Welcome to the quarterly presentation for Fjord Defence Group ASA. It's a pleasure to hold this presentation.

Q2 is according with the management expectation and in line with normally quarterly variation. Second quarter pro forma revenue from the defense segment was 245 million with an EBITDA of 42.4 million.

The order book we have now is reached approximately 1.8 billion NOK, including planned and released customer volume. It's a strong order book that improves visibility and confidence for the next following quarters.

As you may have seen, we closed the latest acquisition of PartnerTech yesterday, and we did close also Frydenbø Milpro, now renamed to Fjord Defence Marine, at the 5th of June this year. As visibility have increased during the quarter, we remain confident in our previous communicated guiding for '26, and therefore keep our guiding guiding unchanged.

We will provide guiding for 2027 when we do the third quarter presentation. Since we have got a new company in presented what's now called Fjord Defence Marine on Q1 presentation.

It's a short little presentation of PartnerTech. It's a leading Swedish manufacturer of strategic metal components for global OEMs with manufacturing roots all the way back to 1917.

PartnerTech has around 250 employees and is led by the group CEO, Magnus Blomgren. It's a niche supplier of high-precision components for weapon systems and large-caliber ammunition, strategic supplier to both Saab and BAE Systems for more than 30 years.

Profitability have accelerated with the growth from revenue of 350 million in 2022 to 620 million in 2025 with an interim margin growing from 7% to 16%. Based on the general growth in the defense in Europe and clear request from our largest customer for each of our four companies, we currently are investing a lot to build up the capacity for the expected growth.

We will continue doing that also in the second half of this year and in a disciplined manner like we have done in the first half year. Fjord Defence have used the first year now to buy four quality companies to create a foundation for further profitable growth.

Going forward, new acquisitions may be funded through retained earnings, increased debt capacity, and consideration shares. We are less dependent on share issue to get the money.

The buying phase we have been through now, it's not going to stop, but as far as we have come now, creates a foundation and we are to unlock future operational improvement in the building phase of buy and build. Based on expected growth in all four companies, we have a strong focus on the buy and build strategy and we have a strong focus on the build side for these four companies.

Developing internal capacity is highly attractive to shareholders and can all over time evaluate EBITDA to a higher level. That is, will Øyvind come back to later when he does the financial numbers.

Our portfolio companies have all a strong position in the respective defense niches, and given high market growth, we also retain our ambition to reach 4 to 500 million EBITDA in 2029 based on the expected organic growth. New build, new buy will, of course, increase the growth as well.

As mentioned previously, we have a strong order book, and that remain us to unchanged our target of 1 billion NOK in pro forma revenue and about 190 to 230 million NOK in pro forma EBITDA for the defense sector in the company. Supported by the order backlog and strong pipeline, we are expecting an accelerated growth in 2027 and beyond.

Then I leave over to Øyvind to take care of the numbers.

Thank you, Jonas Bjørn. The numbers we are considering here are solely the defense segment and um uh that is done on a pro forma basis, as if we owned the companies from the 1st of January 2024.

Uh as can be seen here, there has been modest growth in Q2 from Q2 '25 to Q2 '26. That is as expected, with a uh relatively flat development into 2026.

Uh but as we are awaiting uh accelerated growth into 2027, we have incurred more costs, as can we see in uh in the personnel and other operating costs. It's going up and uh thus depressing the result for the EBITDA for Q2 '26 compared to '25.

This is as a preparation for accelerated growth, as Jonas Bjørn also mentioned. Um the rightmost column here shows the last 12 months' um Q2 numbers for the pro forma, including PartnerTech, and uh with a revenue of 942 and uh an EBITDA of 188.

As we can see here, uh this is quite close to the full-year forecast that was alluded to previously by Jonas Bjørn. We maintain that.

I would also like to add that uh pro forma revenue in the first half of the year is uh about 460 million. You saw previously the year-to-go order backlog of 530.

If you add them together, you get very close to the full-year forecast uh, and we consider it uh, with minor uncovered uh revenue, as a uh low-risk estimate and uh forecast for the year. Again, reiterating and illustrating the growth we have been doing.

As uh uh we say, we have been through a very intensive uh buy period, increasing our turnover from uh 85 million a year ago to almost, or more than 10 times that uh amount including PartnerTech, with 942 and 188 in in EBITDA, as we have shown. This growth is We are very satisfied with it.

It gives us then the platform to build on. We are not stopping acquisitions, but now we have the platform for uh buying.

Our operational focus will be to develop the left-hand side of this slide with uh revenues and um and uh uh profits as good as possible. That's the operational part of it.

While on the right-hand side of the slide, uh it's more the financial side of it. We are in addition to or to enhance the development for the shareholders, we focus on uh the value per share, which is depicted here as cash earnings per share.

We've calculated that as pro forma EBITDA less uh 7% interest charge on net interest-bearing debt post each of the transactions. Then you can see that this has increased from uh 0.49 NOK per share to 1.14, which is a two 2.3 um times uplift.

We will continue to focus on shareholder value by using um measures per share. Uh our target is that this value should increase more than the results in the in the uh business over time.

There may be variations from quarter to quarter. We repeat that.

We take a long-term view on this, and then this is going to increase more than the results in the company. That's the aim.

Finally, a few words on the balance sheet. As you can see, uh it has increased from a level of 700 million to 1.7.

Uh that is reflecting um the acquisition of Scanfiber and the acquisition of Fjord Defence Marine, which is included here. Also, if you look at the bank and cash-in-hand at uh end of the first half, that is 480 million after a successful private placement of 412 million uh second half of June.

Uh that amount is then uh has been pending uh the transaction closing of uh PartnerTech, which take took place yesterday. Um also, after this transaction, we have a very solid balance sheet with uh 77% equity ratio, the liquidity will be uh still good, and we have a moderate uh net interest-bearing debt to to the EBITDA for the year estimated at about two times um that's So that's within the limit of 2.5 that was uh pointed at previously.

I would conclude with uh to say that we have financial robustness and flexibility. We have the capacity to continue to build uh defense uh Fjord Defence Group uh further.

Thanks for that, Jonas Bjørn.

Yes. If we are looking at the outlook, as we see it now, unchanged 2026 target of 1 billion in revenue and between 190 to 230 million in pro forma EBITDA.

Supported by this order backlog and strong pipeline, we expected we expect growth in 2027 and beyond. As said, we have a strong order book.

We have a at the moment, as both I told before and Øyvind, on preparing the four companies now that we have in our portfolio for the expected growth based on general growth and also from guidelines from our key customers in the different companies. We are there.

When it comes to the financial position, we have done a lot of private placements over the last year. We now have calculated that we have an internal capacity for new acquisition of about 700 million through retained earnings, debt, and consideration shares.

We have done the calculation weighted calculation of how much we have given in in consideration shares over the last year with all the four acquisitions. It shows that we have normally we end up with about 40% given in consideration shares.

We will be focused on buying as well as building, and we know there is a lot of interesting companies coming up for sale over the next year. We will be clearly active on that.

We want to also underline that building the companies now to prepare for the growth that everybody expect over the next five years is an important thing, and we have to do it as we told before. We have to do it this year, we are ready to take on the growth.

Then, again, guiding for 2027 will be a part of the Q3 report. We are moving strong.

We are growing the uh company. Last year, that was my first quarterly presentation in Q2, we announced 85 million in expected pro forma revenue.

Now, we are expecting 1 billion. We have done quite a good start.

We will continue to grow the earnings per share for the shareholders. Thank you very much.