Good afternoon, and welcome to the presentation of Akastor's fourth-quarter results. My name is Øyvind Paaske, CFO, and I'm joined today by our CEO, Mr.

Karl Erik Kjelstad. We're also pleased to be joined by the HMH leadership team, today from two two different locations, we hope that will run smoothly.

They are represented by Eirik Bergsvik, CEO; Tom McGee, CFO; and David Bratton, SVP Finance. We'll take questions at the end of the session, and you can send them in at any time through the online Q&A function.

To kick things off, Karl will walk us through the headline developments from the quarter. Kalle, over to you.

Thank you, Øyvind, and good afternoon and good morning to our US participants, and thank you to everyone for joining us today. Let us start with the key highlights for the fourth quarter on slide 2.

Akastor continues to be in a solid financial position. We maintain a positive net cash position and have no draw on our corporate RCF.

With this backdrop, we are pleased to announce another cash distribution of NOK 0.4 per share, supported by DDW Offshore's sale of the Skandi Atlantic vessel in January this year. This marks our third consecutive quarterly distribution and confirms our strategy of returning excess capital to our shareholders while maintaining a sound capital structure.

Turning to HMH, the company continues to deliver strong financial performance, illustrated in this quarter by an EBITDA of US$58 million, corresponding to 28% EBITDA margin. Importantly, HMH also generated US$66 million in cash flow, underscoring both the quality of its operations and the company's strong value-creation capabilities.

Also during the quarter, HMH successfully refinanced Nordic bond, lowering financing costs and also establishing an important foundation for a potential future liquidity event. The value of our ownership in HMH now represents close to 80% of our net capital employed.

The book value stood at NOK 3.5 billion at the end of the quarter, or almost NOK 13 kroner per Akastor share, somewhat higher than last quarter, following the positive earnings contributions from HMH. AKOFS Offshore: the AKOFS Santos vessel was in the fourth quarter formally awarded a new four-year MPSV contract with Petrobras, expected to commence in January 2027.

Early this quarter, the current contract was extended to January 2027, ensuring a seamless transition into the new contract and safeguarding earnings for AKOFS through the period. In addition, the AKOFS Wayfarer was nominated during the quarter for a new four-year SESV-S contract with Petrobras, expected to start in the third quarter 2027, with a final formal signing expected soon.

It is again worth noting that our current book value of AKOFS reflects a conservative measure driven by historic costs and the company's accumulated losses to date. It does not capture underlying asset values or the strengthened contract portfolio under which all three vessels will be operating on new, significantly improved terms from 2027 and onwards.

We continue to see material upside potential in AKOFS, and we remain focused on ensuring that this value is increasingly recognized over time. DDW Offshore: during the quarter, DDW Offshore completed a fleet-wide refinancing that will reduce future financing costs.

The book value of our investment at year-end corresponds to NOK 1.2 kroner per Akastor share and an average book value per vessel of around US$10 million. Post the quarter, DDW sold the Skandi Atlantic vessel for $22.75 million, significantly above the book value of this vessel of US$9 million.

With that, I'm pleased to introduce HMH CFO and EVP Thomas McGee, who will take us through HMH fourth-quarter results. Tom, please, the floor are yours.

Yes, thank you. Before, Eirik would like to say a few words to open up.

Yeah. Thank you, Tom.

Even though 2025 been a softer offshore market, with floater rig years decreasing versus '24, our team truly outperform operationally, I think which you can see from both our EBITDA and cash generation in quarter. Despite being in the white space in 2025, we held adjusted EBITDA flat year-over-year, and I'm really proud of that in a soft market that we had in '25.

Now going forward, the feedback from customers that we heard over the last part of 2025 and now into '26 is a market recovery is likely midyear, and we'll see an inflection point. Also, I think the recent development with Noble getting multiple contracts and getting their fleet to a utilization rate close to 90% is a good sign that that will happen.

Also that, in generally, what we see is that the backlog for the drillers are increasing. We're looking ahead for an improvement.

By that, Tom, please.

Thank you. Again, as Karl Erik mentioned, ended the year on a high note with adjusted EBITDA of $58 million on an IFRS basis for the quarter, full year at $169 million.

We managed to go flat year-over-year in what was candidly a down market, or at least felt like a down market. Services performances: our services team finished the year collecting bonuses.

Remember, we get bonuses on some of the CSA contracts in Q4, and that tends to make Q4 seasonally strong and Q1 seasonally weak, which has been the history of this business. Strong revenue performance, cash flow from operations $66 million in unlevered free cash flow.

That was great execution on collections, disciplined working capital management, and inventory initiatives. We feel like we have, under the new org structure, really driven inventory and AR to where we want them, and really great work by the operations team and the finance team in delivering on that.

Now we have this cash flow that really gives us the chance to grow the business in conjunction with a potential IPO. Continue to drive improvements through the HMH 2.0 program.

Enhancements in the engineering and services delivery for our digital offering drove some margin expansion. We consolidated some locations in US and Norway to improve efficiency and tighten spending across the board.

Just a great job by the team as Eirik alluded to as well. Continue to capitalize on the DrillForm acquisition and integrating into our organization, and continue to position ourselves well in land, and our team is doing a lot of great work on that.

We refinanced our bond, giving us a lot more capital structure flexibility and significant growth capital, and continue to drive growth initiatives into 2026. In summary, soft market, challenging environment, we still came in flat year-over-year, which we're very proud of, strong working capital, strong margins, and strong cash flow.

This puts us in a great position heading into 2026 is, to quote our customers, not us, the market looks to recover. Go ahead, David.

Great. Thanks, Tom.

I'll begin with the total company results and then move into the segment details. Revenue for the quarter was $206 million, down 11% year-on-year, driven by declines in projects and product, and down 5% quarter-on-quarter, driven by projects, product, and other revenues, primarily driven through reduced backlog entering the period.

Adjusted EBITDA in the quarter was $58 million, up 23% year-on-year, primarily due to strong cost efficiencies and positive impact of inventory optimization. Quarter-on-quarter, EBITDA rose 39%, driven by these same factors as well as strong performance in contract service agreements.

The adjusted EBITDA rate was 28.2% in the quarter. Orders for the quarter were $175 million, down 17% year-on-year, driven by products and repairs, and up 2% quarter-on-quarter, driven by growth in projects and products, partly offset by decline in contract services and digital technology services.

Finally, on cash flow, unleveraged free cash flow in the quarter was positive $66 million in the quarter, driven by strong inventory management and working capital improvements. We ended the quarter with $97 million cash and cash equivalents on hand.

Next, I'll walk you through the product line results in more detail. In aftermarket services, revenue was $103 million in the quarter, flat year-on-year, and down 2% quarter-on-quarter, driven by contract services and partially offset by increases in repairs and digital technology.

Aftermarket service order intake was $75 million in the quarter, down 18% year-on-year, driven by repairs and digital technology, and down 24% quarter-on-quarter, driven by contract services and digital technology. Spares revenue was $58 million in the quarter, up 3% year-on-year, and relatively flat quarter-on-quarter, driven by the flat environment in the global offshore market.

Spares order intake was $56 million, down 9% year-on-year due to decreased pressure control spares, and up 1% quarter-on-quarter, driven by the slight rebound in topside and pressure control spares, partly offset by a slight decrease in land spares. In projects, product, and other, revenue in the quarter was $46 million, down 37% year-on-year, driven by the reduced product backlog entering the period, and down 15% quarter-on-quarter, due to lower product activity.

Lastly, moving to net interest-bearing debt: we ended the quarter with $97 million in cash and cash equivalents and a net debt of $104 million. In December, our $200 million bond was refinanced with a new bond of the same size at an improved interest rate, strengthening the capital structure and reducing future financing costs.

Overall, as Tom and Eirik said, we're proud of the HMH's team's performance this year and continues to advance our strategic initiatives to strengthen margins and drive operational efficiency into 2026. With that, I'll turn the call back over to Øyvind and Karl Erik.

Thank you.

Thank you very much, David. I will now take you through the Akastor financials, starting on this slide 9 with our net capital employed.

As Karl already said, HMH remains our largest investment, with our net capital employed corresponding to 50% of the book equity value in HMH. The carrying value increased by NOK 99 million compared to Q3, driven by positive net profit in the period.

The net capital employed related to NES decreased by NOK 59 million, driven by an updated valuation modeling in connection with year-end accounting. DDW's net capital employed increased somewhat during the period, driven by positive net cash flow development.

Following the realization of Skandi Atlantic in January, DDW's net capital employed will naturally decrease in Q1. AKOFS' net capital employed was reduced to zero in Q3, as Kalle mentioned, and remains then zero also this quarter.

As noted previously, continued accounting losses in AKOFS have gradually then reduced our book value, and we now carry no value for our equity stake in the company. As Kalle pointed out, this purely reflects accounting principle and is based on historic cost and does not, as such, reflect underlying asset values.

It's worth mentioning here that we do carry the full value of the shareholder loans provided to the company, totaling NOK 428 million per the end of the period, which then are included in our reported net interest-bearing debt. The value of our listed holdings, which at the end of Q4 included ABL Group and Maha Capital, decreased by NOK 7 million in the period.

Following the realization of Maha Capital in January, part of this value have been converted to cash in Q1. The negative value of other, which includes smaller financial investments, pension accruals, and various provisions, remained relatively stable through the period.

In total, then, our net capital employed increased by NOK 50 million in Q4, driven by HMH. Turning to the next slide for our net debt movements in the quarter.

Our total net cash position decreased by NOK 192 million to a cash-positive position of NOK 87 million at the end of the period. This was primarily driven by the dividend payment of NOK 0.4 per share, or NOK 109 million in total, paid out in November, as well as the settlement of the remaining seller credit to Mitsui in relation to the buyout of them from AKOFS Offshore of NOK 38 million paid then in Q4.

The Q4 net cash position includes a net debt position of NOK 195 million in DDW Offshore per year-end, up from NOK 169 million in the previous quarter, driven by negative cash flow in the period. Total net interest-bearing debt at quarter-end, stood at a net cash position of NOK 841 million, which includes interest-bearing positions towards AKOFS Offshore and HMH.

Looking ahead to Q1, the net debt balance will be positively affected by the realization of Skandi Atlantic and then Maha Capital, partly offset by the approved dividend payment scheduled for February. Moving to the next slide, here's an overview of our external financing facilities.

The DDW Offshore term loan was refinanced during the period with a new US$24 million reducing revolving credit facility, which will reduce total interest cost significantly and extend then the period to November 2027. $23 million was drawn on this RCF per year-end.

Following the completed sale of Skandi Atlantic in January, the RCF was reduced by 1/3 or US$8 million. Our corporate RCF remained fully available and undrawn at the end of the period and was formally extended in Q4 to June 2027.

At quarter-end, our total available liquidity was NOK 621 million, including NOK 38 million of cash held through DDW. Then our consolidated P&L.

As a reminder again, most of our holdings, including HMH, NES, and AKOFS, are not consolidated in our financials. Therefore, the revenue and EBITDA represent only a small portion of our total investments.

DDW Offshore delivered revenues of NOK 105 million for the quarter, with two vessels on contract throughout the period, while Emerald delivered a utilization of 60% after demobilizing from its longer-term contract. EBITDA was NOK 18 million, down year-on-year and quarter-on-quarter, driven by lower utilization and higher costs incurred in Q4.

Other revenues were NOK 1 million, while other EBITDA was negative NOK 16 million, and as a result, consolidated revenue and EBITDA for the quarter ended at NOK 106 million and NOK 2 million, respectively. Then our net financials.

Financial investments contributed negatively by NOK 71 million, driven by the valuation adjustment related to NES. FX accounting effects were positive NOK 18 million, while net interest and other financial income added NOK 3 million and NOK 10 million, respectively, bringing then total net financial items to a negative of NOK 39 million for the quarter.

Share of net profit from equity-accounted investments contributed positively by NOK 62 million, driven by HMH. As mentioned, Akastor no longer recognizes losses from AKOFS Offshore after investments reached zero in Q3.

With that, I'll pass the word back to Karl, please, Kalle.

Thank you, Øyvind. Let me then round off this presentation with some reflection on our ownership agenda.

Let's start on slide 15, that have an overview of our investment portfolio. During the quarter, Føn Energy Services was refocused with the selected parts of the business carved out and transferred to a new company called IQM Løfteteknikk, where Akastor holds 33% and IQM holds the remaining 67%.

Following this transaction, Føn Energy Services is now a pure offshore wind maintenance provider that is based in the Netherlands. I can also mention that post the quarter-end, we completed a full realization of our shareholding in Maha Capital, generating proceeds of NOK 40 million to Akastor.

Let's move to slide 16 and HMH. Most of the details has already been covered by the HMH team, but let me briefly reiterate our ownership agenda for HMH, which remains firm: maintain a leading market position, expand the business through organic growth and value-adding acquisitions, and continue to pursue increased liquidity for our investment in HMH.

We are optimistic about the outlook for the drilling market from the second half of 2026 and onwards. There is no concrete update regarding a listing process.

However, HMH continues to keep its S-1 filing updated and is therefore maintaining readiness for a potential listing. The timing of any public offering will depend on a range of external factors.

Let's move to slide 17, NES Firkraft. NES Firkraft continues to deliver solid results, with an EBITDA of 20 2025 increasing by 5% to US$148 million, despite somewhat challenging recruitment environment.

Operational cash flow was strong, increasing with US$23 million compared to the same quarter last year. This supported a reduction in net interest-bearing debt, bringing the net EBITDA ratio down from 1.4 at the end of 2024 to 1.1 at the end of 2025.

As mentioned earlier, NES Firkraft is exit-ready, and together with the main owner, AA Investors, we have been exploring several alternatives for some time. However, there is nothing specific to report at this stage, and we will revert with an update when there is more clarity.

Slide 18 covering AKOFS Offshore: AKOFS delivered revenues of US$38 million and an EBITDA of $11 million in the fourth quarter. Operational performance was solid across the fleet, with AKOFS Wayfarer and AKOFS Santos achieving revenue utilization of 97% and 85%, respectively.

Santos experienced a brief maintenance stop in October, while AKOFS Seafarer delivered a revenue utilization of 86%, supported by stable operation, but affected some by waiting on weather. From a commercial perspective, the quarter also saw important contract developments.

As mentioned previously, AKOFS Santos was formally awarded a new four-year contract with Petrobras, and also AKOFS Wayfarer was nominated for a new four-year contract, also with Petrobras. These developments significantly strengthened the company's future outlook.

DDW Offshore: looking ahead, our focus remains on maximizing fleet utilization by continuing to actively assess second-hand market opportunities for a potential sale of the two remaining DDW vessels after the sale of Skandi Atlantic for US$22.75 million in January. Finally, let us look at slide 20, key priorities for Akastor going forward.

Akastor's strategy remains firmly in place. Our key objective is to develop the companies in our portfolio, and when timing and values are right, to execute value-enhancing exits.

With a strong net cash position and no draw on our corporate facilities, we are well positioned to act with flexibility and patience, allowing us to maximize value when attractive opportunities arise. We believe the mentioned sale of Skandi Atlantic at a value significantly above book value, as well of the sale of all the shares in Maha Capital, both completed post the quarter, are strong demonstrations of the disciplined strategy and our ability to maximize value.

So Øyvind, this concludes the formal part of the presentation, and I guess we now can move to the Q&A session, and maybe take a brief pause before we open up for questions.

Yes, thank you, Karl. We will just pause for a minute or so in order to regroup and get back to you with the Q&A session.

Thank you, we're back. We've received a few questions on the same topics.

I'll take one to HMH, and I'll direct it to you, Tom and Eirik. HMH delivered a strong margin of 28% and US$66 million of free cash flow.

Can you elaborate a bit more on which operational improvements or cost initiatives that contributed the most, and how sustainable you see this margin going into 2026?

We can't give forward-looking statements. I will say that, a couple things are worth noting.

One, as I said, we get CSA bonuses in Q4. Those always contribute heavily to Q4, you need to look at Q4 versus Q4 and Q1 versus Q1.

We'll start there. Secondly, though, we have made some cost improvements throughout the year, that that should, continue to reflect in the next several years, I don't want to get more specific than that.

We did have some facility consolidation. We've driven some manufacturing cost out of our core products and have driven efficiency on the manufacturing side, and have just taken care of some of the overlap when we combined the two organizations.

Other than that, the focus is on growth now, and I think we have got a setup of where our fixed cost base is now, we can scale the business off of it, and that's what we plan to do.

Thank you, Tom. Then a question regarding AKOFS, I'll direct that to you, Karl.

AKOFS have strengthened their commercial pipeline, including the new award for AKOFS Santos and the nomination for Wayfarer. What does this mean for the potential to realize values as an owner of AKOFS?

For AKOFS, as I mentioned, the commercial outlook has strengthened significantly, with two vessels now contracted into 2031 and the third through 2028. We have a solid and long horizon that will support both earnings and earnings visibility.

However, the cash flow will remain somewhat limited until late 2027 due to CapEx requirements and also the remaining bareboat payments on the Wayfarer. Beyond that point, cash-generation profile will be strong and attractive.

Given this development, we continue to evaluate strategic opportunities for AKOFS from what we consider to be a stronger position. This may include value-unlocking initiatives over time, such as potential separate listing or other strategic options, although it's too early to be very specific at this stage.

In parallel and connected to this, we look at the refinancing solution both for the Santos facility and the Wayfarer structure as the lease approach expiry, and also by that aim to unlock future value.

Thank you, Karl. Then I think we have one last question, we'll round off with that, which I also direct to you then, Karl.

What is the most likely outcome for NES: listing or M&A deal?

I don't comment on M&A before it's concluded, what is likely I will not comment on, but what I can say is that we will prefer a sale and towards a listing, and that's simply because then we will receive the proceeds immediately, while with a listing, we have to unlock the proceeds over some time. I think that's my comment.

Great. Thank you very much, and I believe that concludes our session.

We'd like to thank the HMH team for participating, and all others for your attention, and we look forward then to welcoming you back for our presentation of our first-quarter results in April. Thank you very much.