that type of vessel. Kongsberg Maritime had a 1.18. Book to bill this quarter. I think it's a very strong quarter for Kongsberg Maritime. I am quite optimistic in the, let's say, medium term, also for the contracting on the vessel for Kongsberg Maritime. Thank you. A question from Fabian Jørgensen, Pareto. I recognize that vessel mix mitigates the effect of lower shipyard volumes, but how should we think about growth rate for Kongsberg Maritime going forward? Can you sustain a 10% plus growth rate going forward? If I can just comment on, we have a long-term strategy, and we have set a long-term target to triple the company towards 2033. I think the ordering take and what we have seen in the first half year for Kongsberg Maritime supports this long-term target despite the uncertainty that we see in the market at the moment. Vessel contracting for us. It takes time before we get the orders that are contracted at the shipyards. Of course, shipyards' capacity is fully utilized. In the longer term, we see a strong momentum from this part of the business. As Geir has explained also in his presentation, the portfolio mix is very favorable to Kongsberg Maritime, and we are still standing by the long-term trend and targets. Thank you. A question on Kongsberg Defence & Aerospace. The growth you're delivering here is impressive. How do you plan your capacity going forward to sustain such growth as we see these days? Yeah, I think we have commented on that in the earlier quarter as well. We are building now, increasing our capacity both in Norway, but also outside Norway, especially within the missile area. We are now building up capacity in Australia, and later this year, we will also start building our production facilities in the U.S. obviously, we have opportunities also to increase our production capacity in Norway, and we are continuously working with our supply chain. That is, of course, as important as building our own capacity. This is a continuous process, I would say. We really work hard with all our supply chain. We will continue to robustify it and build up a regional supply chain as well, both in Australia and the U.S. I am quite comfortable that we are able to deliver on our commitments that we have so far, and we are also capable to even increase our capacity if required. Thank you. Final question. With regards to the long-term 2023 ambition, how do you feel the company is developing towards that? As I ended my presentation, I'm quite confident that we are on the right pace when it comes to that target. It's a longer period. It will fluctuate for sure, but in the long term, and the start we have had this year gives me even more confidence that we are on the right track to actually deliver on that target. Thank you. That's the final. Okay, thank you. Then I would like to say thank you for joining us this morning, and I also wish everyone out there a great summer, and we see you soon in the autumn. Have a good summer.