Mathias Meidell
Director of Investor Relations

Hi, and welcome to Hexagon Purus Q1 2026 Presentation. We are sorry for the delay. My name is Mathias Meidell, and I am the IR Director of Hexagon Purus. I will be moderating from the studio in Oslo.

And from the studio, I'm also joined by Group CEO, Morten Holum; and Group CFO, Salman Alam. The agenda for today includes, as usual, highlights from the quarter, a company update, the financials and the outlook. We will end the presentation with a Q&A session. So please feel free to enter your questions via the function on your screen.

And with that, I will pass the word over to you, Morten, who will take us through the highlights of the quarter.

Morten Holum
President & CEO

Thank you, Mathias, and good morning, everyone. Thanks for tuning into our webcast today. Let's start by looking at the key developments in the first quarter. Number one, revenue improved year-over-year. Headline revenue, including one-off gains from transactions, was NOK 405 million, 76% higher than last year. On a like-for-like basis, excluding the one-offs, underlying revenue of NOK 271 million was 29% higher than Q1 last year.

Number two, we took steps to further reduce costs in Q1, executing additional workforce reductions across the Group to better align the cost base with the current market environment. Number three, we completed the divestment of the U.S. Aerospace business to SpaceX. And finally, number four, we signed a financing agreement with CIMC Enric for the joint venture in China.

All-in-all, an active quarter where we took several decisive actions