Good morning, and welcome to Fjord Defence Group's ASA presentation for the first quarter of 2026. It will be me, Jonas Bjørnbue as the CEO, and Øyvind Mølmann as CFO.

We will conduct this presentation. In February in '26, we completed the acquisition of Scanfiber Composites.

As we announced, we were buying in Q4 '25. We done the subsequent offering for shareholders that were not a part of the previous private placement of 25 million NOK.

The company recorded a record-high order book at the year-end in '25, and we have still been growing that throughout the first quarter. If we look at the pro forma numbers of the group on the defence side, and we include Frydenbø Milpro, which we have acquired, we have a revenue of about 80 million with 15% EBITDA margin.

We expect further growth throughout the next years, and one of the big things now is we are really trying to prepare the companies to meet the higher demand. If we look at the General Assembly, we elected a new board with a new chairperson, Nils Eilert, and we also have Emilie Mehl as board member, and Kjetil Korsnes was reelected.

We are on track to do exactly what we were planning to do. As mentioned, we have acquired a new company, Frydenbø Milpro.

That is a company that are offering small RIBs and boats for the defence market, and especially success in Norway and in Sweden. We do think that is a very good and strong addition to the already two companies that we have in the group.

They are specialized in boats less than 10 meters and are led by CEO Trond Underhaug, which have 20-30 years of marine sector experienced and also led the company since they were doing that for Frydenbø Milpro, and I guess was about 2014. They have a large customer base, and they have a very, very strong growth over the last years, but they always have made money, which is important for us to meet our requirements.

If we are looking at Fjord Defence AS, I have to say, now I can really talk about a customer, not just an OEM, which we are required to do when we put out press releases. We have supplied and are a supplier for the Leopard for the anti-drone system and the short-distance defence of the Leopard.

We have now supplied to Norway and are in the contract for several other customers. If we look at Fjord Defence AS as a whole, we can see that we have moved into new building, where we have the possibility to increase the revenue up to 6 to 10 times more for the capacity.

We have successfully recruited my replacement. We have build up a US head of business development, a new one, and additional logistic and procurement and assembly people.

We have done quite a lot to prepare for the coming years. When we look at Scanfiber, we have together with previous owner and as also the CEO of the company, recruited a new CEO because the one we have today, he wanted to work a little bit less.

We have got a hold of a man called Peter Berthelsen, which has more than 20 years experience in defence ballistic protection. We are really, really satisfied with that.

We have recruited one more salesperson in the organization and are working on building up also an international sales team. At the last, what we are doing at the moment is to prepare the production facilities for the ramp-up as we expect will be coming from '27 and onwards.

Important part, we told when we bought the company, inside the facility today, with smaller investments, we can double the revenue, and we are on the way to doing that with smaller investments. If we look more close on Frydenbø Milpro, I would say this is a very exciting company in Norway which are an integrator for boats below 10 meters, and they are working with the customers to provide exactly what they need for the different missions.

They have a good customer relationship, they have strong supplier chain, and they have a very, very strong financial performance. We are very happy that we can integrate Frydenbø Milpro AS into our family, and we see strong connections with the other companies we have also, both on expanding the customer base and also some other small technical things.

Then I will leave the floor to Øyvind Mølmann, our CFO.

Thank you Jonas Bjørn. Good morning everybody.

We have as usual prepared pro forma financials going back in time in order to show the organic development in the companies we have acquired. As you can see here, we already have demonstrated a very strong growth in the revenue part with a compounded average growth rate of 50% from 2022 to 2025, and accordingly 100% growth rate regarding the EBITDA.

You see the turnover at end of 2025 here stops at 335, while on the right-hand side the first quarter this year is showing 340. There is a growth from '25 to first quarter.

We will also see that on the next slide here regarding the order book. We have 300 million in year-to-go order book, and if you add that to the 80 million we have in the first quarter this year in turnover, you already are at 380 in turnover for 2026, and there will be more order intake than the current 300 for the year-to-go.

That underpins the estimate we have given and guiding for this year's turnover from 420 to 450 million NOK as we expect for the current three entities we own. Overall we are very satisfied with this order book: 300 million year-to-go, and then 95 for next year, 140 for 2028 and the years after, and total of 535.

What we see in general is that the order book it's growing and it's becoming with a longer tail, so that reduces the risk for future turnover in the group. I think that will be a development that continues.

Then into the details for the first quarter. There is a growth year-on-year on the defence segment as you can see from Q1 '25 with 76 million and up to 80 million, a growth of 6%.

This can vary from quarter-to-quarter as we have mentioned previously, but you will see that if you consider the defence segment totally, there is less variation than in each of the companies. For instance, if you look at the contribution margin, you will have 36% in '25, 37% this year, while if you consider each company, there are great variations.

We will going forward be focusing on the defence segment as a total, and that goes without saying when we add company after company after company. That will be the case.

As we have mentioned before, legacy becomes less and less significant in the total. I would like to focus on the rightmost column here, which is showing still for the group the adjusted EBITDA of 7.2 million, having added back unrealized loss at 6.7 for the Capsol shares, not any cash effect, and also 4.2 million in transaction costs in the first quarter, of which half a million is related to a case we abandoned for this year and the rest of it is of course linked to the acquisition of Scanfiber Composites.

It is important to understand that down to EBITDA, the elements are cash elements, while if we go further down to the EBIT, you have non-cash elements, which is the 14.4 amortization for the multi-client library that has got no cash effect, but we have tax deductibility for it. Then it's 7.3 million in PPA amortizations linked to the previous acquisitions for Scanfiber and for Fjord Defence of course.

No cash effect and no tax effect. I would say these are merely for information purposes without any heavy economical consequence, no cash consequence of this.

Please focus on the EBITDA line, in particular for the defence segment, showing earnings of 12.5 million in the first quarter this year. With that, I leave it back to you, Jonas Bjørn.

Yes, please. Yes, to summarize it, if we first look at our compounder strategy that we defined in June last year, we think we are on a good way to meet what we set up to do with a revenue scenario of 2 billion NOK in 3 years.

We have successfully acquired three companies on a group level, and all these companies are meeting all the requirements: it is the revenue side between 100 to 1 billion, the profitability of plus-minus 15%, have clear organic growth potential all three companies, they have no distinct products that are required for a technologically breakthrough to succeed, and all three companies have a strong management. Foremost, also important, we have also said that this should be watered in for existing shareholders.

I think that we have proven after we did Fjord Defence AS, that via Scanfiber and also now with Frydenbø Milpro, that we are also focusing on that part for the shareholders. If to sum up, we expect a good growth for the defence segment, especially after 2026, and we have an all-time record on the order backlog.

As we are required to announce when we are announcing a new purchase of a company that we already are in strategic dialogue with our new potential company to buy. I do think we are on track with what we say.

We have focused both on the buy and the build, and there have been a lot of focus on the build, but we also managed to do the buy side meeting our requirements. I think in the future we will focus now on making the organization strong enough to existing growth both on the buy side and also on the build side.

With this, I would like to thank you for listening for our first quarter presentation. Thank you very much.