Thanks a lot. Good morning, everyone.

I will start to say that this is a sad morning for people in Norway, I think also people outside Norway with the recent news of the passing of His Majesty King Harald this morning. He will for sure be remembered as a great king, and our thoughts this morning goes to especially Her Majesty Queen Sonja and of course the entire royal family.

We looking forward to having a new king, King Haakon, I guess. This will be official in a few hours.

Back to our first-half, second-quarter 2026 the results just next slide. For those not familiar with the route, we are one of two operators on this route between Bergen and Kirkenes, the unique coastal route.

It's a concession with the Norwegian government. 34 ports going northwards and 33 ports going southwards.

Havila Kystruten, we have 4 out of 11 vessels on the route, and the other operator is Hurtigruten with their 7 vessels. Next, please.

I'm quite proud that we are continuing delivering on-hire services. Our vessels are high-performing vessels.

So, 100% of the time is fantastic on this very hectic route. It's a fantastic operation with our crew, familiar with the vessels now and continuing deliver high performance.

The results for the second quarter is very strong. Especially May and June is very, very strong.

All-time high for at least Havila Kystruten. Both the contract revenue and the operation revenues are up.

The EBITDA reached 19 98 million, and Aleksander will come back to more details about the results in the figures. Also, confident that we are on the right track when it comes to delivering on increased operational revenues on board the vessels, which is a firm target for the company to increase more.

In second quarter compared to last year, an increase of 32% is good. We have a way to go when it comes to kind of the overall target looking ahead, but it's a very good movement and the performance is increasing day by day.

That's a very positive sign. As we have said before, our focus on the digital platforms selling most of our voyages by our own channels, that's still a focus and we have now a very, very good balance between kind of the sales to operators and the sales to our own channels.

Selling on our own channels implies that we will have no commissions paid out, the revenues are stronger. The development on selling on the FIT, individual travelers is going up and also securing kind of their on-board revenues very, very good.

Next. Yeah.

We do see that the focus we have on kind of mixing up the right customers or the guest segments is going very well. We have a strong increase in especially in the English-speaking markets, North America, UK, Oceania.

Those represent more than 1/3 of our guest in the second quarter. It's a strong kind of movements.

Maybe the World Championship in football also helped out because it's a very, very strong booking now and all-time high activity on our web pages. Norway is a very, very attractive market these days.

It seems also going forward that the interest of traveling to Norway and especially also on this route is very strong. When you look at the bookings, on the left side the graph you see is showing kind of the development year by year.

The green one is 2026 and it shows the strong kind of development since 2025. The red one is what we can say about 2027 is very strong.

We are very optimistic for 2027 also. All in all, it's a very, very positive development when it comes to the occupancy, the bookings, and as I mentioned earlier, the development on on-board sales building kind of the revenues, it's a very, very positive development.

Then, Aleksander, you can go more into the details.

Thank you, Bent. A couple of couple of words on the overall revenue and and EBITDA development in in the second quarter.

As Bent mentioned, very strong headline growth on on revenues, driven by contract revenue up more than 20%, operational revenues up 13% where this is driven by higher volume. We have a 17% increase in passenger nights.

We have an increasing ACR, and we have very strong growth in in onboard sales. I think the the KPIs probably suggest somewhat even stronger growth on the, especially on the ticket revenue side.

There is, and we mentioned this in in the quarterly report, there is a certain periodization effect compared to the KPIs, where we do expect a positive in Q3. There's also somewhat a currency effect, where a large part of especially May bookings for this year were made at an higher exchange rate than than the realized one.

Then, I think it it's worthwhile mentioning that currency effects on on the operational side translate into savings on on the financial side, where we do have a debt denominated in in euro and USD. Looking at the EBITDA, 98 million up from from 79 million last year.

The positive growth in revenues is is partly offset by by cost increases, but especially on the bunker side, where we in the second quarter faced higher bunker cost compared to especially first quarter this year and also compared to the expectations at the end of last year. We are working also on on efficiency initiatives on board the ships, and we do expect that these we do see effect of that now, and we do expect these effects to materialize in in the coming quarters.

On the KPIs, the the overall KPIs are all moving in in the right direction. Occupancy, very strong in the second quarter, 83%.

It's the highest occupancy we have recorded. Q3 is shaping up very well as well, and as we're we're seeing the same type of occupancy figure for the third quarter of this year, which is a leap from '24 and and '25.

Cabin factor has risen from from you know 1.7 level up to 1.9, and it's kind of stabilized at at that level. The ACR, we are working hard on on yield management and achieving achieving a price growth of of close to 10% this year.

At the moment, we have about 8% growth in ACR compared to compared to last year. What we see is that the pricing curve this year has been very positive, with with average price increasing throughout the year as as bookings closer to departure is sold at a higher rate than than early bookings.

The spend per pax night is also up, and we do see that the initiatives that we have implemented on board is is paying off. As as Bent mentioned, we have with the very high occupancy that we now have, there's a great opportunity now to to work on on sales on board as we have all the guests on board.

On the cost side, I think I'll I'll jump to the next slide. I think this is more for for analytical information.

Looking at the cost in in the third quarter No, in the second quarter, on the right-hand side, you can see the correlation between occupancy and cost. The Q2 of '26 is on the line of cost, and as expected given the very high occupancy figure that we we saw in the second quarter.

It should be mentioned that this cost overview is not adjusted for inflation. Looking at the various cost components, cost of goods sold up 30% compared to Q2 last year, driven by both a higher number of passengers on board, but also also higher sales per per guest.

Payroll crew up 13% from from second quarter last year. It's a function of higher occupancy and also wage inflation.

The LNG side, we also have an increase compared to last year, where the higher spot price from from the geopolitical uncertainty in the Middle East is is impacting our fuel cost. On the admin OpEx, we are kind of we are maintaining the same level as as earlier, and and we have I think we organization-wise, we have scaled up the organization over the past couple of years, and I think we are now at at at the appropriate level in terms of of staffing onshore.

On the outlook, we have revised our target to approximately 500 million for for the full year. The revision is predominantly linked to the geopolitical uncertainty that we are experiencing at the moment, and especially the higher energy cost as an effect of that.

We do see expect, based on the current forward pricing, much higher fuel cost in Q2 Q3 and and and Q4. With that said, we are on track operationally.

The occupancy is is trending close to 80% for the year. We are currently above 74%.

We are on track on on achieving an occupancy in the higher range of our target. The ACR is also trending upwards towards 10%.

With those strong underlying booking figures with the positive development, we are maintaining the long-term outlook for 600 to 800 million in '27 onwards. We do with the indexation that we have in the government contract, where approximately 70% of the fuel cost is compensated in higher revenues on the state contract, but with a time lag of of 1 to 2 years, we do expect the 2028 compensation to reflect the current increase in in fuel pricing.

That's the reason why we are maintaining the the long-term target. We see that this is a short-term short-term issue.

On the financing side, we did a full refinancing at the end of of last year, reduced effective interest rate from high double digits to to just below 10%. It's a very flexible and long-term financing arrangement for us, and it puts us in a position to deliver on the operational results.

It's a it's kind of a it's a platform that can be optimized as we do deliver on our results with with the first call option in in 2028. On the balance sheet side, the vessels that we have, we do collect the broker valuations every quarter.

The And this is a broker's assessment of the value based on newbuilding cost, willing seller, willing buyer mechanisms. Vessels valued at €663 million at the end of end of second quarter.

That compares to book value of of close to NOK 4 billion. There's a substantial premium on on the market value of the vessels.

That really really reflects the movement in newbuilding costs since the ships were ordered back in in 2019. If you went out and ordered similar type of ships today, you would easily easily pay €180 million per per ship.

Based on that that broker value, the value-adjusted equity stood at 2.2 billion in the second second quarter, supporting the underlying value of of of our share. To to sum it up, we have a record-high booking situation for 2026.

2027 is is firming up really well. As we have commented on in our trading update, we see that you know we differentiate between between group bookings and and individual bookings, and we see individual bookings developing very positively.

We do see that the book for next year is is firmer, higher-quality than than a year ago. This high occupancy creates a platform for for growth in onboard spend.

The job is now really to to develop the product on board and and take advantage of that opportunity that lies in in onboard sales. We do actively work on additional revenue streams, we do we have started packaging to some extent, we do offer shorter trips combined with with flight and hotel.

We are testing that out. We're offering hop-on hop-off.

With with these shorter trips, with these specialized packages, we are attracting kind of a much younger clientele than what has historically traveled on the route. The refinancing puts us in a good position, it gives us the time to deliver operationally.

Then, we have a call option from '28, and work on that will will will start next year. Then, finally, we are we do expect that the next tender for the next concession period will be announced sometime later this year or early next year.

We are in a very well position to participate in that tender and achieve a renewal of of the contract. I think with that, Ingmar, and the presentation from the company is is complete, and then we are open for questions from the audience.

Yes. Good morning.

Thanks, Bent. Thanks, Aleksander, for the presentation.

On the guidance for this year, it would imply that you do roughly 350-plus EBITDA, if we reach the 500, in the second half. Can you walk us through where that would come from?

It must then only come from the booking revenue line, as cost base will increase in the second half. Obviously, Q3 is your best quarter, but also Q4 must be then substantially better than than last year and even the year before.

That would be helpful if you could yeah, give a bit more color on that. Then, secondly, I'm also looking at sort of your mid-term targets.

There again, that would imply for the 800 million another 300 million-plus in revenue sort of from this current year level, which you are saying you're heading to 80%, maybe 80%-plus occupancy. Sort of what occupancy level, and what other sort of onboard sales, activities, pricing, etc.

would you need to reach that, and yeah, what sort of time frame would you, yeah, would you think that that could be possible? Thank you.

Yeah. I think on the target for this year, Tim, majority of our EBITDA is created in the third quarter obviously.

If you look at the history of the last Q3s, that has been the case. We do see a positive periodization effect in Q3 on the revenue side compared to Q2, as well as a lesser currency effect compared to the headline KPIs.

The bulk of the EBITDA is created in Q3. Then, we do see Q4 firming up quite well.

I think the booking intake at the moment for the year is very strong. I think we are very optimistic on top line, and then we are concerned about the cost side, which has led to a revision of the estimates.

I guess, on the on-board sales, Tim, it's kind of we have the guests on board. We are now working on developing the product portfolio for the guests on board, as well as kind of it's really a people's thing.

It's sales training. It's management training.

We're also implementing sales targets and incentives for the staffing on board to achieve these goals. I don't know, Bent, if you have any things to add?

No.

Tim, on the longer-term side, on occupancy, we see '27 firming up really well. This year, we're going to be close to 80% at the end of the year in occupancy.

We see '27 being even stronger. We're quite confident on the occupancy level.

We have raised prices substantially to reflect both the increase in cost levels, but also the strengthening of the Norwegian kroner towards other currencies. We're quite optimistic about the operational side next year.

Then, if you take into account that the state contract will increase based on indexation, that leads us to maintaining that target line.

Thank you. That's helpful.

Then can you maybe comment sort of on the competitive environment? You only have one competitor, but sort of yeah, what the trends are there in terms of also the tender, what you're hearing, and it would also be interesting to hear about the sort of the ecological profile in terms of what could be expected for the new concession round because my understanding was sort of the ambitions for the ecological treatment of the current tender period was somewhat, yeah, more ambitious and then didn't turn out to be that yeah, that stringent that comprehensive as you were prepared for with also your ships.

Yeah.

If you look at the concession itself, then there kind of requirement was to reduce the CO2 emissions by 25% compared to 2017 figures in this route. Havila Kystruten, we have managed to reduce the CO2 by plus 35%, close to yeah, 38%, 40%.

That's kind of the capacity or the potential now. We have delivered on the requirements in this route and in this contract we have today.

I think we have overperformed. That's one thing.

The sad thing of the contract is that it was intended to give some environmental bonus if you actually reduce the CO2 more than those 25%. That is something of course we have been in discussions with the government, and still are, on that part.

That is kind of the disappointment from our perspective on the contract. When it comes to the world heritage fjords, that's another issue, and that's not a part of the concession itself.

As it's more demonstrate that those not willing to reduce or willing to invest in environmental kind of measures, they actually won that battle. That was kind of a big disappointment for us.

We do see that, actually, keeping up being in the forefront actually increase the focus on the company. The people traveling with us is very focused on the environmental side.

We had a younger kind of guest mix. Us, closer to 50 years in average, and other operators maybe more closer to 70 in average age.

The people traveling with us is very focused on the environmental side of the business and willing to pay. That kind of is something we look as our strengths going forward.

Of course, we are today able to reduce and deliver by the 2050 requirements. If you look at the Paris Agreement, etc., then 2015 requirements we can do today.

That puts us in a strong position for the next tender because, of course, still even though the situation or the political issues in US and others kind of have delayed the process in IMO, etc., still the focus on environmental measures are there. We will continue our kind of focus on reducing the CO2 by blending in biogas going forward.

The instrument, I think, will be that the Norwegian government will implement the fuel EU Maritime. They recently said that that will be implemented by January 2028.

Then, of course, we have a very, very strong incentive to continue reducing CO2 in that market. It will be very positive for the company to do that.

When it comes to the next tender, we believe that the Norwegian government cannot just say that they will keep the present requirements. They need to strengthen the focus on environmental side.

We are not afraid for that. We will be able to deliver on day one.

Did I answer your question, Tim?

Thanks. Okay.

I hope that turns out that way, and then yeah, congratulations on the operational performance. I also hope the cost side is a bit in your favor in the second half of the year.

Thank you.

Good.

Thanks, Ingmar, and thanks for facilitating this presentation, and thanks to everyone hearing us out. Thank you.