Johannes Narum
Head of Investor Relations

Good morning, ladies and gentlemen, and welcome to Storebrand's First Quarter 2026 Results Presentation. As usual, our CEO, Odd Arild Grefstad, will present the key highlights, followed by CFO, Kjetil Krokje, who will dive deeper into the numbers. At the end of the presentation, participants in the Teams webinar will have a chance to ask questions. Details on how to join the webinar are found on the Investor Relations website.

But without further ado, I give the word to our CEO, Odd Arild Grefstad.

Odd Arild Grefstad
Group Chief Executive Officer

Thank you, Johannes, and good morning, everyone. Storebrand delivered a solid start to 2026. The macro backdrop of the first quarter was challenging with volatile financial markets. Yet our business model proved robust with positive developments across all business segments. The operational result grew 28% to NOK 1,026 million. The cash-based earnings ended at NOK 1,353 million, despite a moderate financial result due to mark-to-market effects. Assets under management ended at NOK 1,543 billion. While market movements negatively impacted the AUM this quarter, the changes were mainly driven by currency effects. Net flows remain positive, and we have seen the market rebound in the second quarter.

Our solvency ended at a new high of 206%. This underscores the solidity