Aker Stock

Good morning, and welcome to the presentation of Aker's Second Quarter and Half Year Results 2026. My name is Fredrik Berge, and I'm Head of Investor Relations. I'm joined by Aker's President and CEO, Oyvind Eriksen, who will take you through the key highlights and recent developments in the portfolio. Our CFO, Svein Oskar Stoknes, will then take you through the financial results in more detail. After the presentation, we will have a Q&A session.

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

Good morning, and thank you for attending this presentation in the middle of the summer. Today, we're summing up the second quarter and half year 2026, which has been nothing less than consequential for Aker. A portfolio of investments with core assets at the intersection of energy and artificial intelligence has served our shareholders well.

Aker's total shareholder return was 10% in the quarter and more than 53% in the first half of the year, outperforming the Oslo Stock Exchange Benchmark Index by a mile. Aker's net asset value made a step-change, too, at almost NOK 40 billion in the first half to NOK 106 billion in total after payment of NOK 2.2 billion in cash dividends.

The performance was driven primarily by continued extraordinary growth at Nscale, a landmark divestment of Cognite and great results reported by Aker BP. The Cognite transaction is expected to generate NOK 14.7 billion in cash proceeds to Aker. This will bring Aker's total liquidity to more than NOK 20 billion. This significantly increases our investment capacity to pursue new and attractive industrial opportunities.

This morning, we announced another portfolio adjustment by taking Aker BioMarine private. I will revisit Nscale, Cognite, Aker BP and Aker BioMarine in a moment. But let me first elaborate briefly on the recent value creation.

Building Industries is much closer to a decade-long marathon than the quarterly sprint. That's why it's so important to view the results year-to-date in a broader context. The value proposition to Aker's shareholders is partly about growth in net asset value and partly about an attractive cash dividend.

I have already mentioned the second quarter and half year results. Here, you see the broader and more relevant context for the Aker share price, net asset value and dividend distribution. Since the relisting of Aker in 2004, Aker has delivered a total of NOK 130 billion in value creation. Net asset value has increased by NOK 98 billion, and Aker has paid a total of NOK 32 billion in cash dividends. At the same time, the share price has increased almost 19 fold.

That combination of value growth and cash distributions remains at the core of the Aker investment proposition. The results we are reporting today are part of a much longer track record of value creation.

The way we build great companies is also something that makes Aker unique. Our method of work is a fine balance between long-term industrial innovation and entrepreneurial spirit. And our toolbox consists of [ stone-on-stone ] organic growth, coupled with partnerships and transactions.

This slide summarizes some of our partnerships and mergers and acquisitions. As already mentioned, the combination has made great shareholder returns over time and the results reported today are not -- no exception. The story of Aker BP is still one of the clearest examples of what Aker can build through long-term industrial ownership. In June, the partnership with BP marked its 10-year anniversary.

10 years ago, we combined the [ norske oljeselskap ] and BP Norway to establish Aker BP. Since then, production has grown from 62,000 barrels of oil equivalent per day to close to 400,000 today, with further growth expected when Yggdrasil reaches full production. Together, we have built one of the most efficient offshore oil and gas companies in the world. with operating costs in 2025 of USD [ 7.3 ] per barrel and CO2 emissions of 2.8 kilograms per barrel.

Over the same period, Aker has received NOK 22.7 billion dividends from Aker BP, and the company has delivered an average annual shareholder return of approximately 25%. This is value creation by a mile.

The tenth anniversary also comes at a time when energy security has moved much higher on the agenda. Fatih Birol recently wrote that the global energy map is being redrawn in real-time and that trust has become one of the most important commodities in energy.

His point is simple. After the shocks from Russia's invasion of Ukraine and the disruptions around the Strait of Hormuz, energy trade is no longer judged only by price. Predictability matters, reliability matters, trust matters.

That's directly relevant for Aker BP. In a world where customers and countries place a high value on secure supply, Norway's position becomes stronger. So does Aker BP's. The Norwegian continental shelf remains resource-rich, cost competitive with low emissions and is supported by one of the strongest supplier industries in the world. For Aker, Aker BP is therefore not only a 10-year success story, it remains one of our most important industrial positions going forward.

Now on to Nscale, our most recent rocket ship. It's 1 year since Aker made its first investment in the company and 2 years since Nscale was established. Since then, Aker has become Nscale's largest shareholder with an ownership interest that is now comparable to our stake in Aker BP.

Even more important for our shareholder value is how Nscale has developed. The company has become one of the fastest growing we have ever seen through collaboration with giants like Microsoft, NVIDIA, Dell and other AI innovators. Continued success for Nscale depends partly on executing projects already secured and partly on having the right strategy going forward.

The best way to ensure successful project execution and operation is to build a world-class team and work with key suppliers through an alliance-based model. This is a method of work we know well from Aker BP, where aligned incentives shared expertise and disciplined execution have been central to performance.

The boxes are being ticked at Nscale. The company's strategy is based on building an AI platform company running on Nscale's infrastructure. Compute services remain at the core of that strategy.

Demand for computing continues to accelerate as AI proliferates into every enterprise and workload, and inference is overtaking training of models. Every application deployed, every user onboarded and every query answered represents incremental and recurring demand for compute infrastructure.

Diversification is a natural next step for Nscale across its customer base, geographical footprint and product offering. The ambition is to capture a larger share of customers' AI spending by expanding beyond infrastructure into higher-value services and software. Nscale aims to be the preferred platform for building and deploying AI workflows. Over time, success will be measured not only by computing capacity delivered but by the value created for customers.

The second most frequently asked question I have received over the past year concerns potential listing of Nscale. That question should be answered by Nscale itself, not by Aker. My additional reply is, however, that exposure to end scale is already available through investing in Aker.

The top frequently asked question I have received for years has been about a U.S. listing of Cognite. Finally, I can answer the question clearly. Never, at least not by us. A few weeks ago, we sold Cognite to Schneider Electric. The strategic rationale for acquiring Cognite is straightforward. Schneider Electric wants to position itself at the center of the next phase of industrial intelligence.

Cognite provides the foundation. Its cloud-native platform combines a unified industrial data model with agentic AI capabilities. This enables customers to operationalize AI directly within plant operations. asset management and engineering workflows.

By bringing Cognite into Schneider Electric and its industrial software subsidiary AVEVA, they are uniting the world's most comprehensive energy and automation infrastructure with the AI and software capabilities required to make the system think, adapt and act.

The combination makes Cognite a part of what is regarded as the highest-growth segment of industrial software. The Conine transaction has been applauded by customers, partners and shareholders. It's nevertheless true that Aker neither plan nor prefer to sell Cognite at this stage. Our conviction regarding the company's additional potential was simply too strong to initiate a sale. The original plan was to continue building.

We decided, however, to respect the fact that fellow shareholders understandably had a different investment mandate and horizon when offers from global technology giants like Schneider Electric came on the table. Strategic pragmatism is sometimes also a prerequisite for successful partnerships.

Cognite was established in 2017 at a time when neither industrial AI nor data ops were established categories. What started as an effort to solve industrial data challenges become one of the world's leading industrial AI and data companies.

Aker has invested approximately NOK 750 million in Cognite. The transaction values Kong net at NOK 30.8 billion and is expected to result in a NOK 14.7 billion cash proceeds to Aker. This is equivalent to approximately 20x invested capital in last 10 years. The transaction represents a valuation of 24x annual recurring revenue, making it the largest transaction of its kind in Norway and among the largest in Europe within industrial software. The financial outcome is significant.

Just as important, Cognite has given Aker front-row seat to one of the most consequential technological developments over time. The terms reflect both the quality of the company and the position Cognite onnet has established in industrial AI.

For Aker, the transaction realizes substantial value while strengthening our balance sheet and increasing our financial flexibility. For Cognite, the transaction provides access to global scale, broader distribution and one of the strongest industrial software platforms in the world.

This morning, we announced an offer to take Aker BioMarine private. We have spent considerable time evaluating alternatives for the company. Interest has been strong, but none of the alternatives we reviewed reflected what we believe the business can become over time.

The market backdrop is attractive. Demand for omega-3 continues to grow while supply remains constrained. At the same time, Aker BioMarine has built a position that is difficult to replicate. The company has around a 90% market share within global [ fill ] oil, supported by a sustainably managed supply chain.

We believe the company is entering an important phase of development. The best way to support that development is through active ownership, patient capital and long-term perspective. That's a role Aker has played many times before. It's a role we know very well. Through a statutory merger, minority shareholders of NOK 105 per share, this represents NOK 9.2 billion in equity value, of which Aker Capital already owns 77.7%. The offer is structured as 80% in Aker shares plus NOK 21 per share in cash or an optional all cash alternative.

Over time, Aker BioMarine has created positive value for shareholders. with an accumulated return of approximately 30% since listing in 2020. Still, we believe the company's next phase will require a form of ownership that is less constrained by short-term market expectations and better aligned with long-term industrial development.

It has been an active first half of the year in Aker. We have realized significant value through the sale of Cognite. Nscale continues to scale at extraordinary speed. Aker BP marks 10 years of value creation and remains exceptionally well positioned. And this morning, we announced an offer to take Aker BioMarine private.

Taken together, these developments leave Aker in a strong position. The balance sheet is strong with close to zero net debt following the Cognite transaction. The portfolio is more focused, and our capacity to invest has increased materially.

The opportunity set looks very different today compared to just a few years ago. New industries have emerged, existing industries are being reshaped, technological developments that once felt distant have become central to capital allocation and industrial strategy. That creates opportunities. Our job is not to pursue all of them. Our job is to identify the few where Aker can make a real difference and come a bit behind them for the long term.

Thank you to our employees, partners and shareholders for your continued trust and support. I wish you all and myself, a restful summer. But before that, I hand it over to Svein Stoknes, who will take you through the numbers in a greater level of detail.

Thank you, Oyvind, and good morning. To begin, I will provide a brief overview of the key numbers for our listed and unlisted equity investments along with cash and other assets, followed by a more detailed discussion of our financial results.

At the end of the second quarter, Aker's listed equity investments were valued at NOK 66 billion. This represented 54% of total assets, equivalent to NOK 887 per share. During the quarter, listed investments declined in value by approximately NOK 11 billion. The main driver was Aker BP, which fell by NOK 7.7 billion or 16% after dividend. This reflected the decline in the Brent oil price, which was down almost 29% over the period.

In the second quarter, dividends from listed investments amounted to NOK 2.8 billion. The largest contribution came from Aker Solutions with NOK 1.7 billion. This included both the ordinary dividend and an extraordinary dividend related to proceeds from the sale of its SLB shareholding. Aker BP contributed NOK 812 million in dividends, followed by Solstad Maritime with NOK 192 million, Akastor with NOK 151 million and Solstad Offshore with NOK 25 million.

Next, turning to Aker's unlisted equity investments. At the end of the quarter, these investments were valued at NOK 53 billion. This represented 44% of Aker's total assets equivalent to NOK 712 per share. The value increased by NOK 8 billion compared with the previous quarter. The main driver was the announced sale of Cognite to Schneider Electric.

The transaction valued Aker's ownership interest in Cognite at NOK 14.7 billion, including the settlement of the NOK 0.6 billion convertible loans. This was NOK 7.4 billion above the previous value or equivalent to an uplift of NOK 100 per share. In total, Aker expects to receive approximately NOK 14.7 billion in cash proceeds from the transaction.

As in the previous quarter, the reported value of Aker's ownership stake of 22.7% in Nscale is based on the post-money Series C valuation of Nscale of USD 14.6 billion.

Moving now to cash and other assets. At the end of the quarter, this asset category accounted for 2% of Aker's total assets equivalent to NOK 33 per share. Cash inflows during the quarter amounted to NOK 3 billion. This was primarily driven by NOK 2.9 billion in dividends received from Aker Solutions. Aker BP, Solstad Maritime, Akastor and Solstad Offshore. Cash outflows also amounted to NOK 3 billion. This included dividends paid of NOK 2.2 billion, net debt repayments of NOK 234 million and interest-bearing loans to portfolio companies of NOK 151 million.

In addition, cash outlays related to operating expenses and net interest amounted to NOK 321 million for the quarter. As a result, the cash balance at quarter end was NOK 0.7 billion.

With that, let's turn to the second quarter financials for Aker ASA and holding companies. Starting with the balance sheet, in line with our accounting principles, investments are recognized at the lower of historical cost and market value. At the end of the quarter, the book value of Aker's investments was NOK 55.3 billion. This was an increase of NOK 463 million compared with the previous quarter.

The increase primarily reflects the assumed conversion to equity of the outstanding Cognite convertible loan amounting to NOK 645 million. This will be settled as part of the transaction related to the sale of Aker shares in Cognite. The increase was partly offset by a negative value adjustment in Akastor after dividend of NOK 175 million.

The book value of equity at quarter end was NOK 42.7 billion, up NOK 2.3 billion from the previous quarter. This increase was driven by profit before tax in the quarter. On a fair value adjusted basis, Aker's gross asset value was NOK 121.3 billion. After deducting liabilities, net asset value amounted to NOK 106.1 billion or NOK 1,429 per share. The value-adjusted equity ratio was 88%.

Of total liabilities, NOK 14.8 billion is related to bond debt and bank loans. Aker maintained a strong financial position at quarter end with modest leverage and ample debt capacity. The loan-to-value ratio was 12%. The total liquidity buffer amounted to NOK 5.7 billion, including undrawn credit facilities and liquid funds. And the Cognite transaction is expected to generate an additional NOK 14.7 billion in cash, bringing Aker's total liquidity buffer to more than NOK 20 billion.

Net interest-bearing debt increased to NOK 13.1 billion from NOK 12.7 billion in the previous quarter. The increase was primarily driven by a reduction in interest-bearing receivables. This followed the assumed conversion to equity of the Cognite convertible loan and as part of the announced sale of Aker shares in Cognite.

Aker's weighted average debt maturity was 2.8 years at quarter end, including available options to extend credit facilities and loans, the effective maturity is approximately 5 years.

Finally, turning to the income statement. Operating expenses for the second quarter amounted to NOK 128 million, reflecting the high activity level during the period. Dividend income totaled close to NOK 2.9 billion. The largest contributions came from Aker Solutions with NOK 1.7 billion and Aker BP with NOK 0.8 billion. Additional dividend income came from Solstad companies and Akastor.

The net value change for the quarter was negative NOK 196 million. This was mainly driven by a value decrease in Akastor, which amounted to NOK 175 million after dividend. Net other financial items were negative NOK 250 million for the quarter. As a result, Aker's profit before tax for the quarter was NOK 2.3 billion.

Thank you. That concludes today's presentation, and we will then move on to Q&A.

Thank you. So Oyvind, your first question. Aker delivered an exceptional NAV increase of NOK 40 billion in the first half of the year. And following the Cognite transaction, you mentioned that Aker's liquidity position will exceed NOK 20 billion. That's arguably very impressive. Could you share your reflections on this strong position and the potential use of proceeds?

It is the result of a long-term strategy and a lot of hard work not only for me, but even more for the team. It also illustrates how Aker operates in order to grow net asset value by building great companies like Aker BP and continue now with an extraordinary growth at Nscale.

In parallel, we are boosting upstream cash flow to Aker partly through a predictable dividend and partly through transactions like the Cognite transaction. So everything materialized in the second quarter this year or the first half of this year, but it's the result and the consequence of a long-term strategy and effort.

Thank you. So continuing on Cognite, regarding the closing of the transaction, it's expected in Q4, is it subject to any specific hurdles or just normal regulatory approvals?

It's an extraordinarily clean deal and only subject to regulatory approvals required by law. So it's a matter of process, but not a transaction risk.

So the Aker share price trades at a discount to net asset value. However, the Cognite transaction might demonstrate that Aker's track record and ability to realize higher than reported NAV values for unlisted assets. What are your reflections and thoughts on this?

Well, basically, it's a buying opportunity. It has varied over time, the gap between market cap and net asset value has been more narrow recently than what it has been in the past. But this quarter was somewhat an extraordinary, simply due to the fact that we announced the Cognite divestment after the stock exchange closed on June 30, the last trading day in the second quarter. And hence, the share price reaction will be reported in the third quarter rather than the previous one.

That's a good point. Over to Nscale, it represents a strategic investment in AI infrastructure, kind of new area for Aker. How does this fit into Aker's long-term portfolio strategy? And what do you expect from it going forward?

I actually think an Nscale fits better into our industrial capabilities than Cognite did at least the first few years. We have never ever built a software company when we started Cognite in 2017.

As far as Nscale is concerned, we have been in energy for the generations. And we are now leverage what we learn from Cognite while building up not only an infrastructure AI company and Nscale with a strategy to grow higher up in the technology stack and also provide AI capabilities, which ultimately can provide real value to customers.

So the combination of the industrial legacy of Aker in Energy and the lessons learned and the network buildup in the last 9 years helped by Cognite is a very unique point of departure for serving a role as the largest shareholder in [ Aker ].

So over to Aker BP. The company delivered a solid quarter with higher realized oil prices. On the back of the conflicts in the Middle East, how do you view the outlook for the oil and gas markets and Aker BP's position?

Well, the volatility in oil and gas continues to be very high. And I must admit, sometimes hard to predict. But what's already clear is that the market is about to change. And as I said in my presentation, trust has become a far more important factor for countries and companies and customers. So that should benefit the Norwegian continental shelf and companies like Aker BP, [ Equinor ] and more as reliable and trusted suppliers of oil and gas and to Europe and to the rest of the world.

And the final question, the last year, the last 12 months, has been very active at Aker, streamlining the portfolio, investing in new areas, including real estate and Nscale and creating a focused Aker. So any thoughts on the job done and the way forward?

It's a tremendous job done in the first half of this year obviously, hard work and long hours, but the quality of the team and the quality of the work are extraordinary. So big thanks once again from not only me, but also from the Board and our main shareholder to the Aker team and our colleagues and all across the Aker Group.

Thank you. That was our final question and concludes our webcast for today. If you have any further questions, please don't hesitate to reach out. And thank you again for joining us.

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.

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 intelligence, demand for compute continues to run ahead of supply, and the gap is not narrowing. This is no longer just about technology. It's about access to power, infrastructure and capacity over time. These are forces shaping our portfolio and driving growth.

Aker is heading into a next phase of long-term value creation. The quarter materially advanced the portfolio, not just in results, but our position going forward. Nscale stands out. The company raised USD 2.1 billion in its Series C, the largest of its kind in Europe ever. Aker invested USD 350 million in cash and rolled up our joint venture stake. As a consequence, Aker became Nscale's largest shareholder. Our ownership is now direct and more strategically anchored. Nscale represents an asset value of NOK 32 billion and has become our second largest asset after Aker BP.

The company is progressing at an incredible speed, both commercially and operationally. I'll get back to this in more detail shortly. Across the rest of the Aker portfolio, values continue to be crystallized. Akastor listed HMH on NASDAQ, raising USD 210 million, consistent with its strategy of unlocking value. Aker Solutions monetized its shareholding in SLB and returned the proceeds to its shareholders. In total, NOK 4.2 billion was distributed as dividend after quarter end.

And lastly, Aker BP delivered yet another strong quarter. Operationally, the Symra field came on stream 9 months ahead of schedule and Solveig phase 2 started as planned, adding more than 100 million barrels of recoverable resources. Reflecting on the strength of the portfolio, the Annual General Meeting approved a dividend of NOK 29 per Aker share with authorization for an additional distribution to our shareholders later this year.

Now back to the biggest single portfolio event this quarter and was one of the most significant and consequential moves we have made in years, our investment in Nscale and entry into AI infrastructure. It comes at a time when AI is scaling into build-outs at industrial level. Demand is moving ahead of what can be realistically deployed, which reflected in both capital allocation and in pricing. Hyperscalers are investing at a pace the industry has not seen before. At the same time, access to compute capacity is tightening, constrained by power, grid availability, hardware and the ability to execute at scale, which is shaping how this market develops and who captures the value.

This is a massive opportunity and exactly where Nscale is positioned. In the U.S., platforms such as CoreWeave and Nebius give a clear reference point for valuation. They are scaled against capacity, contracted demand and growth in deployment. The Series C post-money valuation of scale at USD 14.6 billion sits within that range for a platform that is earlier in its build-out, but scaling quickly in the same market. Nscale is building a fully integrated AI infrastructure platform. It designs, builds, owns and operate data centers and compute clusters as one system, facilities, GPUs, networking and the software layer developed specifically for AI workloads. This integrated approach is a key point of differentiation and allows capacity to be developed and deployed in parallel rather than step by step.

The platform is anchored in markets with access to low-cost renewable power, including Norway, Iceland and Portugal and is firmly established in the United States, the world's largest and most active AI infrastructure market. Nscale has already established a portfolio of projects with a growth potential that can make it one of the leading neo cloud companies in the world. The company and partner base with global leaders like Microsoft, NVIDIA, Nokia and Dell also reflect that position. I'm the Vice Chairman of the Nscale Board. The quality of the team, combined with the pace and scale of the company's trajectory is, frankly speaking, unlike anything I have ever seen.

Starting with governance. During the quarter, Sheryl Sandberg, Susan Decker and Nick Clegg all joined the Nscale board. Those kinds of high-caliber leaders are both a testament to the company's potential and a reflection of the current momentum. On the technology side, Nscale has secured early access to NVIDIA's industry-leading Vera Rubin platform with plans to deploy more than 100,000 GPUs across Europe starting in 2027. That's capacity at industrial scale and speaks to the level of partnership that Nscale has already established.

On financing, the Series C was complemented by a USD 1.4 billion asset-backed term loan to support GPU development and deployment. Critical financing components to ensure both build-out and deployment. Commercially, Microsoft has now contracted the full initial capacity at Narvik, replacing the earlier Stargate structure. The site itself hasn't changed, but the company now has a larger long-term agreement with one of the strongest counterparties in the market. And in the United States, the acquisition of the Monarch compute campus in West Virginia firmly moves Nscale into the top tier of AI infrastructure. This is a 2,000-acre multi-gigawatt site designed to scale into one of the largest AI compute environments globally.

Microsoft has already in place a letter of intent, converting more than 1 gigawatt of compute capacity. Beyond AI infrastructure, our industrial software platform has also reached an inflection point. Cognite is operating at scale as reflected in the first quarter results. Revenue grew 28% year-on-year with recurring revenues up 27% and more than 86% of bookings are now driven by Atlas AI, Cognite's industrial AI agent workbench, which allows customers to build and deploy AI agents directly on top of trusted, contextualized operational data.

Adoption is accelerating fast. The number of Atlas AI customers has increased nearly fivefold over the past year. At the same time, Cognite is expanding its ecosystem in a way that strengthens the platform. The partnership with NVIDIA supports faster execution of industrial AI workloads, while the collaboration with Snowflake extends the reach across the enterprise data stack, connecting operational data with analytics and decision-making. That progress is being recognized externally.

Cognite was named the leader in the IDC MarketScape for industrial data ops platforms. And the growth is broadening beyond energy. We are seeing solid traction in pharma and life science, which speak to the broader applicability of the platform. When I look at what has been built over the past several years, I see a platform that is becoming more relevant with each passing quarter. As AI deployment accelerates across industries, the need for trusted, contextualized operational data only deepens, and that is exactly where Cognite is positioned.

For Aker, Cognite hits our ownership sweet spot, combining strong underlying trends with deep domain expertise and building platforms that sit at the center of where value is created. All in all, a pivotal quarter with performance at historical magnitude at Aker. I can't promise to beat that record quarter-by-quarter. That's neither the objective while managing a portfolio with exposure to geopolitical and market volatilities. What matters ultimately is the longer-term creation of shareholder value.

What excites me most is the repositioning of Aker at the intersection between energy and AI, both segments with undisputed growth trajectories and high investor appetite and both opportunities that we are pursuing and realizing with customers and partners who are defining the future globally. I can hardly think of a better point of departure for managing the current uncertainties and opportunities in the world markets and generating even more value to Aker shareholders. But it also requires insight and analysis. I'm privileged to have some of the most knowledgeable experts as my colleagues. One is Torbjorn Kjus, who I invited to join me today to share with us briefly his perspectives and outlook for the energy markets.

So Torbjorn, the floor is yours.

Thank you, Oyvind, and good morning. I will, in particular, explain why price developments in Dated Brent and North Sea crude grades have been so extreme recently and what this tells us about risk premium, timing and physical scarcity in the market, factors that are directly relevant for value creation and cash flow in Aker's portfolio companies. I will cover 5 topics: how oil is priced in practice, what Dated Brent actually is, why North Sea differentials have moved so much and what an oil price above $100 really means in historical context and what kind of longer-term effect the current Hormuz crisis might entail.

So how is oil actually priced in real life? Crude oil is generally sold as a price differential to a benchmark, not at a fixed flat price. And Brent is the dominant global benchmark, around 60% to 70% of all globally traded waterborne crude is priced against it. The futures market, on the other hand, dominate the day-to-day price discovery, but the futures market is ultimately anchored to physical oil through delivery mechanisms. That physical connection becomes especially important when futures contracts are approaching expiry and markets are stressed.

So what is Dated Brent? And why is it so much higher now than the paper market, the futures market? Well, Dated Brent is a daily assessment of the price of physical crude oil available for prompt delivery in the North Sea, typically within a 10- to 30-day window. It is assessed each day by S&P Global Platts based on market activity in the market on close window, some call this the Platts window, which closes at 16:30 London time.

What we have seen recently is a record high differential between Dated Brent and the front month Brent futures contract. The key reason is timing. When physical barrels are scarce, the market places a very high premium on immediate availability and the forward curve becomes sharply backwarded. In simple terms, people are willing to pay much more to get oil right now than to get it next month. So since March 12, when the Brent price surpassed $100 per barrel, Brent Dated has averaged $117 per barrel, while the first month Brent futures have averaged around $105 per barrel. So historically extreme differential between those 2 of $12 a barrel.

So why have these North Sea differentials increased so much? Because on top of the Brent Dated price, the NCS producers receive a differential agreed on average about a month before each cargo is loading. And the average peak differential of NCS crude oil grades versus brent dated was agreed in the period about 10 to 15th of April at close to $19 a barrel on top of the Brent Dated price. So this means that peak physical pricing for NCS grades should likely be in the first 2, 3 weeks of May. The underlying driver is a severe physical supply disruption, of course, related to the flow through the Strait of Hormuz.

We estimate that around 13 million to 15 million barrels per day of crude oil production is currently shut in because storage fills up inside the Hormuz Strait, making it necessary to curb production, logistics are tightening, shipping times increase. So in the most optimistic scenario, which would be a reopening of the Strait during May, Middle East producers will have shut in approximately 1.5 billion barrels of oil production in 2026.

When flows resume, global inventories will need to be refilled, supporting incremental import demand of about 2 million barrels per day for up to 2 years. This alone should support prices well into 2027. So is $100 a barrel, is that a historically high oil price? Well, in nominal terms, yes, of course, it is significant. But in real inflation-adjusted terms, it's not historically exceptional at all actually because the average Brent price the past 20 years in real terms has actually been $100 a barrel.

So what matters most is the share of global economic output spent on oil. So if Brent Dated averages $150 a barrel in 2026, the oil burden would be approximately 5%, similar to what we observed between 2011 and 2014 when the nominal average Brent price was around $107 a barrel. Now what about the longer-term oil price effects? A prolonged closure of the Strait of Hormuz would leave lasting imprints on global oil markets. The Hormuz crisis has underscored more sharply than any event in recent years that energy security remains a central concern for governments and corporations alike.

Governments and corporations would likely mandate structurally higher strategic petroleum reserves and emergency stockpiles, while new and costlier trade routes such as expanded pipeline capacity and longer tanker voyages would embed a permanent risk premium. So a sustained price shock of this magnitude could, however, accelerate fleet electrification and biofuel adoption, for example, in transportation, much as the oil shocks of the early 1980s permanently drove oil out of power generation market, a market it never has really meaningfully reentered.

We don't almost use oil for power generation anymore. Now this stands in sharp contrast to episodes of mere demand suppression, as I like to call it, such as the 2008 and '09 financial crisis or the COVID shock of 2020, where demand collapsed but only temporarily and ultimately rebounding, leaving oil's structural market position mainly intact. So while European EV sales, electric vehicle sales have accelerated after the Hormuz crisis, sales are down in both the key markets, China and the United States so far in 2026, which is reflecting reduced policy support in both those important markets for electric vehicles.

The net result is that global year-on-year EV sales were, in fact, negative even in March, meaning the crisis potential to accelerate oil demand displacement through electrification remains for now at least more of a medium-term aspiration than a near-term reality. What is observable so far is that the market has already priced up the average expected Brent price for 2027 to '29 by about 15% to 30% compared to when we started this year of 2026.

So what are the key takeaways? First, Brent is the dominant global benchmark for crude oil and crude oil is sold as a differential to Brent. Second, the large gap between Dated Brent and Brent Futures is mainly driven by timing and physical scarcity. Third, North Sea differentials are amplified by the same timing effects and steep backwardation curve structure. And fourth, an oil price above $100 a barrel is not historically extreme. We would need a sustained average of $150 a barrel to match the oil burden that we saw from 2011 to 2014 of about 5%.

Finally, the longer-term effects of the Hormuz crisis, they are uncertain. We will end up with permanent demand destruction like we saw in the early 1980s or just temporary economic demand suppression like we saw in The Great Financial Crisis in 2008 and '09 and the COVID crisis in 2020. No matter what happens to real oil demand going forward, we believe we can be quite certain that demand for imports to refill drawn down inventories will be supportive for oil prices at least far into 2027. For Aker ASA, where Aker BP is the core industrial asset, these market dynamics primarily support earlier, more visible and resilient cash flows, which is strengthening the predictability of dividend income and overall financial flexibility.

Thank you for listening.

Thank you, Torbjorn, and good morning. To begin, I will provide a brief overview of the key numbers for our listed and unlisted equity investments, along with cash and other assets, followed by a more detailed discussion of our financial results. At the end of the first quarter, Aker's listed equity investments were valued at NOK 77 billion, making up 62% of Aker's total assets and equal to NOK 1,039 per share. Most listed investments increased in value during the quarter, leading to an overall appreciation in value of approximately NOK 20 billion, with Aker BP as the single largest contributor, up NOK 13.9 billion for the quarter.

These gains were partially offset by a decrease of NOK 0.9 billion related to the portfolio of listed real estate investments. Throughout the first quarter, total dividends from listed investments amounted to NOK 1 billion. Of this, Aker BP contributed NOK 841 million, Solstad Maritime provided NOK 74 million, Akastor added NOK 40 million and Solstad Offshore contributed NOK 13 million.

Next, over to Aker's unlisted equity investments, which represented 36% of Aker's total assets at the end of the quarter and were valued at NOK 45 billion or NOK 605 per share. This value represents an increase of NOK 25.5 billion compared to the previous quarter, and the growth was primarily driven by Aker's participation in Nscale's Series C funding round, which valued Nscale post money at $14.6 billion. Aker's participation in Series C included a cash investment of $350 million, the roll-up of Aker's 50% ownership stake in the Aker-Nscale scale joint venture and the full earn-out realization.

After the transaction, Aker now holds a 22.8% ownership interest in Nscale, strengthening its position in the company and reflecting a strategic investment decision. At the end of the quarter, cash and other assets accounted for 2% of Aker's total assets equivalent to NOK 38 per share. Cash inflows of NOK 4.2 billion was primarily from a net NOK 3.2 billion drawdown on available credit facilities and nearly NOK 1 billion in dividends received from Aker BP, Solstad Maritime, Akastor and Solstad Offshore.

Cash outflows amounted to NOK 4.3 billion, including the investment of NOK 3.4 billion in Nscale, a NOK 340 million capital allocation to Aker holdco and a $15 million interest-bearing convertible loan to Cognite. Meanwhile, cash outlays related to operating expenses and net interest for the quarter amounted to NOK 396 million. As a result, the cash balance at quarter end stood at NOK 0.7 billion. Then let's move to the first quarter financials for Aker ASA and holding companies.

Starting with the balance sheet. In accordance with our accounting principles, investments are recognized at the lower of historical cost and market value. At the end of the quarter, the book value of Aker's investments was NOK 54.9 billion, which represents an increase of NOK 19.4 billion compared to the previous quarter. This change primarily reflects the roll-up of Aker's 50% ownership interest in the Aker-Nscale JV into Nscale and the $350 million cash investment in Nscale. This resulted in an increased book value of the investment of NOK 18.7 billion. The book value of equity at quarter end was NOK 40.4 billion, up NOK 16.4 billion from the previous quarter due to the profit before tax in the quarter.

On a fair value adjusted basis, Aker's gross asset value was NOK 124.9 billion. After subtracting for liabilities, the net asset value amounted to NOK 107.6 billion or NOK 1,449 per share after allocation for dividend. And the value-adjusted equity ratio was 86.2%, also after allocation for dividend. Of the total liabilities, NOK 14.9 billion is related to bond debt and bank loans and NOK 2.2 billion is related to the dividend allocation for 2025, representing NOK 29 per share, and this dividend was distributed earlier this month.

Aker maintains a strong financial position with modest leverage and ample debt capacity with a loan-to-value ratio at 11%. The total liquidity buffer was NOK 5.6 billion, including undrawn credit facilities and liquid funds. At quarter end, net interest-bearing debt increased to NOK 12.7 billion from NOK 9.7 billion in the prior quarter, primarily reflecting higher interest-bearing debt following the cash investment in Nscale. And Aker's weighted average debt maturity was 3.1 years. Factoring in available options for credit and loan extensions, the total effective loan maturity extends to more than 5 years.

Finally, moving to the income statement. Operating revenues were primarily driven by a gain recognized as a result of the roll-up of Aker's 50% ownership interest in Aker-Nscale JV into Nscale. This gain was measured based on the Series C transaction value. Operating expenses for the first quarter amounted to NOK 148 million, reflecting the high activity level during the period. Dividend income totaled nearly NOK 1 billion. The majority of this income was generated from Aker BP with additional contributions from the Solstad companies and Akastor. The net value change for the quarter was positive NOK 339 million and was mainly attributable to the value increase in Akastor, which amounted to NOK 422 million.

Net other financial items came in at negative NOK 134 million for the quarter. And finally, Aker's profit before tax for the quarter reached NOK 16.4 billion.

Thank you. That concludes today's presentation, and we will now proceed to Q&A.

Thank you, gentlemen. So let's start with the first question. Oyvind, in your presentation, you mentioned the repositioning of Aker at the intersection between energy and AI. Could you elaborate a little bit more on the potential it creates for Aker?

Well, energy and AI are interlinked and some of the key global trajectories as we speak. And I can hardly think about the company better positioned to balance the 2 factors and create value in that intersection. So what the results we reported this morning is just a start.

And the next question, also on the same type of topic. Aker has invested in AI through both Nscale and Cognite. How do you see AI evolving as part of Aker's portfolio in the longer term?

Well, the numbers are speaking for themselves. And it's already a very, very important part of the portfolio, and it will continue to grow and transition Aker from more traditional industries to AI and AI infrastructure. But in addition to that, we're getting access to technology and suppliers and knowledge, which benefits our operating entities, Aker BP, Aker Solutions, Aker BioMarine. So it's an ecosystem in addition to individual opportunities, which continue to drive development, growth and shareholder value.

So continuing on the topic of Nscale and AI. So how do you see the contract portfolio evolving? How is demand and opportunities beyond Microsoft?

Well, Nscale is a young company, but Nscale has already gained the trust with some of the most sophisticated tech companies in the world. And what I admire as Vice Chairman of the Nscale Board is the discipline in the management team. So it's not only about growth, but it's quality growth. One example is the criteria that Nscale primarily does business with investment-grade companies, hence, hyperscalers, hence, Microsoft. So, so far, that has been the prioritization.

As Nscale continues to grow, it's time also to diversify the portfolio even more because it goes without saying that even in this segment, companies without investment grade, like some of the most rapidly growing AI companies, they will typically pay a higher margin for the project and as a consequence, it boosts the profitability of Nscale going forward.

And a follow-up on Nscale. Any update on the IPO prospects? And how does Aker think about the potential participation in future funding rounds or IPO?

Well, as I've said before, the Nscale Board has to decide and communicate whether or not to IPO and if yes, when. But what's important to keep in mind is that through Aker, it's already possible to participate in this exciting opportunity. So as Nscale becomes a more and more important part of our portfolio, the Aker share is an implicit listing of Nscale.

So the next question then is about Cognite. When can we expect or what is the target of reaching EBITDA profitability.

Well, whenever we decide that Cognite should become profitable because it's a balancing act between an investment in AI product development, sales organizations, growth and P&L. And so far, our view has been that we would rather invest in the future and invest in the position as a global leader in AI for industry, which has been verified by external rankings and experts recently. We'd rather make that investment than adjusting back the level of activity to something which can make Cognite profitable. But it's our choice. It's a well-run company, with a great first quarter and verifying the market positioning and the market opportunity.

So last question is about the share price, which increased less than underlying values reflected in Aker's NAV during this quarter. What's your thought on this?

Big investment opportunity. And then you can ask why did the discount to NAV increase during the quarter. I think the simple question is that investors and analysts in Europe are less familiar with the investment proposition of AI and AI infrastructure. So a piece of advice from me to our shareholders and analysts today is to spend more time on what's going on in the United States. You have great listed companies like CoreWeave and Nebius, peers to Nscale, follow them and consider the development of Nscale by benchmarking with listed peers, and you will see that why we're so excited about this opportunity.

Thank you very much, Oyvind. That was the last question and concludes our webcast for today. So thank you all for listening, and see you next quarter.

Good morning, and welcome to the presentation of Aker's fourth quarter results for 2025. My name is Christina Schartum, and I am the Head of Communications at Aker. I am joined in the studio today by our President and CEO, Oyvind Eriksen, who will walk you through the key highlights and recent developments across the portfolio. We are also fortunate to have Josh Payne, Founder and CEO of Nscale, with us, to give an update on this exciting company. Our Chief Financial Officer, Svein Oskar Stoknes, will then take you through the financial results in more detail. After the presentation, we'll host a Q&A.

And with that, I'll hand it over to Oyvind.

Thank you, Christina, and good morning, everyone. 2025 was a pivotal year. Aker became a more focused industrial owner with greater scale in fewer platforms and a portfolio positioned to deliver through cycles. That comes through clearly in our full year results. Net asset value closed at NOK 67.3 billion, up 22.4% for the year, if you add the NOK 3.9 billion Aker paid in dividends. Total shareholder return was nearly 50%, a strong reflection of both underlying delivery and the choices we made during the year. Dividend income of NOK 6 billion continue to form the financial backbone of Aker, supporting predictable returns while giving us the freedom to invest where long-term ownership makes a difference.

We also saw clear progress across the portfolio. Our listed holdings grew 28%, reflecting strong delivery from companies that remain central to Aker's long-term industrial foundation. And our unlisted holdings, including technology platforms like Cognite and Nscale, grew 33% and is moving forward in ways that increase scale and strategic relevance. Taken together, 2025 strengthened Aker both financially and operationally, while also making it more clear how the mix of our companies positions Aker to navigate a more competitive and capacity-constrained decade.

The fourth quarter closed broadly unchanged from the net asset value of the third quarter despite a substantial dividend distribution of NOK 2 billion or NOK 26.5 per share. For 2026, the Board proposes a dividend of NOK 29 per share in the second quarter, with authorization for an additional dividend later in the year. The intention remains the same, a competitive, reliable payout supported by a portfolio that has become structurally stronger.

Aker BP and Aker Solutions have remained the core of Aker's Industrial Foundation, and 2025 reinforced why they sit at the center of the portfolio. Aker BP delivered another year of strong performance. Projects stayed on track, production remained high, and the company continued to operate as a low-cost, low-emission producer on the Norwegian continental shelf, a competitive position it has built systematically over time. The year also strengthened its long-term resource base through exploration successes, while maintaining the reliability and efficiency that underpin its cash generation.

Johan Sverdrup is the jewel in the Aker BP crown, accounting for more than half of the company's production at record low production cost and CO2 emissions per barrel. The laws of nature will trigger decline in production for any oil and gas field over time, including Johan Sverdrup, which is why that is embedded in Aker BP's plans and guidance. What's not included is the potential of enhanced oil recovery due to technology and drilling. History shows how big oil fields have outperformed forecasts repeatedly. For Aker, Aker BP continues to generate solid value creation, attractive dividends and continued confidence in a business that performs through cycles.

Aker Solutions also had a solid year with high activity levels and good progress across major projects, particularly those tied to Aker BP. Its strength lies in deep engineering competence, long-term customer relationships and asset-light model that continues to generate cash while expanding into new verticals. It also benefits from the scale and positions built through OneSubsea, which is increasingly well placed in a growing subsea market. Together, Aker BP and Aker Solutions anchor the kind of stability that lets us take a long-term view across the rest of the portfolio.

Real estate has become a significant and growing part of Aker's portfolio, now representing a gross NOK 145 billion platform. Beyond structure, the returns delivered over the past year deserve attention. Since the transaction announced in May 2025, all of Aker's real estate investments have significantly outperformed the broader market. Over this period, PPI delivered a 23% return; Sveafastigheter, 20%; and SBB, 16%; while the OMX Stockholm Real Estate Index declined by 4%. This reinforces our view of real estate as a disciplined, return-driven allocation, one that strengthens cash flow, reduces volatility and improves the portfolio resilience over time.

A key driver of this progress was the transaction between Public Property Invest, PPI, and SBB. It tripled PPI's portfolio and established a leading listed platform in the European social infrastructure, characterized by long duration leases, high occupancy and dependable public sector tenants. For Aker, the transaction increased our economic ownership in PPI to 34% and expanded our exposure to a platform with stable, predictable cash flows and countercyclical characteristics. The structure of the transaction was equally important. It reduced risk, strengthened balance sheets and simplified ownership, while allowing SBB to remain the majority owner in a higher-quality platform. The result was a material improvement in the quality and robustness of the ownership structure.

Moving on to Cognite, our exposure to industrial software and industrial AI. 2025 marked a clear shift. Focus is now on how AI will move from excitement to enabler of improvement and change and how these technologies are being used in day-to-day operations. Cognite sits at the core of this work, in environments where complexity is high, uptime matters, and the tolerance for error is near 0. Cognite provides the foundation that makes AI useful in production. Cognite Data Fusion delivers the contextualized data layer, while Atlas AI and [ June ] drive how AI is actually deployed in practice. Atlas AI is Cognite's industrial agent platform built on contextualized operational data, enabling AI agents to act on real operating conditions. [ June ] is Cognite's low-code environment for building and adapting industrial applications, reducing the time from ID to deployment significantly. Together, they shorten the distance between data, domain expertise and action, which is what industrial operators need for AI at scale.

The shift in adoption this year has been unmistakable. Cognite delivered USD 164 million in annual revenue, with ARR up 32% to USD 124 million. The number of Atlas AI customers grew nearly eightfold, firmly moving the product into mainstream use. And in 2025, more than 70% of new bookings included Atlas AI, showing how central it has become in new customer engagements. The fourth quarter reinforced this. Cognite signed 13 new customer contracts, underlining its ability to scale across asset-heavy industries globally. At the same time, the quality of the business strengthened, gross margin increased and reached 68%. And the software part of that gross margin exceeded 80%, reflecting a high-value Software-as-a-Service mix and operational leverage. And importantly, these are not generic AI pilots. Customers are deploying product-grade AI agents and workflows for our maintenance planning, root cause analysis, energy optimization and decision support, use cases tied directly to uptime, efficiency, safety and profitability where AI has real economic impact.

Commercially, Cognite continues to broaden. Around 80% of revenue now comes from customers outside the Aker Group and roughly 40% from outside oil and gas, reflecting significant sector and customer diversification. A new vertical, pharma and life science is showing especially strong traction with 4 of the top 10 global companies now Cognite customers. Cognite is also investing for growth. The company is expanding its sales force, deepening its market coverage and continuing to invest heavily in product development to maintain its pole position in industrial AI. A key differentiator remains the company's industrial proximity. Early deployments inside demanding operating environments, including Aker BP's Yggdrasil development, provide a feedback loop few software companies can match. There, Cognite's technology enables automated operations, remote control rooms and digitally-enabled work processes such as robotic inspection.

Taken together, Cognite is moving from early adoption to embedded use. AI is becoming part of day-to-day industrial operations. That is what supports continued growth and why Cognite plays a critical role in Aker's long-term value creation.

Aize is providing advanced visualization and collaboration tools that help asset-heavy industries plan, operate and maintain large facilities more efficiently. The company continues to strengthen its position, delivering advanced visualization and collaboration tools for heavy asset industries. Its technology is now deployed across 66 facilities worldwide, supporting customers like BP, Exxon and SBM Offshore. While Aize is well established in EPC and offshore operations, its addressable market is broader. The next area of expansion is onshore processing, and in the fourth quarter, Aize secured a first major contract for a large onshore LNG facility in the U.S., an important step in that direction.

2025 marked a shift in the company's revenue profile. Aize generated more than USD 14 million in recurring revenue, with subscription revenues increasing as the product matures. Revenue from customers outside [indiscernible] Aker Group also made a meaningful step forward, reflecting broader international traction. Looking ahead, the company is targeting a USD 50 million in the recurring revenue by 2029, with around 90% of the business on a recurring basis, reflecting a more scalable and predictable model as adoption grows.

We are very pleased to have Josh Payne, Founder and CEO of Nscale,, with us today. Josh has built one of the fast-scaling AI infrastructure platforms globally, and he'll take you through the company's trajectory and plans in more detail shortly.

Aker's shareholding in Nscale is our exposure to AI infrastructure at true international scale, where access to compute, power and grid capacity has become the defining constraint. The company combines data center capacity, GPU clusters and orchestrations in one integrated model built around long-duration customer commitments. We're also executing locally through the 50-50 Aker Nscale joint venture in Northern Norway, where Aker's industrial capabilities and Norway's strength in renewable power and grid access come together. Construction is underway in Narvik with 230 megawatts of secured grid capacity and around 1.5 gigawatts in the official queue across multiple sites, locations suited for large-scale energy-efficient AI infrastructure workloads. Over time, our joint venture stake can be rolled into Nscale parent company, ensuring that what we build locally connects directly with a larger long-term ownership in the broader global platform.

And with that, I'll hand it over to you, Josh, for a deeper introduction and presentation of your great company, Nscale.

Good morning, and thank you to Oyvind and the team for your leadership, and to the Aker shareholders for your continued support.

Nscale is a European-headquartered, vertically-integrated AI infrastructure company. The true challenge in the market is the enormous demand for AI infrastructure and the lack of supply, driven by the complexities of deploying large-scale infrastructure at speed and the disconnection between each segment of the value chain. Nscale solves this by both building and operating the data centers, building and operating the compute clusters and also the software, delivering large-scale training and inference as an end-to-end service for customers worldwide.

Today, we have deployments across 5 countries, and we're working together with Aker as part of the Aker Nscale joint venture to deliver large-scale AI infrastructure in Norway by utilizing the surplus renewable energy that exists in NO4. Norway, I believe, is one of the most compelling places in Europe to deliver on the global demand for AI compute capacity. Here in Norway, there are abundant renewable power resources, a mature industrial base, optimal climate and a high density of human capital. Norway has a long history of turning low-cost renewable energy into economic value. And for this reason, we firmly believe that Norway can leverage its energy resources to emerge as a global leader in artificial intelligence. That's why the partnership between Aker and Nscale matters.

Aker is a Norwegian national champion with world-class industrial project delivery. Nscale brings the full AI infrastructure to stack, which involves the data center design and operations, the clusters, the platform software that makes the compute valuable for customers. Together, we are building a new market for the country, turning Norway's economic and industrial strengths into high-performance AI capacity that is both sovereign, sustainable and built to the highest standards. Under the Aker Nscale joint venture, we are progressing a portfolio of AI infrastructure projects in Norway, anchored first by our flagship site in Kvandal near Narvik. In Narvik, we have 230 megawatts of secured grid capacity with a further 290 megawatts in capacity queue, and customer negotiations are ongoing for adjacent plots at Narvik to support continued expansion.

Overall, at Nscale, our future expansion is in line with the incredible demand we're seeing today, and we expect this will continue to grow in the future. The market is moving into a phase where the overall limiting factors are power, speed and efficiency of operations. In other words, this is becoming an execution story, and that is where our focus is in 2026 and beyond. In Q4, Nscale also strengthened the foundation for that execution. We successfully completed a Series B funding round, which was the largest Series B in European history at USD 1.1 billion, attracting both strategic investors and also global institutional top-tier investors. In parallel with this round, we also closed a $433 million Series C safe, driven by investor demand and the oversubscribed nature of that Series B round. This capital both underscores the demand for the product that we have and also supports what matters most now, which is delivery.

We have a large global power pipeline, multibillion dollar contracts signed, Tier 1 strategic partnerships in place, including NVIDIA, Dell and Nokia, and hundreds of thousands of GPUs awarded to win scale to date. We're also expanding our leadership team, bringing in deep industrial experience and recently acquired global DC engineering firm, Future-tech, bringing in a team of designers, engineers, consultants, project managers and more, which empowers us to accelerate our delivery and execution.

What we're building in Norway and beyond is differentiated and durable. It's both engineered for scale, for performance, built to serve demanding training and inferencing workloads reliably and to expand in phases in line with the breakneck speed of the market. And lastly, it's sovereign, both by design, giving customers clarity and control of where their data and workloads run and most importantly, aligned to European standards. We're proud to be building this with Aker. So thank you to Oyvind for your partnership, and thank you to the Aker shareholders for your continued support as we work together to build a long-term European AI infrastructure asset here in Norway and globally. Thank you.

Thank you, Josh. It's so exciting to see what we have achieved in 21 months only and how Aker and Nscale are working together, a great partnership. And even better, we are just getting started.

Now to sum up Aker's fourth quarter and the year, our portfolio today reflects a deliberate shift toward a more balanced and more resilient Aker. We have strengthened the mix between our long-standing industrial businesses and the growth platforms we are building in compute, software and real assets. This was a year where macro conditions mattered, tighter energy systems, heightened security concerns and a more complex backdrop for long-term industrial investments and developments. These dynamics influence how our companies operated, from financing and infrastructure access to customer decision making, and they reinforce the value of diversification across sectors and geographies.

A clear theme throughout the year has been collaboration. Across industries and borders, partnerships have accelerated adoption, reduced risk and created scale that individual companies cannot achieve alone. Several of the steps we took in the compute, software and industrial operations were made possible by strong partners, and this will remain a competitive advantage for the different Aker companies.

Looking ahead, the portfolio we are building [indiscernible] in areas with long-term structural demand, while maintaining the industrial backbone that supports predictable cash flows. As we look ahead, our focus remains the same: disciplined ownership, operational delivery and building companies that can compete and cooperate in a more complex operating environment.

That concludes my part of the presentation this morning. I'll now hand it over to our CFO, Svein Oskar.

Thank you, Oyvind, and good morning. To begin, I will provide a brief overview of the key numbers for our listed and unlisted equity investments along with cash and other assets, followed by a more detailed discussion of our financial results.

As of the end of the fourth quarter, Aker's listed equity investments were valued at NOK 57 billion, accounting for 72% of the company's total assets and corresponding to NOK 768 per share. This represented an increase from the previous quarter, primarily due to a net asset value increase of NOK 2.7 billion in Aker Property Group's listed real estate holdings, following the investments in PPI and Sveafastigheter. Additionally, the combined market value of Aker BP, Aker BioMarine and Aker Solutions increased by NOK 1.1 billion during the quarter. And these positive developments were partially offset by reductions of NOK 1.1 billion in Solstad Maritime and NOK 0.3 billion in Solstad Offshore.

In the fourth quarter, total dividends from listed investments reached NOK 1 billion. Of this amount, Aker BP contributed NOK 842 million; Solstad Maritime provided NOK 78 million; Akastor accounted for NOK 40 million; AMSC delivered NOK 33 million; and Solstad Offshore contributed NOK 14 million.

Then over to Aker's unlisted equity investments, which represented 25% of Aker's total assets at the end of the quarter. These assets were valued at NOK 20 billion or NOK 263 per share. This represents an increase of NOK 6.2 billion compared to the previous quarter, driven primarily by Aker's investments in AI infrastructure. Aker acquired a 9.3% ownership stake in Nscale by contributing 50% of the Aker Nscale JV in kind, plus USD 100 million in cash. This stake is valued at NOK 3.8 billion, including an earn-out provision that will take the ownership to 12.2%.

Additionally, Aker holds the remaining 50% stake in Aker Nscale valued at NOK 2.9 billion, also based on the Nscale Series B valuation. The reduced value of Aker Holdco and the conversion of interest-bearing receivables and associated accumulated interest, which I will come back to on the next slide, offset most of the Nscale and Aker Nscale value uplifts, giving a total net uplift to our reported NAV of NOK 1.6 billion from these transactions. In addition, the net asset value of Aker Property Group's unlisted real estate increased by NOK 0.6 billion in the quarter as debt and accumulated interest to Aker were converted to equity.

At the end of the quarter, cash and other assets represented 4% of Aker's total assets equivalent to NOK 38 per share. Cash inflows reached NOK 5.3 billion, consisting primarily of NOK 3.5 billion from drawdowns on revolving credit facilities and NOK 1 billion in dividends received from Aker BP, Solstad Maritime, Akastor and Solstad Offshore. Additionally, proceeds of NOK 600 million were realized from the sale of shares in SalMar during the period.

Cash outflows totaled NOK 5.6 billion, including a dividend payment of NOK 2 billion; investments in Aker Property Group and Nscale of NOK 1.3 billion and NOK 1 billion, respectively; settlement of the AMSC TRS agreements amounting to NOK 565 million; as well as share buybacks totaling NOK 317 million, and these shares were used to settle a share loan from TRG. Meanwhile, cash outlays related to operating expenses and net interest for the quarter amounted to NOK 287 million. As a result, the cash balance at quarter end stood at NOK 0.8 billion. The decrease of NOK 4.4 billion in interest-bearing receivables and NOK 0.7 billion in interest-free assets were primarily due to the conversion to equity of outstanding receivables and accumulated interest from Aker Holdco, Aker Horizons and Aker Property Group.

Then let's move to the fourth quarter financials for Aker ASA and holding companies, starting with the balance sheet. In accordance with our accounting principles, investments are recognized at the lower of historical cost and market value. At the end of the quarter, the book value of Aker's investments was NOK 35.5 billion, which represents an increase of NOK 6.9 billion compared to the previous quarter. This change primarily reflects Aker's cash and in-kind investments in Nscale of NOK 3.8 billion, including the estimated value of an earn-out. In addition, investments in real estate of NOK 3.3 billion consisted of a cash investment of NOK 1.3 billion and conversion of receivables and accrued interest of NOK 2 billion.

The book value of equity at quarter end was NOK 24 billion, down NOK 3.6 billion from the previous quarter, mainly due to the ordinary dividend allocation for 2025 of NOK 2.2 billion and dividends paid in the quarter of NOK 2 billion, partly offset by a profit before tax for the quarter of NOK 0.7 billion. On a fair value adjusted basis, Aker's gross asset value was NOK 79.4 billion. After subtracting for liabilities, the net asset value amounted to NOK 65.1 billion or NOK 876 per share after allocation for dividend. And the value-adjusted equity ratio was 82%. Of the total liabilities, NOK 11.7 billion is related to bond debt and bank loans and NOK 2.2 billion is related to the dividend allocation for 2025, representing NOK 29 per share. And as Oyvind mentioned, the Board of Directors is proposing that the Annual General Meeting authorizes the Board to pay a potential additional cash dividend during 2026 based on the 2025 annual accounts, in line with the practice from last year.

Aker maintains a strong financial position, holding a total liquidity buffer of NOK 5.9 billion, that includes both undrawn credit facilities and liquid funds. Following the end of the quarter, the size of the company's revolving credit facilities increased by NOK 3 billion, resulting in a total RCF capacity of NOK 15 billion. At the close of the quarter, net interest-bearing debt rose to NOK 9.7 billion, up from NOK 1.7 billion in the previous quarter. This increase is primarily due to the conversion of interest-bearing receivables from Aker Holdco, Aker Horizons and Aker Property Group during the period, alongside the capital allocations that were made. The loan-to-value ratio was 14%, with Aker's weighted average debt maturity at 2.9 years. Factoring in available options for credit and loan extensions, the total effective loan maturity extends to more than 5 years.

Then finally, moving to the income statement. Operating expenses in the fourth quarter were NOK 170 million, reflecting a high activity level. Dividend income was NOK 1 billion, mainly from Aker BP as well as Solstad Maritime and Akastor. The net value change was negative NOK 46 million. Net other financial items totaled negative NOK 125 million. And finally, our profit before tax was NOK 659 million for the quarter.

Thank you. That concludes today's presentation, and we will now proceed to Q&A.

Thank you, Svein Oskar. We'll now continue with the Q&A. The first question to Oyvind is, what is the long-term industrial logic behind your real estate platform? And how might it evolve?

Well, the answer to that question is twofold. The real estate investments as stand-alone and real estate as a part of the broader Aker portfolio. So we believe that the investments we made last year in SBB, PPI and Svea, in particular, were attractive due to the quality of the assets and due to timing, and the shareholder returns we reported today are speaking for themselves. So value drivers are stand-alone investments.

But equally important is the diversification of the Aker portfolio. We have great assets in volatile industries, oil and gas, in particular. And with real estate, we are establishing a different asset class which has not the same volatility and cyclicality as the oil and gas and energy part of the Aker portfolio. So attractive investment stand-alone and diversification of the Aker portfolio.

Great. Thank you. The next question is on Nscale. What is the next step for Nscale in its development? And how should we think about the long-term road map for the platform? Josh touched on it. Do you want to?

Yes. Josh mentioned, by far the most important priority for the time being, it's execution. It's just amazing to see how swiftly Nscale and Aker Nscale help grow the last 21 months and even the last 6 or 7 months since we announced the transaction. And the amount of contracts signed with great customers like OpenAI and Microsoft are nothing more, nothing less than point of departure for execution. First, project execution and so far, so good. And thereafter, a high-quality operation. And that, in parallel, I take for granted that Josh will continue to grow the company. But high-quality execution is a prerequisite for long-term success.

Great. The next question is, how do you balance investments in high-growth areas like AI infrastructure and real assets with your dividend framework, the 4% to 6% of our net asset value?

So that's exactly the point, that we would like to diversify Aker portfolio investments and more in order to also establish and obtain cash flow from different sources, different companies. So real estate is once again an example. Over time, we expect a more predictable and attractive dividend also from that part of the portfolio, which will come in addition to the dividends paid by companies like Aker BP and Aker Solutions. So increased nominal dividend year-on-year has been a strategy for a while and continue to be core to our strategy and financial plan.

Great. You touched on being less tied to commodity cycles with these new investments. Can investors consider this shift largely complete? Or should we expect additional rebalancing of the portfolio?

Well, Aker has been around for 185 years. And the company has never completed its growth and development. So you can take for granted that we will continue to work 24/7 to create shareholder value through a combination of development of existing portfolio companies and new transactions.

Great. Last question is on Cognite. Has anything changed in your thinking around a potential IPO or the future ownership structure for that company?

Not really. And what it's all about is to continue on the good trajectory, continue to grow and to prove that Cognite is an AI for industry leader. 2025 was a great year for Cognite. They took full advantage of what's happening in the AI space also for industry and a huge market, which is, quite frankly, more immature than some other AI markets, but also attractive due to the size of the contracts signed with some of the global leaders in different industries.

Great. That concludes the Q&A and our presentation today. Thank you for watching.

Good morning, and welcome to the presentation of Aker's Third Quarter Results for 2025. My name is Christina Schartum, and I'm the Head of Communications at Aker. I am joined in the studio today by our President and CEO, Oyvind Eriksen, who will walk you through the key highlights and recent developments across the portfolio. Our CFO, Svein Oskar Stoknes, will then take you through the financial results in more detail. After the presentation, we'll open up for questions. You're welcome to submit your questions at any time using the chat function. And with that, I'll hand it over to Oyvind.

Thank you, Christina, and good morning, everyone. Since launching a more focused Aker at the start of 2024, we have taken clear steps to simplify the portfolio, concentrate on fewer larger companies and invest in new growth areas. This quarter shows that the strategy is bearing fruit. Net asset value increased to NOK 67.5 billion, NOK 909 per share, and our share price rose nearly 20%, clearly outperforming both the Oslo Stock Exchange Benchmark Index and the oil price.

We are seeing strong contributions from both our core energy business and our newer platforms: AI infrastructure, industrial software and real estate. The portfolio is becoming more balanced and less tied to commodity cycles. That's an important shift. Year-to-date, total shareholder return is nearly 50%, including dividends. We have increased the number of companies paying upstream dividends and received NOK 5 billion so far this year. In line with our dividend policy, the Board has approved a second dividend of NOK 26.5 per share, bringing the total to NOK 53 per share or NOK 4 billion in total.

The strong performance is due to a number of value-accretive developments in our portfolio like the launch of Aker Nscale 50-50 joint venture for AI factory developments in the Nordics; our subscription of a 9.3% stake in Nscale with earn-out that can bring our shareholding up to 12.2%; the expansion of our real estate platform by acquiring 7.48% of the shares in Sveafastigheter; Aker BP delivering another solid quarter, raising its full year production guidance and making the Omega Alpha Discovery, one of Norway's largest in a decade; Cognite continuing its strong commercial development with Q3 SaaS bookings growing 425% year-over-year across multiple industries and geographies; and lastly, the Philly Shipyard delisting being completed. In short, our strategy is working. We are building more focused, more resilient Aker and creating long-term value for shareholders.

Let me add a bit more context on how we're putting our strategy into action. We have made steady progress in simplifying the portfolio and building new platforms for growth in shareholder value and cash dividends. We have crystallized value through several transactions and exited noncore holdings. This allows us to focus our time and capital on a smaller number of companies with strong potential for returns. At the same time, we have invested in areas where we see long-term demand and attractive cash flows, particularly AI infrastructure and real estate. I will return to both of these shortly.

This summer, we established Aker Nscale, a 50-50 joint venture between Aker and Nscale dedicated to developing large-scale AI data centers in the Nordics, starting with Northern Norway. This marks a new chapter for Aker. After previous attempts to build green industries proved unviable for realizing Narvik's potential. Momentum has accelerated. We announced two landmark customer agreements. OpenAI for the Stargate Norway project and Microsoft with a USD 6.2 billion 5-year contract. Construction is underway at the first site in Kvandal Narvik, with 230 megawatts of grid capacity secured and installed. Aker Nscale is now in the queue for an additional 290 megawatts. Thus, at full build-out, Kvandal is expected to reach up to 500 megawatts in total. The JV has a total of 10 plots in the portfolio.

The company is actively working to secure grid access and regulatory approvals for several of these, a process that is essential for future development. At the same time, Aker Nscale is undergoing an intensive ramp-up with organizational development and active hiring underway to support project delivery and growth. Beyond infrastructure, the ambition is to build future digital industry in Norway, not just as a host for global tech but as an active developer and partner. We are working closely with Norwegian universities and technology communities to ensure knowledge transfer, competence development and local value creation. The data centers will run on 100% renewable energy. Its approach emphasizes data sovereignty and responsible AI development, which is of utmost importance to protect security interest in the future, which will be even more digitally integrated despite higher geopolitical tension and uncertainties.

To support this, the JV is delivering sovereign cloud infrastructure, enabling AI workloads to be processed securely and in full compliance with European data regulations. Aker Nscale is creating new jobs supporting local suppliers and positioning Norway as a main hub in the European AI infrastructure market. This is a strategic move that diversifies our portfolio and delivers on our commitment to build new pillars for growth.

Let me walk you through the core economics of how the business model for Aker Nscale is structured and why we see this as a significant value creation opportunity. The business model is designed for scalability, high profitability and predictable cash flows. The target is an unlevered return above 12% for a 3- to 5-year contract across GPU and data center investments, exceeding Aker's required rate of return. The model is based on GPU as a Service where we enter into long-term take-or-pay contracts running for 3 to 5 years with solid counterparts. This ensures full utilization over the contract period and gives a strong visibility on cash flow.

These contracts typically include significant prepayments, which supports CapEx funding and reduce risk. The GPUs are installed in stages with prepayments for each phase. This approach allows us to manage CapEx efficiently and align investments with demand.

The industry benchmark for EBITDA margins is above 70%, and our project is designed to deliver at or above this level. Importantly, the GPUs are fully amortized over the contract period, limiting residual risk. Consequently, there is a significant upside in terms of residual value potential after the contract period as the hardware is fully amortized and can be repurposed or sold. The cost structure is straightforward. GPUs account for about 80% of CapEx and OpEx is low. We hedged most of the power price for the entire contract period, minimizing exposure. And most of our contracts are with investment-grade counterparties and hence, financing is also robust.

The scale is impressive. Significant customer agreements so far, including the USD 6.2 contract with Microsoft, more than 62,000 NVIDIA GPUs committed, 5-year contract periods with full utilization and residual value upside. First, development are targeted for August 2026 onwards, positioning Aker's Nscale in Narvik as one of the largest and most advanced AI data center projects in Europe.

In short, this investment offers an attractive combination of scale, profitability and predictability underpinned by strong counterparties and robust risk management, all key qualities to become a key driver of value for Aker moving forward.

Moving on to our direct ownership in Nscale, which is another cornerstone of our strategy in AI infrastructure. Earlier this quarter, Aker subscribed for a 9.3% stake in Nscale through Europe's largest ever Series B fundraising for AI infrastructure. This which was made alongside partners like NVIDIA, Nokia and Dell is not just a financial investment, it's a strategic position in one of the fastest-growing AI hyperscalers globally. Our agreement includes an earn-out mechanism, giving us the opportunity to increase our ownership to 12.2%. On top of that, our joint venture stake can be converted into additional shares in Nscale no later than at the future IPO positioning us for further upside as the company scales.

Nscale itself is a remarkable story. Founded in 2023, the company has already secured multibillion-U.S. dollar contracts with the world's largest tech companies, and is delivering some of the largest GPU developments in the world. Nscale's vertically integrated model from data centers to software orchestration and its focus on renewable energy, have made it a partner of choice for leading technology companies. The pace of growth is extraordinary, with operations expanding across Europe, North America and the Middle East. This direct ownership gives Aker a seat at the table in a rapidly expanding market, with exposure to global growth, innovation and long-term value creation. It complements our operational partnership and strengthens our ability to shape the future of AI infrastructure in Europe. So in short, our stake in Nscale is a strategic lever for growth, innovation and shareholder value.

AI infrastructure is only one part of the equation. The real value comes from transforming raw industrial data into actionable intelligence, and that's where Cognite stands out. Cognite's platform built around Cognite Data Fusion and Atlas AI is purpose-built for complex industrial environments, which is a huge market with high barriers to entry. The Cognite technologies unifies and contextualize data from operational sources, IT and engineering systems breaking down silos and creating a one single source of truth. This enables customers to deploy AI at scale, automate workflows and unlock new levels of efficiency, safety and sustainability.

Q3 was Cognite's strongest quarter-to-date, with SaaS bookings growing record high 425% year-over-year and Q3 annual recurring revenue, up over 34%. While this performance was exceptional, we expect growth rates to normalize again next quarter, whatever that means in a boiling hot AI market. However, Cognite's momentum is more than just numbers. What sets it apart is its ability to deliver real impact in production. The Atlas AI platform allows customers to build and deploy industrial AI agents quickly using low code tools and preconfigured templates. These agents automate complex tasks from root cause analysis to predictive maintenance and generate significant business value. Cognite's reach now spans in energy, manufacturing, utilities and renewables with strong traction across Europe, North America, Middle East and Asia. Strategic partnerships with NVIDIA, Databricks and Snowflake reinforce Cognite's position as the go-to platform for industrial AI, enabling seamless integration and real-time AI-ready data sharing. More than commercial traction, this is a strategic validation.

Cognite is becoming the trusted choice for companies seeking operational excellence through AI powered by structured data and domain expertise. In sum, Cognite is scaling with discipline, executing on its strategy and building a business positioned for long-term value creation.

As we build new pillars for growth, real estate is playing a more central part in Aker's strategy as an active platform for long-term value creation. We have moved from passive ownership to operational excellence with scale across three listed platforms. Starting with SBB, the Nordic's leading real estate company in social infrastructure with SEK 93.7 billion in total property value. Despite recent challenges with a complex legal and financial structure, the fundamentals remain attractive. Our ownership gives us access to a substantial asset base and long-term potential. We are focused on strengthening governance, capital structure and operational discipline to support a more resilient platform.

Next, Public Property Invest or PPI. Norway's leading player in social infrastructure, managing more than NOK 16 billion in property value. PPI continues to deliver predictable returns supported by strong tenants and disciplined dividend strategy. And finally, Sveafastigheter, Sweden's largest listed company in the regulated residential market with SEK 30 billion in property value. Sveafastigheter is our latest addition further expanding our footprint and operational reach. In addition, Aker Property Group manages NOK 5 billion in unlisted assets. focused on offices, logistics and industrial properties. Across these platforms, we are managing more than NOK 100 billion in property values combined. Our role is to support, strengthen and unlock the long-term potential, building a resilient real estate platform that complements our ambitions in AI and technology.

So to sum up, Aker is executing on a strategy built for resilience and long-term value creation. We are delivering with sharper focus, simplifying our portfolio, investing in new pillars like AI infrastructure, industrial software and real estate, while also maintaining our industrial backbone. Our portfolio is now more diversified, less exposed to commodity cycles and positioned to benefit from long-term growth trends. Looking ahead, we remain committed to active ownership, disciplined execution and building trust with all stakeholders.

The steps we have taken this year lay a solid foundation for continued value creation, financial flexibility and strategic progress. It's worth noting that our unlisted companies and liquidity reserve, together representing substantial value are still priced at virtually 0 by the market, highlighting a disconnect we see as a long-term opportunity. Aker is well positioned to capture opportunities in a changing market, and we will continue to build on our strengths as we move forward. That concludes my part of the presentation. I will now hand it over to our CFO, Svein Oskar Stoknes.

Thank you, Oyvind, and good morning. To begin, I will provide a brief overview of the key numbers for our listed and unlisted equity investments along with cash and other assets, followed by a more detailed discussion of our financial results.

At the end of the third quarter, Aker's listed equity investments were valued at NOK 55 billion. This represented 72% of the company's total assets equivalent to NOK 743 per share. This was marginally down compared to the previous quarter and primarily due to negative value adjustments of NOK 1 billion related to Aker Solutions and NOK 0.6 billion related to Aker BP. And this was offset by a NOK 2.2 billion value increase of Aker BioMarine during the quarter.

The net asset value of Aker Property Group's listed real estate investments in PPI and SBB is now also included under listed equity investments and included net of single-purpose debt. The investment in Sveafastigheter came after quarter end. Total dividends received from listed investments in the third quarter amounted to NOK 1.1 billion, with Aker BP accounting for NOK 856 million, Solstad Maritime for NOK 186 million and Akastor for NOK 35 million.

Then over to Aker's unlisted equity investments, which represented 17% of Aker's total assets at the end of the quarter. These assets were valued at NOK 13 billion or NOK 179 per share. This represents an increase of NOK 0.7 billion from the previous quarter. The inclusion of Aker Holdco following the completion of the merger of Aker Horizons into Aker Holdco was the main driver of this increase. And this was partly offset by a negative value adjustment related to our investment in Gaia Salmon.

Finally, cash and other assets, which represented 11% of Aker's total assets at the end of the quarter, equivalent to NOK 112 per share. Cash inflows totaled NOK 1.8 billion composed of cash dividends received from Aker BP, Solstad Maritime, Akastor and SalMar of and totaled NOK 1.1 billion in the quarter. In addition, we received a part down payment of the Aker Holdco shareholder loan of NOK 750 million. Cash outflows amounted to NOK 1.3 billion, including debt repayment of NOK 800 million and net investments and loans to portfolio companies of NOK 184 million, of which NOK 69 million to Aker Property Group. And cash outflows related to operating expenses and net interest totaled NOK 247 million for the quarter. This gave a cash balance at the end of the quarter of NOK 1.2 billion. The main components of fixed and interest-free assets are accumulated interest on receivables and NOK 0.5 billion of fixed assets.

Then let's move to the third quarter financials for Aker ASA and holding companies, starting with the balance sheet. In accordance with our accounting principles, investments are recognized at the lower of historical cost and market value. At the end of the quarter, the book value of Aker's investments was NOK 28.6 billion, which represents a decrease of NOK 57 million compared to the previous quarter. This change primarily reflects negative value adjustments of our investments in Gaia Salmon and ICP of in total NOK 390 million. This decrease was partly offset by an increased book value of the investment in Aker Holdco of net NOK 233 million, in addition to a value increase of the shares in SalMar of NOK 96 million. The book value of equity at quarter end was NOK 27.6 billion, up NOK 445 million, mainly due to the profit before tax in the period.

On a fair value adjusted basis, Aker's gross asset value was NOK 76.8 billion. After subtracting for liabilities, the net asset value amounted to NOK 67.5 billion or NOK 909 per share and the value-adjusted equity ratio was 88%. Of the total liabilities of NOK 9.3 billion, NOK 8.2 billion is related to bond debt and bank loans. And the noninterest-bearing liabilities includes NOK 545 million negative value on the AMSC TRS agreements. After quarter end, the TRS agreements were all settled at the end of October in connection with the liquidation of the company.

Aker's financial position remains robust with a total liquidity buffer of NOK 7.8 billion, including undrawn credit facilities and liquid funds. After quarter end, our revolving credit facilities have been upped in size by NOK 2 billion, bringing the total RCFs to NOK 12 billion. Net interest-bearing debt amounted to NOK 1.7 billion at the end of the quarter, down from NOK 2 billion in the previous quarter, reflecting capital allocations made during the period and an increased cash balance at the end of the quarter. The loan-to-value ratio stood at 10%, reflecting our conservative approach to capital structure and Aker's weighted average debt maturity was 3 years. Including available options for credit and loan extensions, the overall effective loan maturity is approximately 4.1 years.

Finally, moving to the income statement. Operating expenses in the third quarter were NOK 103 million. Dividend income was NOK 1.1 billion, mainly from Aker BP, Solstad Maritime and Akastor. The net value change was negative NOK 415 million, primarily due to a couple of negative value adjustments already mentioned, partially offset by gains in SalMar. Net other financial items totaled negative NOK 92 million. And finally, our profit before tax was NOK 460 million for the quarter. Thank you. That concludes today's presentation, and we will now proceed to Q&A.

Thank you. We'll now continue with the Q&A. We have received several questions, starting with the data center initiative. Oyvind, can you elaborate on the risk profile for the Aker Nscale joint venture? And maybe also say a little bit more about whether you expect Aker needing to contribute more equity capital in addition to the USD 125 million already contributed?

Sure. The USD 125 million already committed and communicated relates to the Stargate Norway project. But generally speaking, it's likely that Aker will allocate more capital to AI infrastructure in the future provided that the investments will meet our investment criteria. As far as the risk profile or I would turn it around, the attractive business model is concerned. We signed a long-term take-or-pay contracts 3 to 5 years, with some of the most robust investment-grade companies in the world like Microsoft. And the contracts will typically contain significant upfront payments in order to help the financing of the CapEx-intensive developments. .

Then the target is to amortize the GPUs, which accounts for 80% of the total investment during the course of the initial 5-year contract period, and to amortize 50% of the investment in the data center, the building and the infrastructure during the same initial 5-year contract period. And then it's obviously a huge opportunity to sell the GPUs and beyond the initial contract period. So that's the super profit for data center investments, which we believe will materialize but which is not a part of the initial investment decision and business case.

What is the time line for revenue generation?

Well, the target is to commence operation for the Microsoft site in Narvik in August next year. And then revenues will start to stream.

Great. There has been information on the Kvandal site in Narvik. There's also a little bit of information trickling out about other sites. Can you say a little bit more about how that's progressing? Has there been any investment committed on those sites and what the status is?

Well, we would like to grow the JV beyond the initial projects. And we have already dialogue with both existing customers and new customers about further data center developments, primarily in the Narvik region, but also in other parts of the Nordic region. So short term, it's about access to land and renewable power. Next step will be to negotiate customer contracts. And based on customer contracts, we will be able to make new investment decisions.

Nordics going beyond Norway.

Of course, but the by far most attractive region in the world. to build data center is actually the Narvik area.

Great. Then there's a question on the IPO of the Aker Nscale joint venture. Do you want to clarify anything on that?

The Aker Nscale joint venture.

It says a possible IPO of the Aker Nscale joint venture. .

Yes. Well, we have no plan to IPO the JV as such. But the way the contract with Nscale is structured is that Nscale has a plan to IPO the company in a not-too-distant future, most likely in the United States. And prior to an Nscale listing, we have a right to roll up over 50% shareholding in the JV and exchange that shareholding in an additional Nscale shareholding. So the end game according to the current plan, is to end up as a significant shareholder in Nscale and with the JV consolidated 100%.

So no IPO for the joint venture?

No IPO plan for the JV as such directly, but through Nscale.

On the topic of IPOs. Can you say anything about timing for Cognite, which has seen an extraordinary quarter and year?

Well, I think I've been asked that question in most quarterly presentations since we established Cognite. And the answer is the same. We have no specific time line for a Cognite IPO yet. However, it's great to see that the inbound interest from investors continues to increase. So we have numerous financial and industrial players asking for shares in Cognite. So the optionality has always been high. And with the recent success, it continues to grow.

Great. There's a question from an Aker Horizons shareholder wanting to know a little bit more about the path forward for Aker Horizons.

Well, you should read the announcement made by the Aker Horizons Board last week. We have no specific plans to develop and grow Horizon for the time being. The Board continues to explore different alternatives, including a liquidation of the company.

And then the last question is, if you can give some more color on the process to solve SBB's financial situation. Is there a need to contribute more capital into that company and the real estate?

We are in a live dialogue with SBB both as a significant shareholder, but also as Board members. And the way Aker look upon SBB is that it is a company with great assets but a challenging balance sheet. So to fix the balance sheet of SBB is a matter of strategic importance in order to reposition the company for future growth. So I take for granted that the Board of SBB will announce the different steps to be taken when the Board has concluded the ongoing discussions. But the goal is clear, and that's to reposition SBB, strengthen the balance sheet and grow the company longer term. And we assume and expect that SBB like PPI and Sveafastigheter will be important assets in the Aker real estate portfolio going forward.

Great. Thank you. That concludes today's presentation and Q&A. If you have other questions, please don't hesitate to reach out. Thank you for following.