Good morning, everyone, and thank you all for joining this presentation of Salmon Evolution's results for the first quarter. A lot has happened since we had our fourth quarter presentation in February. Salmon Evolution is now truly at an inflection point where we are transitioning from a period dominated by construction and investment towards now scale-up and cash flow generation with phase II now in operation. This is something we looked forward to for a very long time. Today, I want to thank all our dedicated employees and partners for making this happen. The picture behind me here, and also the video you just saw, is from our first smolt release in phase II a couple of weeks ago, marking also a new chapter for the company and the beginning of a significant ramp-up in production. I've said it many times before, it's worth saying again, phase II will be a real game changer for the company. It will give us an unprecedented platform in this industry, both in terms of scale, earnings, and also future growth capacity. My name is Trond Håkon Schaug-Pettersen. I'm the CEO of the company. Together with our CFO, Trond Vadset Veibust, I will take you through this presentation. We will start this presentation by going through the highlights. I will take you through the operations and our growth initiatives before our CFO will go through the financials. We will end the presentation with some with a Q&A session. For those of you who are attending virtually, you can submit questions via the webcast. As to the highlight, and as I mentioned, the company is at a true inflection point where we are moving from construction into now execution, scale-up, and value creation. The most important milestone, obviously, is that phase II is now in operation. We have successfully completed the first smolt release. Everything is progressing according to plan. This is a starting point for a material ramp-up in production over the coming quarters. Operationally, we have also seen a step change in growth in phase I following the implementation of both a new feed and also updated operating protocols during the first quarter. That also gives us increased confidence in reaching our stated operational targets. Financially, the first quarter shows that we have a strong and sound operating platform. We delivered revenues of NOK 152 million, a farming EBITDA of NOK 17.6 million, and a group EBITDA of NOK 9.5 million. This also despite somewhat softer than expected salmon prices during the quarter and also biomass growth being temporarily impacted by the implemented changes in both feed and operating protocols. Just as important, we also strengthened our balance sheet following the refinancing and private placement completed a couple of weeks ago. We have a solid capital structure in place with increased long-term bank facilities and fresh equity to deliver phase II in a responsible manner. To sum up, the platform working. Phase II is now finally live. Scale-up is underway, and we are now very well-positioned to translate the growth into earnings and cash flow. Moving over to the operations. This is a major milestone for the company. We have initiated operations in phase II after taking over the first two production tanks from our contractors. As previously communicated, we completed the first smolt release in week 18. I'm pleased to say that the smolt has adapted well. Feeding commenced quickly after release. Key operational parameters are stable and also in line with expectations. This is exactly what we want to see at this stage. Predictable startup, good biology, and also tight operational control. Phase II is an improved copy of phase I, and I have to say, although it's still early, things are looking very good, and we very much look forward to see the development here going forward. Looking ahead, we plan to have a second smolt release in phase II in just a couple of weeks. For the year as a whole, we plan to stock around 2.8 million smolt at Indre Harøy in 2026, including phase II, and that's approximately 60% up compared to last year. Obviously, this underpins a stepwise ramp-up in biomass and production over the coming quarters, and it also clearly illustrates that phase II is now nearing completion and setting the stage for substantial volume growth going forward. This slide is very important because it explains why we are seeing a step change in growth in phase I and also, even more importantly, why we are confident that this is sustainable. After four years of operations and 16 complete production cycles, we now have a very deep data set, and that gives us the ability to fine-tune operations in a way that you simply cannot do early in a project. During the first quarter, we implemented a new feed and also had some updated operating protocols with a particular focus on the degassing system and also the water hydraulics. As expected, there was a short implementation and adoption period where feeding levels were temporarily reduced. The key point is that once these new protocols were fully implemented, we saw an immediate and clear improvement in feeding across all tanks. Over the last six months, we've also carried out the largest recalibration of our feed to date, leveraging data-driven growth models. These improvements are expected to lift growth by approximately 4%, all else equal, but at the same time improving water quality. You can see that clearly reflected in the chart. After the implementation period, we saw a step change in feeding relative to our daily targets. We are now well on schedule to reaching our 85% utilization target by mid next year. The key takeaway here is important. We believe this is not a one-off effect. These are structural improvements driven by better biology, better water quality, and an even tighter operational control. As part of the feed recalibration, we also implemented a new binder in the feed towards the end of February. The effect here was also immediate and measurable. You can see that clearly here. We achieved a 50% reduction in particles and also further improvement in turbidity levels, which were already within good ranges before the change. Lower particle levels and improved turbidity, they are not cosmetic metrics. They matter because they allow for improved tank hydraulics, better water flow, and also better degassing efficiency and thus creating an overall better environment for the fish. That feeds directly into what we care about. It's about feeding better growth and stable biology. Importantly, these are objective third-party measurable parameters. This is not subjective observations. This gives us strong confidence that the growth improvements we are seeing are structural and not temporary. We also believe that we have not seen the full effect of this yet, which means that we have a very good starting point for further performance uplift as we move through 2026. Biomass growth during the first half of the quarter was deliberately impacted by the implementation of new feed and the changes to the operating protocols. This was a conscious and controlled choice to enable better performance going forward. As such, net biomass growth ended at 1,357 tons live weight, while the underlying growth was almost 1,500 tons, with the difference explained by harvest deviations. Simply, when you are harvesting the fish, there was a little bit less than you expected. To mitigate that going forward, we also changed our feed factor model during the quarter, so hopefully this is not an issue going forward. Overall, operations remained stable throughout the quarter with continued low mortality and good biological control across the farm. The reduction in standing biomass towards quarter end, that reflects normal fluctuations and also a harvest profile that was tilted towards March. I think what really matters now is that the key prerequisites for improved biomass growth are in place with even better water quality, improved feeding. We expect this to translate into higher growth, higher volumes, and increasing harvest rates as we move through 2026. To sum up, the first quarter was about laying the groundwork, and we firmly believe that the benefits of this is ahead of us. Turning to harvest, we delivered a record high harvest volume of 1,765 tons gutted in the first quarter, in line with guidance. As I mentioned, a lot of the harvest taking place in March, approximately 50%. Average harvest weights was 3.2 kg gutted. This is also fairly stable versus the last quarter. When it comes to price realization, that was approximately NOK 84 per kilo. Despite a volatile market environment during the quarter, I think it's fair to say that the salmon market has been somewhat softer than expected going into 2026, to a large extent driven by continued high supply growth. The tide is turning now, and we are seeing the supply growth coming down, both in Norway and in Chile. Thus, we believe that this creates a more favorable backdrop going forward. From a quality perspective, performance remains very strong. We achieved a 94% superior grade share. That is also fully in line with historical levels and also a clear indicator of stable biology and good operational control. Looking ahead, we expect harvest weights to improve through 2026, as phase I utilization moves towards 85%. That corresponds to a harvest weight of 4 kg gutted plus, which will have a meaningful positive impact on both cost per kilo and also margins. And at those weights, we also see a very solid weight distribution. Typically, around 70% of the volumes will fall in the 4 kg-6 kg kilo gutted category, which is also a premium segment in most markets. As to Indre Harøy, we have a very clear and credible roadmap for substantial production growth going forward. By mid-2027, we target to reach 85% capacity utilization of phase I, while at the same time ramping up production in phase II, giving us a production capacity of 14,000 tons-15,000 tons gutted. Then we are going to implement the pre-grower tanks, as well as solving the remaining bottlenecks in phase I and taking the production to 18,000 tons. This is not growth far into future. Phase II is now already taken into operation, and as I mentioned previously, we will stock a significant number of fish this year, 60% more than last year. To sum up, disciplined stepwise growth on what we would say is a proven platform. A few words on our growth initiatives. As a company, we are entering a very attractive phase where years of execution are now translating into clear and scalable growth and growth opportunities. Our strategy is focused and we are also very disciplined. It's all about strong operation execution on the current operations, delivering phase II, and also making sure that we have a compelling pipeline for the future. Phase III is a natural next step, doubling the capacity to 36,000 tons on a site, a platform, and also an organization that is already proven. This is growth that also leverage the existing infrastructure and experience that we built up now over several years, and also reducing the risk and enhancing the returns. As to phase II, we are very confident that this will set a new benchmark for land-based salmon farming. As I mentioned previously, things are looking very good. We've only been operating it for a couple of weeks, but just it has been very good so far, and we strongly believe that that will continue. In phase II, we have taken four years of operating experience from phase I and incorporated those learnings into phase II, and especially around water quality, robustness, and reliability. We are introducing up to 20% more seawater. We are upgrading the degassing system, improving the water hydraulics. We are adding particle filtration for the water that we reuse. Some of these are targeted experience-driven upgrades designed to support strong growth throughout the full production cycle. At the same time, we also simplify the systems. We've strengthened the biosecurity to ensure predictable operations at the higher volume. To sum up, phase II, it's not just more volume, it's also better biology, it's lower risk, and together with phase I, we firmly believe that this represents a rock-solid operational platform. You've seen this many times before, but this illustration highlights the strength and scale and long-term potential of our Indre Harøy platform. Phase I has been operating for several years successfully, and we now have started production in phase II. That takes the production capacity, when everything is finished, to 18,000 tons. Additionally, phase III, that's a highly attractive project. It's building on the same site, the same infrastructure, the same organization. Beyond that, we have a potential phase IV that also represent meaningful long-term optionality. While this is still conceptual, it provides a upside that can be unlocked over time. To sum up, Indre Harøy is a unique platform, it offers significant volume growth in the near term, very tangible medium-term expansion opportunities and also long-term growth optionality all in one proven operation. As to phase II, this slide is to underscore that we are very focused now on project execution and control finishing phase II. The project is progressing according to plan. Nevertheless, the budget is tight, and we have chosen to add a 5% additional contingency buffer to be on the safe side as previously disclosed. At the same time, we now only have approximately seven months left. The project is approximately 80% completed, and that gives us very good visibility on both remaining CapEx and also milestones. The civil construction work here is largely completed, and the project focus now is on process installation and final commissioning activities. Our focus remains unchanged, and we continuously have a high focus on effective project execution to minimize delays, change orders, and also ensuring good coordination between all disciplines. For the pre-grower tanks, we estimate total investments of around NOK 400 million, including contingencies. Before we are making the final investment decision, we are running a structured process with the aim of further reducing the risk in the estimate. To sum up, phase II is on plan. We have very good visibility now, and we are also quickly approaching the finish line. I think I leave the word over to you, Trond. Thank you. All right. Starting with the farming segment, which comprise most of our activity. In Q1, we harvested 1,765 tons, a new all-time high, with an all-in price realization of around NOK 84 per kilo, up 12% year-on-year, admittedly somewhat weaker than what we expected when entering 2026. Looking at costs, our farming EBITDA cost ended at NOK 72.6 in line with last quarter. The farming EBITDA was NOK 17.6 million, underlining that we have a profitable operational platform in phase I, even in lieu of somewhat weaker prices than expected. The other segment EBITDA was negative with NOK 8.2 million, an improvement of approximately 20% year-on-year. As previously highlighted, following our strategic refocus on Norway, we have taken several steps to minimize cash burn on growth projects, resulting in significant spend reduction as well as a reduction of five FTEs, reinforcing tighter capital and cost discipline in the company. Importantly, this part of our cost base will scale significantly once phase II is fully operational, with harvest volumes set to more than double. At group level, EBITDA was NOK 9.4 million. Overall, Q1 marks a solid improvement compared to 2025, and financial performance is moving in the right direction with costs trending down on back of increased biomass production through 2026. To further dive into farming costs, this slide explains the bridge between gross costs and the re-reported farming EBITDA cost in Q1. The way Salmon Evolution report their farming EBITDA cost, net of export costs, is an at gate in box equivalent, including allocated G&A. As salmon is largely sold DDP, export and distribution costs are included in the sales price and are effectively recovered through revenues. The reported all-in price will also be lower than actual revenues per kilo. Another important point is that costs have been front-loaded in phase I as we, over the last four years, have built the team and shared operational infrastructure that will serve both phases. With phase II operational, we will start harvesting these scaling effects. As an example of this, in full run rate, personnel in phase I and phase II is only about 30% higher than phase I standalone with double the volumes. This is just one of many cost efficiency gains with phase II operational. We have calculated these effects to approximately 5%-6% on the full run-rate costs, but that is probably a conservative estimate. Another important point is how the cost base scales with increased biomass production. As previously highlighted, outside feed and harvest, costs remain largely fixed at the facility. In phase I, the fixed portion amounts to roughly NOK 200 million, and a 5% increase in biomass production equals roughly NOK 2-NOK 3 in reduced costs per kilo, all else equal. The key takeaway is that with phase II operational and increasing biomass production, this will result in a meaningful reduction in unit costs through 2026 and into 2027. By mid-2027, we target a farming cost in the low NOK 60s, with our target farming EBITDA cost being NOK 53 per kilo in full run-rate. In other words, Q1 costs are representative of where we are today, not where we are heading. Following the equity raise in April, the previously announced refinancing was also completed. Together, these provide a solid capital structure to deliver phase II. We are very satisfied with the successful equity raise. We received strong support from existing shareholders and have added several new long-term high-quality investors. In parallel with the private placement, we also did a retail offering, which attracted massive interest and was oversubscribed multiple times. I would like to thank all existing and new shareholders for their vote of confidence. The refinancing was completed with strong support from our existing banking syndicate, Nordea, DNB, Sparebanken Møre, and Eksfin. We have extended and upsized the senior secured facilities linked to Indre Harøy by 10% to approximately NOK 2.5 billion with a three-year tenor and extension option. The fact that this was done with strong backing from our banking partners is an important validation of both the quality of our asset base and the business case. Additionally, the permitted working capital financing has been increased from NOK 300 million to NOK 400 million, fully covering phase I and phase II. Following the transaction and completed refinancing, funding is secured and the covenant headroom is improved, securing a solid financial platform for Salmon Evolution going forward. Let us take a brief look at the balance sheet and cash flow. As previously highlighted by Trond Håkon, the grow-out section is progressing according to plan. The budget is tight, and we have chosen to add an additional contingency buffer in light of this. However, we also only have about seven months left in the project with a completion rate of about 80%, giving us good visibility on remaining CapEx and milestone. The capital spending will also decrease significantly in coming quarters. Cash flow from operations was negative in the quarter, primarily reflecting that about 50% of harvest took place in March, with an ensuing trade receivables buildup. In the Q1 accounts, as you have probably noticed, all the long-term debt is classified as current due to the maturity of the loans being less than 12 months. As mentioned, the refinancing was completed in April, and thus all the long-term debt is back to non-current from next quarter. I think, to sum it up, I think this illustration captures exactly phase I and II represents for Salmon Evolution. A highly scalable platform with strong earnings and cash flow potential. We now have an operational foundation where the heavy lifting is done with core infrastructure in place to support 18,000 tons. We already hold the land and licenses required to double this yet again. This places in a truly unique position. The strong support we have in the capital markets and from the world's leading seafood banks was highlighted in the significantly oversubscribed capital raise last week, as well as the upsized loan package. The bottom line being the business has been de-risked, the foundation has been built. Now we are positioned to harvest the returns. Thank you. Trond Håkon, closing remarks. Thank you, Trond. To sum up, I think Salmon Evolution is at a very good spot at the moment. We have a proven platform. As we've said, the heavy lifting now is largely done, and with phase II also now in operation, we are entering a new phase for the company. Away from just CapEx and investments to now scale earnings cashflow. Phase II, it is a game changer for the company. It significantly increases our capacity. It will strengthen our margins and also position ourself to capitalize on what we believe is a good salmon market eventually. We are also very pleased with having secured our refinancing and equity issue. As Trond mentioned, this gives us a strong financial platform as we're now entering this very exciting phase. Now it's all about the execution and converting also the operational progress that we are seeing into long-term value creation. With that, I think I would like to thank you all for your attention, and we are now happy to open up for questions. Can you, Hans Petter here, he has the microphone, so just raise your hand and feel free. Henrik Knutsen, Pareto Securities. Your volume guidance for 2026 at, 7,000 tons, what's the status? Could you also elaborate on how much you expect to harvest in Q2? Sure. As for the full-year guidance, we refer to the information we have previously shared. Apologize for not including this in the Q1 report. When it comes to quarterly guidance, we are not issuing quarterly guidance. We have stopped doing that. Okay. Thank you. Christian Nordby, Arctic Securities. As you're now stocking more smolts in phase II, you will build up a lot more biomass during the year, and then you will allocate cost to that biomass. How do you think the farming EBITDA costs will develop during 2026 due to that happening? On cost, as we mentioned, we expect continued productivity improvements in phase I. And as well, we will also ramp up phase II during the year. Our expectation is a gradually declining cost through 2026. As mentioned, we target a farming EBITDA cost by the middle of 2027 at the low NOK 60s. Heading to that point in time, we expect the costs to gradually decline towards that target. Thank you. Anyone else in the audience? If not, we have received some questions via the webcast. Okay, we just take the webcast questions. Can start with guidance on sales and EBITDA. We do not issue guidance on sales and EBITDA. I think that answers that one. You have mentioned that you think the effect of the feed calibration is ahead of you. Could you elaborate a little more on that, Trond Håkon? It's simply because it takes some time. As to the feed, I would say it's the changes are twofold. One is sort of the, a change in the nutritional components of the feed or the formulation. The other thing is that we've also changed the binder, which will have had a very positive impact on the feces quality and just also the water quality. I think those changes are, you don't see them immediately. Those are changes that you, as you sort of move through the biomass and the fish have been sort of used to this new improved environment over a longer period of time, those sort of effects will materialize. We believe that we have not taken out the full effect of this yet. All right. Another question: How has initiation of operations in phase II been, and how are the initial results? Yeah. As I alluded to in the presentation, the first smolt release has gone very well, basically according to plan. The fish has also adapted very well in the tanks. It quickly commenced feeding. It has shown good appetite. I think also very importantly, and as we went through in the presentation, phase II is an improved copy of phase I. We have taken all the experiences now over four years, incorporated those into phase II. Obviously for us, it's very interesting to see how these changes and improvements are sort of working out in real life. I think it's fair to say that things are looking very good. We are very happy with what we are seeing and really think that what we have done is, yeah, having the effects that we sought for. We very much look forward now to follow the fish and going forward. Also as mentioned, we are stocking a new group in just a couple of weeks. Very interesting times now to see how all these improvements in phase II are playing out. We are very optimistic and I think so far, it's very promising. It's as the operations team said, "We have hit the nail. That concludes the questions. Thank you for your attendance and see you next time in next update from us in early July and a Q2 presentation in August. Thank you.