Good morning. Welcome to the Second Quarter Presentation for Wilh. Wilhelmsen Holding ASA. Christian, it has been a somewhat surprisingly strong performance during the quarter. It is tough to say, but we are both surprised positively by what is happening in the second quarter. Yeah, I think at least at the start of the year and the end of first quarter, the world looked pretty challenging. Of course, that looked also to have an effect on our own operations and at least I am, and I think we all are, both surprised but also pleased with the performance that we have seen. Very difficult geopolitical backdrop. We have operations all over the world. Of course, we are impacted. We have a large organization and operation in the Middle East. That, of course, has been impacted. Most importantly, of course, I would say that we have had no serious safety issues. There has been a lot of potential for challenging situations in that regard. So I think that is extremely pleasing. Yeah. We could add the words impressed and a bit proud of the organization on the deliveries in what we supposed should be a more difficult quarter. Yeah, I think they have really risen to the challenge, especially in certain countries around the world where it's been hotter than normally. That's been good. Another topic that we've been touching on earlier is exposure to exchange rates. I think at the outset, we thought that that would be more challenging for our performance. The basket of currencies has really evened it all out. Yeah. It's basically stable. It has been. That's been very good. Then we've had some significant improvement programs throughout several BUs, which have really been delivered upon during this and the previous quarter. Mm-hmm. Combined with the geopolitical disturbances, being able to do improvements and improvements programs, that's again, being proud of the organization and really stepping up in what is a difficult situation globally. Yeah, I think it really shows the organization and the values that we do have as a company. Yeah, there's been instability, there's been challenges, but there's also been increased activity. Combining efficiency programs in the midst of all this is quite impressive. Let's have a look at some of the numbers. If we go to the performance as such. Top line for the group has been relatively stable compared to previous quarters. But we've had a strong increase in EBITDA, 30% year-on-year, and more than 20% from last quarter. We're very proud of that. I'm not sure if we can put the same trajectory going forward, but we feel that we are in a pretty good spot at the moment in terms of- It's a solid point- Yeah. but we cannot put it in the pocket for the next quarters at that levels all the time. No, all in all, we also got $112 million from share profits from our joint ventures and associates. I think that was relatively in line with what we thought it would be, or expectations. Some sales gains, some of course abnormals in there, but all in all, it was according to expectations. NOK 20 paid during the first half in dividends to our shareholders. Additional NOK 8.5 potentially to come at the second half. We also carried out a share buyback of roughly 1% of the outstanding shares during the previous quarter, which is according to what we have communicated to the market and our shareholders. All in all, it has been a strong quarter. A lot of challenges, geopolitical uncertainty, but an organization that has delivered under these circumstances. If I were to go a little bit into the various segments. Within Maritime Services, they have been, to a great extent, impacted by what is happening in the Middle East. We thought activity levels would decline quite significantly. But again, they have really taken on this challenge and risen to the occasion. Activity level has not been that bad. It has just been very different. They have been able to work in a different manner. Cargo flows need to go in and out, but it might happen in different ways and forms than what it used to. Because we do have operations in many of these countries, it has led to increased business in other areas than what we are used to. Overall, very solid performance in really all three segments within Maritime Services. We have had, again, from a safety perspective, of course, there has been difficult situations. Most ships that we have on management are now out of the Hormuz. It has all happened in a safe and orderly manner, which is by far the most important for us. There has been, as we mentioned earlier, efficiency or improvement programs have been put in place in several parts of the segment that has been delivered upon, I think very satisfactory. Areas of the portfolio that we have had certain challenges with last year and even in the first quarter has really turned around. That is also a big part of the improvement that we see for this quarter. In New Energy, activity levels is high at the NorSea bases. Oil and gas, especially in Norway, is on a high note. But of course, increased activity, it also increases complexity in certain areas. But still, they have been able to cater for that in a very good way. We have significant contribution from CCB during the quarter, Coast Center Base outside Bergen. They have delivered upon a very big project. That is a one-off, but still, I think it seems that has been done in a stellar manner. When it comes to Edda, majority of the transaction, if I can call it that, has been concluded. All ships but one has been delivered and taken over by new owners. We have received most of our proceeds, still some outstanding 25-ish%, maybe 30 of the outstanding 30. consideration. But we expect to see that in the third quarter, maybe this coming period. So with that sale that does not mean that we are exiting the segment as such. New Energy is an important segment for us. We believe there are a lot of opportunities out there as there are in all the segments, and we are scouting for opportunities as we go. Within Holding and Investment, the current RoRo segment really delivered according to the expectations. There is significantly activity sorry, especially volumes out of China and the increase in exports that the Chinese have, especially of EVs, but also on the high and heavy segment that is tightening this market and there has been significant rises and increases in time charter costs et cetera, and the tightness of capacity. Which is both an opportunity but also a challenge for the industry. It looks to be tight also going forward. There has been quite a few new build orders, and there is, if I can call it that, a higher concentration of volumes coming out of Asia in relative terms than what we have seen ever. Ever. Europe is on the decline, Asia is on the rise. This is causing imbalances in trade flows which needs to be handled. But still, I think the industry will cope with this in a proper manner. But it will lead to a tight situation as long as we see the export volumes out of Asia. We have previously announced that there has been a takeover offer for Qube. We have a meaningful amount of shares in that company. It has been a very good journey for us as Wilhelmsen in many ways. We were party to initiate and start the company with some investors many years back in time. This offer has been accepted and will go through some time now in August, meaning that we will sell our shares and we will receive the proceeds within not too long time. Actually tomorrow. Tomorrow. That is good for us. That means I will hand it over to you, Christian, to go into further detail on the numbers. Thank you. We will run through a brief overview. Just sort of picking up on Thomas' increase in top line, Maritime Services delivering growth. New Energy a bit lower, but bear in mind that at least compared to the same quarter in 2025, that was an extremely good quarter in NorSea. EBITDA really solid, USD 39 million from Maritime Services and USD 25 million from New Energy. Solid in all terms. And I will come back to the Maritime Services numbers specifically that we started discussing a bit. Share profits, couple of comments. You could argue that it is a bit down. The numbers don't lie. It is a bit down from the same quarter in 2025. And there are two very specific transactions or things to comment. One is that that is when the Mirrat Port in Australia was sold to Qube. Number two, you did not have the same increase in bunker costs in that quarter. All in all, a solid quarter also for the joint venture and the profits from them. In the net debt, it is sort of minus, so it is positive on NOK 180 million. As you can see at the last point there, NorSea in this quarter refinanced their credit facility in a very good and solid manner and even managed to sort of make it even more flexible and a bit tighter on margin, which is always good. We are, as we will come back to later, really long-term funded in the balance sheet as we see it today. Again, solid performance and Maritime Services delivering a 7% increase, all areas increasing. Total income up, EBITDA up, all the three main activities increasing. EBITDA up at really high levels at 39%. If you go to the graph on the right-down side, you will see a point close to 20%, which it's a bus, that 20% should be where we should be delivering. That's a really good number where we are right now. If you see the line there is coming from Q3 2025, we do not expect the continuous rise. It's a battle to get those numbers, and we will see some volatility, as you have seen in the three years before. We are really pleased with the numbers, and it's always good to see that we are able to deliver at that number. It's not a no-brainer continuing delivering those numbers going forward, by far not, but really happy to see the numbers. It's a bit like all the pieces fell in the right direction Yes. during this quarter. Middle East, Thomas has commented on that we are able to deliver our activities in another manner, in another place. It is really satisfactory to see that we are able to turn around and not sit and wait and hope for the best, but really go in there and do something else because, as you said, the flow needs to go when it comes to the goods coming in. New Energy, again, decrease on the top line as said, but bear in mind, the top line in New Energy is very much impacted by NorSea. You could argue that it is sort of a project or at least going a bit up and down with projects coming in and out. Compared to 2025, very, very high on projects. Still high on project, but not as high, but really good then on the EBITDA. I would rather, I say, measure on the EBITDA than on the top line. When delivering on the EBITDA, that is a really good number coming in from New Energy. CCB's joint venture is delivering a really good number on their projects. Also $29 million coming in from basically the Edda transaction or the Edda company and their deliverances in the quarter. Strategic holding and investments, $74 million being delivered. We have commented a bit on the differences in the $48 million towards the profits coming in the second quarter, for instance, in 2025, but really happy with the numbers. Also happy with dividend proposal or actually dividend decision coming out of Wallenius Wilhelmsen. Dividend they received from Glovis. As Thomas alluded to, Qube is sold. The decision has been made a long time ago, but the final cash is when, at least in my head, the deal is really done. We expect that to be paid actually tomorrow. It is a great company. Yeah. Just wish the new buyers well. Yeah. Because it's a fantastic investment. It's a really good company. They are delivering really good. But still, it's a good price, and we're happy to receive the approximately $90 million, hopefully then tomorrow morning. Just to comment, which you don't see in the numbers, but first half year share price of Wallenius Wilhelmsen is basically up around 30%, 3-0. Hyundai Glovis is basically at par, but has touched close to 30% higher during the period. So there has been quite some volatility in the Hyundai Glovis stock price, going up and down. As the viewers and the listeners might have seen, the Hyundai company, as several of the Hyundai Motor Group companies, they are all owners of a company in the U.S. called Boston Dynamics, which are really engaged in the robotics industry. Indirectly, the Wilhelmsen ownership is around 1% of that company. Somewhat on the cash, really strong numbers in the first half year, $384 million from operating activities. Couple of comments. Maritime Services delivering $34 million, but also in the period, building up stocks, piling up, being ready. Might be that that sort of have helped. You will never know for real, but of course, having the ability to deliver when ordered in different sites is something that we have experienced before, that building up a stock when and if we are able to and if market needs to is really giving us an advantage in marketplace. The working capital increase actually in the half year of $37 million. New Energy delivering $47 million with basically flat working capital. On the cash from investing activities on the dividend side, have received $162 million from Wallenius Wilhelmsen, $32 million from Glovis, and from New Energy, receiving $141 million, where basically the main contributor obviously is then the sale of Edda Wind. On the investing side, $102 million is putting into the financial market basically cash funds, and then investing $37 million in activities in NorSea, primarily in New Energy, but basically then NorSea, and $23.4 million in the WMS group in tangible sort of assets in the group. Thomas said the $127 delivered in the dividend and buyback of shares through the period, paying down some debt, and then delivering at the end of second quarter or through the first half year, sitting back with $249 million in the cash flow. Again, this graph is kind of slowly increasing. Balance sheet of $4.7 billion. Very solid, 75% equity ratio. NorSea Credit Facilities refinanced with the same group of banks, steady as she goes, but with sort of, if possible, even better terms. Then sort of taking that four years down the road and some options to take it even further. As you can see at the bottom right, liquidity reserves in the group increases. As explained and as sort of discussed even also earlier, we are building liquidity in the group and we are building resilience for what might happen, and we are building potential to what might happen, and we are delivering on our dividend and buyback policy. I think it is fair to say, as we have been pretty open about this, it is a cyclical industry, and we believe we are relatively high in the cycle on several segments. To have a strong and sound balance sheet and also liquidity is something we have been striving for quite a few years. Yep. Very pleasing to see that we are there. Yep. Again, dividend has been paid out NOK 20, potential for NOK 8.5 further. Buyback being done in the quarter, 470,000 shares, $36 million. Then on the right, cash to shareholders graph delivering a total of $127 for now and the potential of total $164, and there is a conversion rate and a couple of things there. It goes in the NOK, but this is sort of the U.S. conversion numbers. I think if this will be the case at the end of the year in comparison to 2022, where we had the $32 million. So it is a 5x distribution to shareholders in that period of time. Yep. At that number it will be even more than the 3%-5% promised to the shareholders. Thomas. Yeah. Thank you, Christian. Again, as we started off with, I think we were somewhat positively surprised with how our performance has been, but also how the world has been faring during the last part of this year and the quarter. We, as a group or as a company, we feel that we have a strong position in the companies and their relative positions in the marketplace. We believe we have a solid balance sheet and a good liquidity position. So we are fairly positive in the terms of how we see the group's position. But at the same time, the world is challenging. There are significant geopolitical tension, and we need to navigate in that environment. So, all in all, we are looking forward to third quarter and looking forward to see all of you again and thank you for listening in. We will take some questions. Yes. If any. Anna? Yeah. Anna Kverneland, Investor Relations. Currently no questions. The system is lagging a bit from when you are posting, so if you want to post any questions, do it now. I will give you a few more seconds. As always, we are available for questions via all the other channels in the world. Even gotten Snapchat question. Oh, yeah. Still nothing. I guess everything was clear then. Yeah. Okay. Yeah. Thank you so much. Thanks, Christian. Thank you. Thank you for listening in and looking forward to speak again. Thank you.