Fredrik Berge
Head of Investor Relations

Good morning, and welcome to Aker's first quarter results presentation for 2026. My name is Fredrik Berge, Head of Investor Relations at Aker. I'm joined by Aker's President and CEO, Oyvind Eriksen, who will take you through the key highlights and portfolio developments in the quarter. I'm also joined today by Torbjorn Kjus, Chief Economist at Aker BP, who will share his perspectives on the energy markets. And finally, Aker's CFO, Svein Oskar Stoknes, who will take you through the financial results in more detail. After the presentation, we will open for questions. You may submit your questions at any time using the chat function.

And with that, I hand it over to Oyvind Eriksen.

Øyvind Eriksen
President & CEO

Thank you, Fredrik. It's tempting to start with a fun fact that puts things into perspective. When I joined Aker in 2009, our net asset value was NOK 18 billion. Today, we're reporting a single quarter, 3 months only, which added NOK 43 billion to our net asset value and the Aker share price went up 39% in the same period. Two companies drove the development. Aker BP contributed NOK 15 billion to our net asset value and Nscale added NOK 22 billion following our investment in the Series C capital raise.

Beyond record-breaking results, the numbers reflect underlying forces. In energy, a structural shift is underway. Geopolitics is no longer episodic, but a persistent part of how energy is priced. Supply is more actively managed. Investments has been uneven and the system's buffer is thinner than it has been for the decades. In artificial