Kongsberg Gruppen ASA ($KOG)

[Presentation] Good morning, everyone, and welcome to Kongsberg's Capital Markets Day. We are pleased to see that so many investors, analysts and other stakeholders have decided to spend the day with us today, both here in Kongsberg and via webcast. This year, we decided to host our Capital Markets Day in the city of Kongsberg during Kongsberg Agenda. We consider Kongsberg Agenda as Norway's leading technology festival, where technology and people come together to drive change, share knowledge and build networks. We hope that you have the chance to also attend some of the other events taking place at Kongsberg Agenda. Some of our systems and solutions are exhibited outside in the streets of Kongsberg during Agenda. So we also hope that you have a chance to inspect these in greater detail and to learn more about these through discussing with some of our colleagues. Before we begin, I'd like to point out some practical information. We have no planned emergency exercises today. So in case of an alarm, please exit the building through your nearest available emergency exit. The exits are clearly marked. There are emergency exits on each side of the hall, one behind the curtains towards Grand Hotel, one through the storage area as well as the main entrance where you entered. In the event of a fire alarm, the assembly point is outside the street outside Magazinet. The Norway Civil Defense plans to test the public warning sirens at noon. This is part of their biannual testing of the sirens, and there is no reason to be alarmed. Restrooms are located in the basement and on the second floor. Accessible restrooms are available on the second floor. There will be a 20-minute break during the sessions where you can fill up on coffee and other refreshments. After the presentation and the Q&A at noon, there will be a standing buffet lunch served in Eplehagen located to the right as you exit the hall with the opportunity to mingle and discuss. Today, you will receive presentations from our CEO, Eirik Lie; and our CFO, Martin Wien Fjell, followed by the President of the 3 divisions, Defense Systems, Missiles and Aerostructures and Discovery. The presentations will be followed by a Q&A session. Participants joining online may submit questions through the webcast platform at any time during the event. The presentation has been made available on our website. Throughout the day, the management team will present on our strategic priorities, financial performance and financial ambitions, followed by selected deep dives into our technologies and solutions. Please note that today's presentations include forward-looking statements that involve known and unknown risks and uncertainties, and actual results may differ materially. Also, Kongsberg's strategic plans will place increased emphasis on joint ventures and other partnerships going forward. It has therefore been decided that division follow-up and reporting will include proportional figures from joint ventures in the reporting of revenues, EBITDA, EBIT, order intake and order backlog. Companies in which the group holds an ownership interest of 50% and has a significant operational influence are included in these metrics. These restated figures are defined as alternative performance measures, and most of the financial figures in today's presentations are APMs. With that, it is my pleasure to introduce our President and CEO, Eirik Lie, who will begin with an overview of the group's recent developments, strategy and financial ambitions. Eirik, the floor is yours.

Thank you, Jan Erik, and good morning, everyone, and welcome to Kongsberg's Capital Markets Day 2026. And for those of you in the room, a warm welcome to the city of Kongsberg. It has been 2 years since our last Capital Markets Day. The world and Kongsberg has changed a lot since 2024. But the format for this day remains the same. We will provide you with a deep dive into our business and share some of our thoughts about our markets and strategy as well as our financial ambitions, of course. Two years ago, we said geopolitics had put defense and security on top of the world agenda, together with sustainability. This is still true today. The world remains uncertain and unpredictable. Wars, armed conflicts and political tension dominate the headlines globally. In this environment, our purpose to protect people and planet is more critical than ever. The war in Ukraine is now in its fifth year. Kongsberg plays an important role supporting Ukraine with air defense, anti-drone solutions and more. And we are learning from the Ukrainians every day. The biggest change in the last 2 years has been the role of Europe. As the U.S. increasingly focus on priorities outside Europe, European countries must take more responsibility for their own security, their own capabilities and for continued support to Ukraine. This is recognized as a principle and long-term direction since Europe needs to expand capacity. Kongsberg has also undergone major changes. We split from Kongsberg Maritime and created a focused technology company, serving defense, security and surveillance markets. Given the market growth and industrial opportunities we see ahead of us, I am confident that this was the right decision. With an executive leadership team and the Board of Directors fully dedicated to defense and security. Kongsberg is well positioned to take advantage of the investment and technology trends that are shaping the industry in the coming years. What we see is that the market continues to grow. This is fundamental and long-term shift. Defense spending is increasing across all relevant and addressable markets. From 2025 until 2030, we are looking at a 44% increase in procurement in our key markets. Over the next decade, European spending is estimated to increase significantly. 70% of our order backlog comes from Europe. Of this, approximately 10% to 15% is in Norway. And Norway has established a 10-years long-term plan as a response to the changed security landscape. The plan is adjusted at regular intervals to new needs. The triangle cooperation between the Norwegian government, the Norwegian Defense Research Establishment and industry is unique in the world. The combination of this and flexibility in the long-term plan is crucial for developing and enhancing defense solutions and capacity. So the collaboration with the Norwegian government gives Kongsberg a good foundation going forward. The U.S. remains the biggest defense market. The market growth was expected to be fairly flat until recently, but we now see this changing. We are also strengthening our position in the U.S. with both new production and strategic acquisitions. I will come back to this later in the presentation. Increasingly, more orders for our core products continue to demonstrate the strong position Kongsberg has built in the U.S. We also see other markets with increased potential for our products outside of Europe and the U.S. Examples include Canada, Australia and Japan. They are increasing defense spending and building broader security partnerships with multiple countries. And we will continue to position ourselves in these markets. Across these markets, demand for our key products, including strike missiles, air defense and weapon stations solutions remains strong. Today, we will show how Kongsberg is positioned to meet this. The war in Ukraine has transformed the battlefield, and it has changed how countries think about building up their own capabilities. The need for effective air defense was demonstrated from the very first day of the war in Ukraine. NASAMS had proved its value as the most effective medium-range air defense system with an impressive success rate of around 95%. The threat from low-cost drones poses new challenges in the air. Anti-drone or counter unmanned aerial systems have become essential. Not a single vehicle can enter the battlefield in Ukraine without an anti-drone system protection in place. Without it, the risk being taken out almost immediately. Both the Ukraine war and the conflicts in the Middle East have shown that the combination of low-cost drones in high volume together with advanced cruise missiles and tactical ballistic missiles poses a new threat scenario that needs to be countered. And this has challenged air defense systems to adapt quickly to be able to take out several hundred low-cost drones with similar affordable missiles and at the same time, use high-end missile solutions to take down the advanced threats. As the volume of simultaneous threats increases dramatically, another lesson from Ukraine and Middle East is that the defense cannot only be about responding to attacks after they have started. Countries also need the ability to disrupt and prevent threats before they reach critical infrastructure, military forces or civilian populations. To do this, long-range precision strike capabilities are an important part of a modern defense. And what we have seen in the air, we believe also see on and below the surface of the years ahead. These are areas where Kongsberg has strong technology and deep domain knowledge. With the changes we are seeing on the battlefield, our portfolio is perfectly positioned to meet future needs. We have market-leading positions in core segments such as air defense, missiles, remote weapon stations and counter UAS, which you can see in the middle of the picture here. These positions have been built up over many years. They represent technology leadership and proven solutions, but also strong customer relations, partnerships and trust. We are also technology leaders in what we call the 2 new frontiers of modern Defense, underwater operations and space for defense. Our established market standing customer relationships and industrial partners put us in a great position to drive innovation and adoption of these segments in the future. You will see this slide again from Kjetil, Øyvind and Camilla later today. Our 3 divisions have some clear differences, but also a lot in common. Our entire product portfolio is supported by our technology backbone, which is built around a few key themes: integrated systems, autonomous systems and artificial intelligence. These technologies improve efficiency of systems, protects people and removing the soldier from the most high-risk areas and is critical to meet similar developments in threats. You will hear more about these topics later today. The first and perhaps most natural growth driver is that the total investment plans in our key markets will continue to drive demand in our core portfolio. The growth will come from 3 sources. Number one, we will see existing customers return to buy more NASAMS, more NSM and JSM and more remote weapon stations solutions. Number two, new countries will acquire these solutions. So our total customer base will grow. And number three, we will adapt and develop our existing products to new platforms like aircraft, vessels, vehicle, drones and more. The second big driver of growth is the accelerated speed of innovation in the defense industry. We are seeing this in Ukraine, where new solutions are adopted and tried out daily. On this -- on the slide, you can see a remote station with a drone radar onboard an unmanned vessel. This is a typical example how we can adopt counter UAS solutions from land to sea. The third growth driver is deployment of dual-use technology, solutions that are developed in the civilian market that have a concrete and immediate impact on the battlefield. Space for defense and underwater autonomous systems such as HUGIN are great examples of dual-use tech that will shape the defense industry of the future. The fourth and final major growth driver we are seeing in the defense industry is the need to produce much higher volumes on missiles artillery faster and at the right cost. Deploying advanced high-end missiles to counter cheap drones is not sustainable, either from an industrial and economical point of view. The need to match threats with countermeasures at the right cost and volume has become critical. This is not new thinking for Kongsberg. We have worked with this logic for many years, including in our remote weapon systems, where scalability has been important from the beginning. What has changed is the scale and urgency of the need. This is why we decided to acquire Zone 5. Zone 5 is the most established maker of high-volume and affordable missiles. I'm therefore very pleased to announce today that we have closed the transaction that we first announced in December last year. The California-based company has already developed proven strike and air defense missiles. Zone 5 missiles are designed to be delivered in thousands, even tens of thousands per year. At the cost level is in the 1 in 10 range compared with established high-end alternatives. This makes it ideal to combat low-cost drone attacks or to provide volume for preventive strike. Kongsberg aims to bring scalable volume to Europe and seeks to establish manufacturing of Zone 5 missiles here. We are looking to enter dialogue with countries that wish to take the leading position and create a European hub for high-volume production. The Zone 5 portfolio will complement our current offerings and position Kongsberg as one of very few companies in the defense industry to offer both high-end and high-volume missiles. Our order backlog at the end of first quarter was NOK 152 billion. So delivering on our order backlog is always our #1 priority. We have built up our production capacity over the last few years. The Nexus missile factory in Norway is producing at high rate. The same is true to produce NASAMs and remote weapon stations. However, we still have the flexibility to increase production even further in response to rising demand. In Australia, as you can see on the picture to the right, the construction of the missile factory is progressing well. We are on track to move in, in 2027. And our new factory in the U.S. is also progressing with missiles being scheduled for production in 2028. We will continue to invest in our ability to deliver to our customers on time and budget. New projects will include investments in Europe, and we are currently preparing to set up assembly and manufacturing facilities in Poland, supporting our major contract to deliver counter UAS systems in the country and potentially others. Now if you allow me to take a few steps back. 2 years ago, Kongsberg launched its 10-years target for revenue and margin development. At the time, these targets apply to the whole group, including Kongsberg Maritime. In June 2024, our ambition was to reach NOK 120 billion in revenue and margin above 15% in 2033. At the time, Kongsberg Maritime and the rest of Kongsberg were roughly equal in terms of revenue. And today, we are ready to launch a new set of ambitions for the new and focused Kongsberg. And there are 3 key market trends driving future growth. Geopolitical uncertainty, learnings from ongoing conflicts and technology development. These trends all point to strong demand and higher volumes for defense technology. And there are several reasons why we are in a position to raise our ambitions compared with 2024. The overall demand is higher and expected to increase more. We have gained greater market share in key segments. We have scaled up successfully from building more robust supply chains to recruiting the right talent. We have also added production lines and opened new factories. Our portfolio fits the market needs even better. We have strengthened our presence in international markets. For example, we are one of the few companies that are positioned to grow in the U.S. as well as in Europe. With that in mind, we have set ourselves an ambition to increase revenues to NOK 100 billion in 2029 and NOK 150 billion in 2033. In the same period, we aim to generate earnings before interest and tax above 16%. This is ambitious. We aim to triple revenue from 2025 until 2029 and increase it 5x from '25 till 2033. So let me end where I started. The world has changed significantly since our last Capital Markets Day. And Kongsberg has changed with it. We are now a focused company with a clear role in markets that are becoming even more important for our customers, for Norway, for Europe and for our allies. Our task is to grow with discipline. Our task is to improve our margins. And our task is to continue to invest in the people, technology and capacity needed for the years ahead. Thank you to everyone joining us here today and to those following us online. I hope today will give you a clear understanding of the company we are now and the opportunities we see ahead. So with that, I will hand over to our CFO, Martin, who will take you through our financial performance and ambitions in more details. Thank you.

Yes. Thank you, Erik, and a big good morning to everyone. It is great to see so many here today and also a big welcome to those of you that are following us online. In my part of the presentation, I will take you through the financial perspective on Kongsberg Development, our ambitions and the principles that guide how we allocate capital. As you have heard already, Kongsberg has changed significantly over the past few years. Our current business is becoming more international, and we have narrowed our focus. The foundation remains the same: technology leadership, strong domain knowledge, strong customer relationships, disciplined execution and a clear focus on profitable growth. We are a defense-focused technology company. I will start with a look at our financial development over the past decade, then I will go through our divisions, our financial ambitions and some of the market dynamics supporting these ambitions. Finally, I will spend time on capital allocation, how we think about the balance sheet, investments, shareholder remuneration, portfolio management and also partnerships. This slide gives a good overview of the journey that we've had over the past 10 years. When we look back, revenues have increased significantly from NOK 10.5 billion in 2016 to NOK 34.7 billion in the last 12 months. EBIT has grown strongly from NOK 0.8 billion in 2016 to NOK 5.5 billion in the last year. Revenues have more than tripled and operating margin has doubled as we have moved from an EBIT margin of 8% in 2016 to 15.8% for the last 12 months. Just as important, we have built a much larger order backlog, and it now stands at NOK 152 billion compared to NOK 14 billion 10 years ago. The backlog gives us significant stronger platform for future growth that we have ever had before. And as Erik says, delivering on our customer commitments is our #1 priority. And I think one number that illustrates the change very clearly is the order intake. In 2016, Kongsberg had an order intake of NOK 8 billion. In the last 12 months, that number is now NOK 73 billion. And that really summarize the scale in which the entire company has grown. And importantly, this growth has not come from one single event or one single contract. It is the result of long-term positioning across attractive markets, consistent technology development, strong execution over many years. We have continuously been investing strategically in product development and building technology positions. We have been ahead of the curve in making well-planned investments in capacity for the demand that we have anticipated. We have expanded our defense activities and examples include how we have strengthened our missile business and developed new capabilities such as Counter UAS. We have built leading positions in maritime and ocean-related technologies, and we have continued to win the trust among customers globally. And the point I want to make with this slide is quite simple. Kongsberg has a long history of profitable growth, and the company enters the coming years from a position of strength. At the same time, we are very conscious that strong historical performance does not automatically translate into future performance. And that is the context for the rest of my presentation. Kongsberg today consists of 3 strong divisions. We have Defense Systems, Missiles and Aerostructures and Discovery. And what is important to highlight is that all of these divisions, they contribute meaningfully to the group on all parameters. They operate in different markets. They have different business models and different order profiles, but they are all strong, they are growing and they are not least profitable. Defense Systems has seen a very strong demand, and this has been driven by the growing need for air defense solutions command and control systems and broader security needs among nations. In the last 12 months, they delivered revenues of NOK 15.4 billion, up from NOK 9.4 billion in 2023. The order backlog in this division ended at NOK 80 billion last quarter. And it gives you good visibility for the coming years. And Kjetil, the Head of the division, he will come here later and talk about what we are seeing today and what we should expect for tomorrow. Missiles and Aerostructures has also a very strong position. Last 12 months revenues has been NOK 10.3 billion, and this compares to NOK 6 billion in 2023. The missile business is supported by increasing demand for advanced strike capabilities, including both naval and air launch systems. Aerostructures adds important industrial capability and long-term customer relationships. And together, this division has a significant backlog of NOK 60 billion and strong growth opportunities across the portfolio. And Øyvind, he will add more color to this. Discovery operates in somewhat different markets with a strong offering in both deep sea and space activities. And this is what we refer to as the 2 new frontiers. Last 12 months revenues were NOK 8.1 billion compared to NOK 5.9 billion in 2023. In this business, the time from order to delivery is shorter, leading to a natural smaller order backlog than what you have for Defense Systems and you have for missiles. And it currently stands at NOK 11.3 billion. But Discovery has strong technology positions, leading products and attractive long-term opportunities, and Camilla, she will go through that in further details later. To summarize, we see 3 strong divisions, each with distinct positions and growth drivers. But at the same time, they are all strengthening each other, 4 current product areas and the 2 new frontiers. The slide also shows the backlog and how it's distributed by year. This is important because it gives us visibility. Both Europe and the U.S. are extremely important to us, and we also continue to see opportunities in selected markets in the rest of the world. Norway as a technology partner and developer is typically a first adopter of our products and remain a key partner. The size of the order backlog gives us confidence, but it also comes with great expectations, and we really need to deliver. We need to succeed with our expansion of capacity. We need to secure supply chains, and we need to do this while we are protecting quality, profitability and also customer confidence. And that is the financial and operational balancing act that we are currently managing. As Erik presented earlier, we have a set of clear ambitions for both revenue and EBIT margin, both for the medium term, and we have defined as 2029 and for the longer term, and we have defined that as 2033. Kongsberg will aim for NOK 100 billion in 2029, rising to NOK 150 billion in 2033. And for both mid and long term, we are aiming for an EBIT margin that is above 16%. We believe these numbers are ambitious, but they are grounded in the order backlog that we have secured. It's grounded in the pipeline of opportunities that we see and also in the strategic ambitions that we have put forward. If we look at the revenue development from 2021 to 2025, the growth has already been very strong. Kongsberg has become a much larger company in a relatively short period of time, effectively tripling our revenue. But the ambition that we are presenting contains an even higher growth rate, implying tripled revenues from 2025 to 2029 and fivefold increase to 2033. This is based on a structured assessment of demand, capacity, technology, execution risk and also capital needs. Put differently, it is a bottom-up assessment of what we believe is ambitious but still achievable ambitions. To deliver on these ambitions, we need to execute on 3 things in particular. First, we need to deliver on the existing backlog. That means delivering to the customers on time at the right quality and with the right profitability. Second, we need to continue winning new orders. The market opportunity is significant, but competition is also strong. We need to continue to invest in technology in order to maintain our relevance. Third, we need to scale the company in a disciplined way. Growth of this magnitude requires investment, investments in facilities, equipment, people, supply chain and also working capital. We need to invest ahead of demand, but we must also remain financially disciplined. The EBIT margin that we have put forward reflect this balance. We will improve efficiency and benefit from scale. At the same time, we will ensure relevant product offering with growth over the decades to come. That means investing in R&D and also taking on long-term development projects. While some of these projects will not contribute profit for several years, they may deliver significant growth a decade from now. And it should be noted that we are also exposed to varying FX rates over time, but we are taking active measures to minimize the risk, and we are risking the entire backlog. So the message on this slide is that Kongsberg has clear financial ambitions, and we believe they are supported by strong market fundamentals, a robust backlog and also leading technology positions. Patria is owned 49.9% by Kongsberg and the remainder is owned by the Finnish state. As such, Patria is not consolidated into Kongsberg's revenue or EBIT. It is accounted for as an associated company, and it is not included in our alternative performance measures due to the owner stake being below the 50% threshold. Hence, I would like to spend just some minutes also talking about Patria. Patria is a leading defense and technology company headquartered in Finland with strong positions in areas such as armored vehicles, defense systems, sustainment, aviation and also life cycle support. Patria is strategically important to Kongsberg. It gives us exposure to attractive defense markets. It strengthen our Nordic defense industrial footprint, and it provides complementary capabilities to our own portfolio. As an example, we are realizing strong synergies in areas such as remote weapon stations that we install on the Patria armored vehicles and also within aviation maintenance. Across the business, we continue to see solid growth with armored vehicle segment standing out as the key driver. This is supported by a strong momentum and several major contracts that we have secured over the past year. The backlog remains at record high levels, providing good visibility going forward, but also for Patria, we need to expand capacity in order to deliver on the growth. Improving profitability remains a clear priority for Patria, and this is driven by a dedicated program and also increasing operational leverage. I will now turn to capital allocation. For a company in Kongsberg position, disciplined capital allocation is absolutely critical. We see significant growth opportunities, but we need to remain selective and focused. We need to preserve flexibility, maintain customer trust and deliver attractive shareholder returns. As we execute on our ambitions, we will generate substantial cash and how we deploy it will be a key driver for long-term value. Our capital allocation framework is built around 4 principles. The first is to maintain a solid balance sheet. The second is to invest in organic growth. The third is to provide competitive shareholder remuneration and the fourth is strategic portfolio management and also partnerships. These principles work together and guide our financial decision-making. And let me now go through each of these 4 principles. The first principle is a solid balance sheet. And for Kongsberg, we define this as having an investment-grade rating. Kongsberg today is -- has an A- rating with a stable outlook by Nordic credit rating. And this is important for 3 main reasons. First, it is about customer confidence. Many of our customers, they enter into large and complex long-term contracts with us. They need to know that Kongsberg has the financial strength to deliver to support and sustain critical systems over many years. Second is about financial flexibility. The markets that we are operating in can move quickly, and we need the ability to invest in capacity, technology, supply chains and people when the opportunities arise. A strong balance sheet gives us that flexibility. Third is about access to capital markets. As Kongsberg grows, our capital needs may also increase, meaning an investment-grade profile supports access to financing on attractive terms, but also across market cycles. The graph shows our net interest-bearing debt-to-EBITDA development since 2018. It illustrates that Kongsberg has maintained a strong financial position while at the same time, growing significantly. Going forward, we will continue to prioritize financial robustness, but that does not mean that we will avoid using the balance sheet. It means we will use it carefully with a clear link to value creation and also strategic priorities. The second capital allocation priority is to invest in organic growth. And this slide focuses on investments in property, in plant and equipment. The growth that we are seeking to realize requires capacity. It requires facilities, machinery, production equipment, test capacity, logistics, digital infrastructure and also a broader industrial footprint. As this slide shows, our PP&E investments have increased significantly from 2018. Particularly, you see the step-up from 2023 onwards. And that was when we built the Missile factory here in Kongsberg and then subsequently started building in both Australia and the U.S. This reflects the growth of the company and the need to expand capacity across several parts of the group. So far, we've been able to build capacity ahead of the curve based on the demand that we've seen, and our aim is to continue to do so going forward. We expect to continue investing at a high level. And as an indication, we expect PP&E investments to remain around the 7% to 9% of revenues in 2026 and also 2027 before we expect to return to more normalized levels. And normalized levels for us is more in the 3 to 5 percentage range. Our responsibility is to make sure that Kongsberg has the capacity to deliver both on the current and on the future demand. At the same time, we will remain disciplined. We are investing to support profitable growth and long-term competitiveness. The second part of organic growth is investment into research and development. And this slide shows our capitalized and expensed R&D development over time. R&D is a central pillar of Kongsberg's competitiveness. We operate in markets where technology is decisive and it's evolving rapidly and customers expect systems that are reliable, advanced but also continuously improved. That means we must not only deliver on existing programs, but also continuously upgrade and develop for what comes next. This requires sustained investment across our key technologies. Over time, we have increased our R&D, reflecting our ambition to remain on the forefront of technology and support the next phase of the growth. At the same time, it is important to note that a significant share of our R&D is customer funded. And we have programs such as the Supersonic Strike Missile continuing to play a key role in our business model. We also see that the speed of innovation is increasing, which is likely to drive relatively more internally funded R&D going forward. The industry is moving towards increased speed of innovation with more dual-use components. R&D investments will ensure that we maintain our relevance. Overall, this is at the core of the Kongsberg model. Close cooperation with demanding customers, deep technology expertise and continuous product development. Our R&D investments are therefore not only about technology leadership, but it's a key driver of future revenues, margins and long-term strategic relevance. The third element of organic growth is net working capital. As this slide shows, development from 2018 to 2026 has been very strong, and it has largely been driven by advance and progress payments on major contracts. This reflects the nature of our business. Advanced and progress payments are a feature of the industry, but it has been further supported by the current geopolitical environment. The recent development in net working capital has been unusually favorable and should not be seen as the new normal. Working capital in our business will fluctuate both due to seasonality, but also project timing effects will impact the levels from one period to another. As we increase activity, invest in capacity and execute on our backlog, working capital requirements will increase. As a result, both working capital and free cash flow should be expected to fluctuate. Our focus, therefore, is to manage working capital tightly while ensuring that we still have the inventory, the supply chain capacity and project funding needed to deliver on the customer commitments. The third capital allocation principle is Cell C shareholder remuneration. Kongsberg dividends is based on the long-term value creation. It's based on profitability, cash flow and balance sheet strength. Our ambition is to pay a stable and increasing ordinary dividend over time. The left-hand side of this slide shows the development in ordinary and special dividends from 2019 to 2025. And as you see, we have paid ordinary dividends consistently with special dividends on top of that. The priority is to maintain a sustainable dividend profile while preserving the ability to invest in growth. The right-hand side shows the total shareholder return, including share price development and dividends. The development has been very strong, reflecting both the operational performance of the company and also the market's recognition of the opportunities that we have ahead. Included in the graph, we also see the Oslo Stock Exchange and also the Europe Defense Index. And both really illustrates the extraordinary shareholder return that Kongsberg has delivered. Our focus is long term. Shareholder remuneration must be balanced against the need to invest, maintain financial flexibility and preserve a solid balance sheet. So the principle is clear. We aim for stable or increasing ordinary dividend over time with additional distributions assessed when appropriate based on capital needs, financial position and investment opportunities. The fourth capital allocation principle is strategic portfolio management, and we will continue to evaluate opportunities that can strengthen the group strategically, technologically and also commercially. M&A is an important tool for us to be used to realize our key targeted strategic positions. And I would like to use affordable missiles and Zone 5 as an example. Two years ago, we identified the need to complement our high-end missile portfolio with lower cost but high-volume missiles. We started planning for the internal development. But at the same time, we started a targeted M&A search to see if we could find similar capacities. We both identified and secured Zone 5, and this has allowed us to improve the time to market for both strike missiles, but also for air defense missiles. Also, this allowed us to focus our own internal development resources to focus on delivering on the backlog, delivering on new orders and also the 3SM development. We will continue to evaluate M&A as a strategic tool, and we are open to opportunities that are a natural extension of our existing positions, adjacent areas where Kongsberg has relevant competence customer relationships, but also industrial logic. This includes technologies, capabilities or market positions that complement what we already do. We are not dependent on major acquisitions in order to deliver on our ambitions. The organic opportunity is already significant, but we are actively seeking bolt-on M&A targets. And in addition, we are, of course, monitoring and evaluating more transformational M&A opportunities. Portfolio management also means continuously assessing where Kongsberg is the best owner, where partnerships make sense and where capital can be deployed most efficiently. Finally, I want to highlight the increasing importance of joint ventures and also partnerships. And as Kongsberg grows, partnerships become even more important. They allow us to combine capabilities, share technology, access markets, increase capacity and also strengthen our customer offerings. And we already have several important examples. These partnerships are part of how we innovate, how we scale and how we deliver. In many of our markets, no single company can do everything alone. Customers need integrated solutions, industrial cooperation, local presence and also long-term support. And partnerships, they are critical in meeting those needs. Going forward, we expect joint ventures and partnerships to remain an important part of Kongsberg's growth model. They support innovation, they support capacity and they support access to markets and customers. So our 4 capital allocation principles are all key in order to secure long-term growth in order to realize our ambition of NOK 100 billion in 2029 and NOK 150 billion in 2033, and this will provide strong long-term shareholder return. Thank you.

Thank you, Martin. The next speaker is Kjetil Reiten Myhra, President of the Defense Systems division. Some of you may recall his presentation on our Air Defense Systems, NASAMS, during our last Capital Markets Day in 2024. And we're excited to provide you with an update of the development of NASAMS, the NASAM solutions since then, along with an overview of some of the other systems and solutions offered by our Defense Systems division. Kjetil, the floor is yours.

Thank you, Jan Erik. And it's very nice to be here today, and I'm going to talk you through some of the main aspects of Defense Systems division here in Kongsberg. It is a large division. We have a very wide and varied portfolio. So today, I will have to focus on some of our main areas, growth areas, namely ground-based air defense systems, remotely controlled weapon systems and robotics and counter UAS or anti-drone solutions. But before I dive into that, let's just have a little look at the division as a whole. The division comprises 5 business units, all responsible for running their own profit and loss. The business units are Advanced Solutions, doing a lot of very different things, but mainly Air Surveillance, we do fire support systems and, of course, Digital Towers. Air and Coastal Defense Systems that do ground-based air defense and coastal defense. We have Naval Systems running our combat systems for our submarines and surface vessels and also our unmanned surface vessel initiatives. And then we have Land Systems with remote weapon stations, medium-caliber turrets, anti-drone or counter UAS systems and robotics. And then lastly, we have Emerging Business where our Vanguard, our standardized vessels, our uncrewed surface vessels and so on and all those initiatives are located. So 5 separate business units and pushing forward into the market together. As I said, the division has a large portfolio. And even though it might seem quite diverse, the underlying technology is the same. A common thread across the business units is systems engineering for advanced systems for demanding environments. So we share a lot of the technology shared across the business units, even though some of the application areas seem diverse. Also, we employ artificial intelligence quite heavily, both in our development systems to increase efficiency in development, but also into our products to help the users of our systems to easily -- more easily operate the systems. But now let's dive a bit deeper into the specific areas, as I mentioned earlier. Kongsberg is the #1 provider of remote control weapon stations or RWS, with more than 30,000 units delivered worldwide. The common remotely operated weapon station or CROWS has been in active production and use with the United States Armed Forces since the early 2000s. The station supports a wide range of guns and effectors ranging from small caliber machine guns to 40-millimeter grenade launchers and anti-tank missiles. The station is integrated on an ever-growing number of vehicles and platforms, both tracked and wheeled providing unrivaled flexibility. And you see some examples on the pictures on the slides here today. The system fully supports integration and employment on uncrewed and unmanned robotic platforms. The weapon station is constantly evolving and expanding its capabilities, ensuring the system adapts to new and emerging threats and needs. The medium-caliber turret or MCT is a rapidly growing product line now entering full rate production in our Johnstown, Pennsylvania facility in the United States. The U.S. government have contracted more than 250 turrets to date. The 3 main programs is the U.S. Marine Corps Amphibious Combat Vehicle or ACV program, the U.S. Marine Corps Advanced Reconnaissance Vehicle or ARV program and then the U.S. Army Stryker vehicles to Bulgaria through foreign military sales. The MCT or the medium caliber turret is a modular lightweight upgradable uncrewed turret. It has an unrivaled precision. It is a dual roll capable turret, meaning it can simultaneously engage ground and air targets. The U.S. Marine Corps ACV program has also added the turrets and Amphibious capabilities, allowing it to be fully submerged in water. The turret is also a natural counter UAS or anti-drone effector. It is a core capability of the recently announced Polish drone wall program, dubbed SAN. The extremely versatile lightweight and high-precision turret is highly sought after in the market, and we expect significant growth for this product line in the coming years. Over time, we have evolved our RWS and MCT systems into very capable, cost-effective anti-drone solutions. This started long before the war in Ukraine, and we have years of experience built into the solutions already. We have been a partner to the United States Marine Corps and their Marine Air Defense Integrated System or MADIS program since the beginning. The system is based on a heavier version of the weapon station with a lightweight 30-millimeter cannon that supports airburst ammunition. The heavier weapon station also incorporates very short-range air defense missiles like the Stinger missile. The system has been deployed with active troops in the Pacific since late 2024 and is in full rate production in our Johnstown, Pennsylvania facility. The Typhoon system based on standard RWS systems modified to support the anti-drone mission has been operational in Ukraine for some time. We work 24/7 with Ukraine's Armed Forces and industry to continuously evolve and adapt the system to optimize effectiveness. It has proven to be very effective against drones and have even successfully engaged cruise missiles. Earlier this year, Together with Polish industry partners, PGZ and APS, Kongsberg was contracted for the first tranche of the Polish drone wall program. The program has a very aggressive schedule to ensure capability is provided to the Polish Armed Forces quickly. The program is also part of the European Union's SAFE program, enabling other nations to join easily. The drone threat is evolving at a high pace, and the defense systems must be versatile and flexible to evolve with the threats. This is at the core of our RWS and MCT solutions as they are designed for continuous evolution. The number of sensors and effectors that have been integrated is long and varied and is a testament to its adaptability and open architecture. This includes new and emerging effectors such as interceptor drones, electronic warfare systems, lasers and so on. NOMADs is a new air defense system designed to operate integrated with maneuver forces, such as Army cavalry formations, providing air cover. The system is a short-range air defense or SHORAD system capable of autonomous operation and fully integrated in a layer air defense architecture. The SHORAD fire unit is a platform-agnostic and can be mounted on any capable vehicle, be it tracked or wheeled. In Norway and the Netherlands, the SHORAD fire unit is mounted on the ACSV tracked vehicle providing extreme mobility, again, as you can see on some of the pictures on the side there. The Norwegian configuration uses the Iris-T air defense missile, while the Dutch configuration uses the AIM-9X air defense missile. Each vehicle constitute a complete fire unit with sensors, command and control, communications, launchers and effectors, but fire units can also be controlled from other units on the network. The system integrates seamlessly into integrated air and missile defense architecture, both higher echelon systems such as NASAMS and peer or subordinate units such as anti-drone or counter UAS systems and very short-range air defense systems. NASAMS is the selected medium-range air defense system of 18 nations. It is the most sold air defense system of its class, and we experienced significant and growing interest worldwide. We are also seeing existing NASAMS users coming back for upgrades and additional equipment. NASAMS is combat proven. In Ukraine, the system has a significant number of successful combat intercepts with unrivaled effectiveness. It is proven to be highly effective. The AMRAAM and AIM-9X effectors are widely used in Western armed forces. The flexibility of the NASAMS effectors ensures that any stockpile any nation might have can be used on their fighter aircraft and on NASAMS simultaneously. So any stockpile you have, you can actually make use of directly. NASAMS is an open and flexible system and has already integrated other effectors such as air defense guns, low-cost interceptors, lasers, high-power microwave and interceptor drones. There are decades of knowledge, lessons learned and optimizations built into the system that cannot be copied or emulated. And NASAMS is always evolving through continuous engineering. Now as you have seen in recent conflicts, the threats nations must handle are numerous, ranging from advanced ballistic and cruise missiles through traditional air breathing targets to mass-produced cheap drones. Full spectrum Air Defense offers the potential to address multiple threats through an integrated system architecture, thereby streamlining operations and increasing the ability to efficiently handle complex scenarios. Solving this problem with different systems for each task is not only expensive to purchase, but also to use and maintain as the personnel, training, maintenance and sustainment requirements increase manyfold. NASAMS has been designed from the start to require very low manning and operational costs. Developing the capability into the ATBM or anti-tactical ballistic missile domain is a natural next step. Throughout the history of NASAMS, Kongsberg has successfully integrated a wide range of sensors and effectors and ATBM components can be integrated with little effort due to the system's open, modular and highly flexible architecture. AI is actively used to provide improved decision support in areas such as the evaluation and weapon allocation, significantly reducing reaction times and operator workloads. The Full Spectrum Air Defense solution, although an integrated air and missile defense solution by itself carries forward the openness of the system to integrate closely and in real time with other systems into larger integrated air and missile defense networks. The Vanguard system is centered around how crewed vessels can operate and support uncrewed vessels or uncrewed systems, augmenting the capability of the host vessels. A key goal of the design is to break the cost curve and increase affordability by being as civilian as possible and only as military as necessary. Modern weapons have ranges and capabilities forcing crewed platforms to operate at distance. Vanguard vessels can be equipped with long-range strike modules when required, bringing significant firepower to the theater. This provides the -- this drives the accelerating trend towards a reality where combat is primarily executed by uncrewed systems, either remote controlled or autonomous in all domains, be it air, surface or subsurface. At the heart of the design is the understanding that the system will consist of a range of platforms, both crewed and uncrewed requiring manned, unmanned teaming or MUM-T to be a core capability. The Norwegian standardized vessel program consists of up to 28 vessels, 10 larger ocean-going vessels and 18 smaller coastal vessels. Kongsberg together with SALT Ship Design has been awarded the design contract for this vessel program. And we will develop the design of these vessels in close cooperation with the Royal Norwegian Navy. Further, together with Adaptive Marine Solutions in Canada, Kongsberg and SALT Ship Design has also been awarded a design contract for the Canadian Coast Guard for their mid-shore multi-mission vessels, of which they intend to procure up to 6 vessels. We see a growing interest in standardized vessels and cheaper and military combat vessels and the list of interested nations and navies are growing day by day. So with that, I would like to conclude my walk-through of the highlights from the Defense Systems division. Thank you.

Thank you, Kjetil. We will now have a short break and reconvene and continue at 10:40 sharp. The webcast will be on break during that part of the program. Thank you. [Break]

The next speaker is Øyvind Kolset, President of the Missiles and Aerostructures division. He has been with Kongsberg for 28 years and has been the President for the Missiles and Aerostructures division for the last 9 years. We are excited to have him present more about what the Missiles Aerostructures division is doing and how the division has expanded capacity during the recent years and continue to do so. Øyvind, the stage is yours.

Thank you, everyone. Today, I'll walk you through our missile portfolio and also the market position within Strike missiles. But first, let me briefly introduce the division. We consist of 4 business units, each with profit and loss responsibility and a distinct product portfolio. Beyond missiles, we are a key supplier of advanced aerostructures, delivering panels and components for the F-35 as well as building a growing maintenance, repair and overhaul business, now expanding beyond Norway into international markets. Today, however, I will talk exclusively on the missile portfolio. We believe we offer the most advanced and modern range of maritime strike missiles available. We are already firmly established with a broad and growing set of Tier 1 customers in America, Europe and in the Pacific. So far, 15 nations has selected our strike missiles. We are in a significant replacement cycle. Thousands of legacy maritime strike missiles approaches end of life. This creates a substantial and sustained demand where the naval strike missile has clearly established its leading solution for capturing those opportunities. The NSM is the most advanced maritime strike missile currently available. Its combination of stealth design, precision guidance, autonomous target recognition and high survivability delivers a real level of capability that sets it apart in the market. That is what positions the NSM as a fifth generation strike missile, a capability that cannot be replicated in short term. We see a strong momentum across multiple key markets with active sales campaigns. At the same time, our existing customer base represents a significant source of repeat business as nation continue to build out their inventory, driving follow-on orders and long-term revenue. Another important driver is life cycle value. NSM is not a static system. It's continuously evolving through ongoing development. New functions and enhanced capabilities are introduced over time, ensuring product remains high end while also creating opportunities for upgrades and sustained customer engagements. Finally, we are expanding the addressable market through platform integration. The NSM has been designed for ease of integration, and we are actively working with platform providers to enable deployment across a wider range of systems. This includes expansion into the underwater domain with a sublaunched version of the NSM, the NSM SL for integration on submarines and unmanned underwater vehicles, which aligns with Kongsberg's broader strategic position in advanced underwater capabilities. One area we see strong potential is land-based maritime strike. The NSM Coastal Defense System represent a cost-efficient solution for protecting coastlines against maritime threats. From a value proposition perspective, this is important as it offers customers significantly lower cost alternative to traditional naval assets, while still delivering credible deterrence through mobility and distributed units. This value proposition has already been validated in the market. The system has been selected by U.S. Marine Corps as part of the Nemesis program, a highly mobile ground-based capability designed to engage enemy vessels from both coastal and inland position. The Nemesis also demonstrates commercial strength, speed of deployment and ease of integration. From initial concept to full live firing demonstration of the whole system took less than 21 months. That is a strong indicator of both the missile systems maturity and our ability to rapidly convert customer requirements into operational capability. From a business model perspective, the NSM Coastal Defense is highly flexible. We can deliver a complete system integrated with command and control vehicles and sensors. Alternatively, we can provide the missile system stand-alone for integration into existing customer architecture as we have demonstrated with the U.S. Marine Corps. This flexibility expands our addressable market and allows us to participate in both full system procurements and incremental upgrades. We believe this unique combination of high performance and affordability will drive increasing market interest. The Joint Strike Missile, JSM, is the air-launched counterpart of the NSM, and it represents another growth platform for us. It's uniquely engineered to fit inside the internal bomb bay of the F-35, and it remains the only powered strike missile in its class with that capability. This is a key competitive advantage. It directly aligns the missile with the core operational requirements for the F-35 program, one of the largest and most long-term defense programs globally. As a result, JSM is positioned inside a structurally growing market. The combination of the missiles range with the F-35 Stealth creates a high-value capability, both for maritime strike and advanced land targets. Importantly, the development risk is now behind us. The missile is fully developed and final integration on F-35 is expected to be completed later this year, then transitioning into full rate production and deliveries. Even though we're not integrated fully, all the test has been done yet, we do see a strong market validation. 5 F-35 nation has already selected the JSM. It's U.S., it's Germany, it's Japan, it's Australia and Norway. This creates both near-term revenue and long-term growth potential. We expect additional F-35 partner nations to select them out over time, combined with follow-on orders as existing customer build depth in their magazines. This week's additional order from U.S. Air Force valued at USD 270 million is a clear example of that repeat business dynamic. Another example is Germany's follow-on order of NOK 3.5 billion just 3 weeks ago. The JSM is designed with scalability in mind. While it's optimized for internal carriage, it could also be carried externally, allowing customers to increase payloads when required. This enhances its operational flexibility and broadens the addressable market. Beyond the F-35, we are actively working on integration opportunities across multiple platforms, including a growing interest for the P-8 maritime patrol aircraft as well as other fixed wing and unmanned systems. This multi-platform strategy is important as it unlocks revenue streams over time. Finally, the JSM follows the same model as the NSM, a continuously evolving product. Ongoing development ensures that the missile remains effective against emerging threats while also supporting upgrades and life cycle revenue opportunities across an expanding user base. So in parallel with this, we are expanding our portfolio. One of the direction is within the Supersonic domain. The 3SM is the way we are doing that. It's being developed now with full funding from Norway and Germany with significantly reduced -- that significantly reduces financial risk while it's positioning us for long-term growth in another high-end segment of the market. We expect this missile to be ready for deployment in the mid-2030s, and it will for us, represent a step change in capability addressing advanced maritime and land targets at long ranges in highly contested environments. And important, this one does not replace NSM or JSM. It complements our existing portfolio. The NSM and JSM will continue to serve the subsonic mission profiles, while the 3SM expands our offering into a new segment. From a technology perspective, 3SM will incorporate several new technologies, including a new engine technology that delivers higher speed and longer range relative to size and weight while still supporting precise time on target by variable throttle control for coordinated strike operations. In addition, the missile will feature a highly advanced sensor suite, combining multiple sensing technologies with intelligent data fusion, further strengthening its effectiveness in complex threat environments. Another key factor for 3SM is platform comparability. It's planned for integration in the Mark 41 vertical launch system, which is already deployed on more than 200 naval vessels globally. This provides a strong foundation for future potential. Even though it's early in the development phase, we are already seeing interest from allied nations, reflecting the relevance of this capability. At the same time, we do expect competition from both U.S. and European players in this segment, and we are positioning ourselves accordingly. Also expanding our portfolio in other direction. That is with the affordable mass. And for us, the term affordable mass does not only mean low cost. Affordable mass is more about the ability to scale production and deliver capabilities that is operationally relevant in volumes. That requires both design for manufacturing and the performance that remains effective in high-volume deployment scenarios. As Erik stated earlier, we entered this segment through the acquisition of Zone 5 Technologies. They are the recognized leader in affordable mass producible munitions with a product portfolio that includes counter UAS and cruise missiles. This includes the Rusty Dagger that's an air launched strike missile optimized for mass production with the ground launched variant in the road map. Complementing is White Spike, it's a drone interceptor built on the same production philosophy engineered to deliver cost-efficient response with a price point that aligns with the threat it's designed to counter. The portfolio is further strengthened by the Paladin, an advanced unmanned aircraft system that serves as a multi-mission autonomous platform. This acquisition adds a distinct and complementary capability to our portfolio. Zone 5 brings proven expertise in rapid development, scalable production and cost-effective missile design. From an investment perspective, this creates several important advantages. First, it expands our addressable market into a high-growth segment driven by evolving operational concepts and increasing demand for large volumes. Secondly, it strengthens our positions in the U.S. market and including access to programs and opportunities in U.S. that requires a domestic footprint. Zone 5 has already established a strong traction with contract awards and participation in key U.S. programs, including the U.S. Air Force family of affordable mass missile initiatives as well as related export efforts. Going forward, we see clear opportunities to scale this business. Zone 5 will remain a hub for innovation and development of disruptive products, while Kongsberg will leverage our industrial capabilities and global market access to drive international growth. This includes establishing production capacity outside the U.S. to serve customers in Europe and in the Pacific, further supporting scalability and market reach. We also see a strong portfolio synergy. By combining Kongsberg's high-performance missile systems with Zone 5's high-volume, cost-efficient solutions in the same operations, we are positioned to offer a broader and more flexible set of capabilities across both strike and air defense. Our #1 priority will always be delivering on our backlog. Our reputation and ultimately, our long-term value creation depends on meeting our commitments consistently every time. To support this, we began expanding our missile production facility capacity several years ago. A key milestone was the opening of the Nexus facility in June 2024. That was a greenfield factory purpose-built for efficient, high-volume series production of missiles. And we are immensely proud of the speed and the quality of our Nexus execution. Within just 3 months of opening an empty building, the first missile came out of the Nexus production line. Since then, we have achieved a highly successful ramp-up, both accelerating faster than originally planned and exceeding our initial stages. So I'm allowed to show you the growth, not by numbers, but you see the -- compared to -- this is -- this slide shows from 1970 our missile production until the anticipated 2030. So as shown here, the scale-up is significant. For us, this is a step change compared to historical production levels. But it demonstrates our ability to scale and industrialize in line with the growing market. And for us, this ramp-up is ongoing, and our execution so far gives us confidence in our ability to support further growth. Nexus now serves as a proven foundation for international expansion. We are in process of establishing additional missile production facilities in Australia and U.S. These will be based on the scaled version of Nexus, the same concept and expected to become operational in 2028, further increasing capacity and strengthening our proximity to key markets. In parallel, we are strengthening the resilience in our supply chain that is required to fill all this factory with parts. This includes securing flow of critical components across all production sites as well as introducing local suppliers to improve robustness and simplify logistics. So as a summary, across Kongsberg's Strike Missile portfolio, we are building a set of complementary growth platform. The NSM combines leading position in the large replacement market with clear competitive advantages and a business model that supports both new sales and long-term recurring revenue, making it a driver for future growth. The JSM adds a unique competitive position tied to the global F-35 program. With a growing installed base of high-end platforms, it provides a strong and durable contribution to long-term value creation. In parallel, we are expanding our portfolio. With the 3SM, we are entering into the supersonic segment, broadening our addressable market with a next-generation capability developed with strong government backing and through Zone 5 technologies and our entry into the affordable mass domain, we are adding a scalable, high-growth component that really strengthens our competitive position in an emerging market. Taken together, this portfolio positions us for sustained growth across multiple segments, but none of this matters without execution. Our #1 priority is clear: deliver on our backlog. To support that, we have built and continue to build the industrial platform required to scale production globally. Because as I stated earlier, and I cannot emphasize this enough, our reputation and ultimately, our long-term value creation depends on meeting our commitments toward the customers and toward our shareholders consistently every single time. Thank you.

Thank you, Øyvind. The next speaker is Camilla Kiss, President of the Discovery division. Camilla heads the division that covers what we refer to as the 2 new frontiers, underwater and Space. She took on the role as President for Discovery on January 1 and holds experience from multiple roles across the company. We look forward to hear Camilla -- hear what Camilla has to present about Kongsberg's systems and solutions in the underwater and space domains.

Well, thank you, Jan Erik. And ladies and gentlemen, now last but not least, allow me to introduce you to the third division, the Discovery division, which is the Civil and Dual-use division in Kongsberg. Discovery delivers technology, product and solution from the deepest sea to the space, 2 of the most demanding frontiers within technology and environment. And in these domains, Kongsberg has over the year, built a very strong position, and we see significant opportunities for further growth going forward. One of the strongest market drivers in the space domain today is the need for sovereign constellations across Europe. We have capabilities in Kongsberg across the full space value chain from EU's largest manufacturer of small satellites to the launch access through Andøya and the world-leading global reach through the ground stations through Kongsberg Satellite Services or KSAT. In the ocean, both on the surface and in deep sea, autonomous systems such as HUGIN is beginning to have the same transformative effect as aerial drones have had in the air. The relevance of this technology is higher than ever, and we have a broad set of products and system offerings within this domain. We have a large portfolio in Discovery far beyond what I will be able to cover here today. But the combination of Kongsberg's defense domain knowledge and market access together with our world-leading technologies is, in many ways, in fact, a perfect match. And I will share with you some of Kongsberg's key priorities and how we will secure our position within the 2 frontiers space and underwater. As the geopolitical landscape becomes more demanding, security challenges is rising fast. This is especially visible in the Arctic and in the Indo-Pacific, where strategic competition is intensifying and increasingly playing out at sea. And these are vast remote and contested areas. They're difficult to monitor, they're difficult to control, and they're critical both from an operational and a strategic perspective. And this is why we see nations investing more in maritime domain awareness, persistent surveillance and the ability to operate effectively in contested environments. Space for Defense is a strategic initiative. It's focused on delivering critical capabilities such as secure communication, surveillance and missile detection. And with our strong position across the space value chain, Kongsberg is well positioned to capture future growth in space market with existing dual-use technology also in this domain. The space market is currently undergoing a fundamental transition from a niche domain dominated by few large and complex satellites in geostationary orbit to distributed scalable infrastructure based on constellations of small satellites in low earth orbit. And driven by technological advances and industrialization, the market is growing towards smaller, more affordable satellites deployed in large constellations, and that enables a higher revisit rate, lower latency and more resilient services. This shift is dramatically reducing the cost per capability, opening the market to new players and new use cases, and it is accelerating innovation. At the same time, space is becoming critical infrastructure, supporting communication, navigation, security and surveillance, increasingly essential, both for civil society and for defense purposes. So in sum, the space is transitioning from a high-cost niche market to a scaled mission-critical domain, where affordability, responsiveness and data availability drive both the demand but also the investments. At sea, by using sound in water for precise underwater operation, Discovery has a world-leading position in the underwater segment. Our autonomous underwater system, HUGIN, will grow even more advanced, even more specialized and mission-ready, and I will come back to that a bit later in my presentation. Our strength is the combination of deep domain knowledge and rapid innovation. Built on decades of investment in dual-use development, we can adapt proven already proven technologies quickly and capture growth both in the defense and in the civilian markets. And that positions us well both for the sustainability trend and for the security trend, 2 trends that increasingly goes hand in hand. The implication is that the same core technology can serve both the civilian and the defense markets. And let me show you a few practical examples of what that actually looks like. The first example on your left here is how we are applying the technology from our fishery sonars to develop and deliver our naval sonars. It's based on our hydroacoustic expertise, which is sound in water. As part of the Kongsberg scope, we are supplying different naval sonars to the German, Norwegian submarine program. Moving over to HUGIN. You see that more than 30 years development illustrates how HUGIN has expanded from civilian tasks such as pipeline inspection to mine detection and more advanced defense operations today. Another example comes from dynamic positioning, where technology developed for precise vessel positioning has been adapted for defense use. Combined with defense domain knowledge, it has enabled us to develop a drone detection radar that can detect, identify and track threats from platforms such as remote weapon stations and uncrewed surface vessels. Finally, space is evolving rapidly with growing emphasis on sovereign capability. Satellites and technology, once used mainly for weather forecasting and environmental monitoring are now increasingly supporting mission-critical data needs. And AI is embedded across all of the products that you see behind me today. This is to strengthen the navigation, identification, observation, mapping and protection. What this means for us is that demand is increasingly moving towards capabilities where we already have a strong position. One of the strongest examples of this model is the HUGIN, where long-term technology development has created a platform that is highly relevant for defense. And operating underwater is highly challenging. Highly challenging. It's difficult to see underwater. It's difficult to navigate underwater. Over decades, we have built world-leading undersea technology in sensors, navigation, autonomy, communication and in energy systems. And that foundation has enabled us to develop HUGIN into a platform that fits the defense market very well. And it is the strong knowledge to the technology and the combination of these technologies into the platform that really makes HUGIN unique. Demand for autonomous underwater vehicle is growing strongly, and HUGIN is a key platform in our undersea warfare offering. which can combine autonomous underwater and surface vehicles with other sensors, effectors and command and control capabilities to deliver a more integrated operational concept. We've also developed complementary capabilities such as seabed change detection, which is important for both mine hunting and protection of critical infrastructure. And we use AI-based automatic target recognition to improve detection, classification and a safer disposal of unexploded ordinance. Combined, this gives Discovery a strong position in the defense market. Civilian market will remain important for us, both as a source of continued business and as a driver of further technology development. But we still expect the defense to be the main growth driver in the undersea domain over time. And a key point is that this is not just a strong position for today. It is a scalable platform for future growth and future innovation. The Kongsberg HUGIN family covers the full spectrum of autonomous underwater operations from rapid coastal missions to deep water and long endurance operations. The systems are in use by navies across 5 NATO countries today. And the system is recognized internationally as a leading mine hunting system in challenging waters. Our position in the undersea defense is built on deep domain knowledge, strong technology foundation and a growing demand. That enables us to innovate faster and adapt proven technologies to new defense needs and expand HUGIN into a broader mission role from payload integration and advanced mission profiles to future weapon-related concepts such as sub-launched NSM, as Øyvind mentioned earlier as well. And you can see on the slide behind me and see 2 future HUGIN models already in concept phase and development. Undersea is a highly advanced field with significant barriers to entry, and we have a world-leading position today. So far, I've focused on the undersea. Let me now turn to the second frontier, where we see a similar attractive strategic position in space and especially within space for defense. The evolving geopolitical landscape is driving nations to prioritize sovereign capabilities in critical domains and space is becoming an increasingly important domain for defense and for intelligence. Modern forces rely on space to communicate, observe, understand and respond while adversaries increasingly target these dependencies. Advancer into smaller satellites, standardized platforms and the growing reliability of commercial off-the-shelf technologies have lowered barriers to entry and accelerated deployment time lines, enabling government and militaries to rapidly feel and scale space-based capabilities. Space for defense is all about turning space-based data and connectivity into an operational advantage. In practice, that means secure connectivity and communication combined with ISR or intelligence surveillance and reconnaissance to improve situation awareness, decision-making and targeting. These are the capabilities that matter most today. As more satellites are deployed and data becomes available with lower latency, these capabilities will continue to expand. The same technological backbone that supports connectivity, communication and ISR today can, over time, also enable more advanced defense applications such as missile early warning. Looking ahead, responsive space will become increasingly important. And by responsive space, I mean the ability to deploy, to adapt and restore the space capabilities quickly as needs changes. This will be critical for making space systems more agile and resilient. And the global space economy is growing. It was estimated at around $630 billion in 2023, and estimates indicate that it can grow to $1.8 trillion in 2035. At the same time, government and institutions across key markets are increasing investments in sovereign and defense-related space capabilities. One example is Germany's Defense Minister, Pistorius, who has announced a spending of EUR 35 billion in space-related defense capabilities by 2030. Kongsberg has already partnered with OHB, Helsing and Hensoldt and are positioning for the German program. So the market opportunities are attractive, no doubt about that. And Kongsberg has built a strong position across the full space value chain. We are world leading in small satellites production in Europe with more than 300 satellites in our backlog. We produce and integrate highly advanced sensors combined with core space technologies. And we have advanced manufacturing capabilities here in Kongsberg, in Horten and in Vilnius. Kongsberg has launched access through our ownership in Andøya Spaceport and real-time data reception through KSAT's global ground system -- ground station system. Finally, the combination of fusion of multi-sensor streams capabilities and domain knowledge enable us to deliver actionable intelligence to the user interface. And as with the undersea domain, we see continued promising opportunities in the civilian market, although the major growth is expected to come from the defense market. So in space, this combination of technology, industrial capability and operational infrastructure is our strong competitive advantage. It gives us a strong foundation to support defense customers with low latency, sovereignty and mission relevant space capabilities. In Kongsberg, our defense domain knowledge is strong. And with decades of experience in the space industry, we have also built a strong ecosystem of partners and expertise. By bringing together satellite production, data reception, launch access and domain knowledge, we're well positioned to become a leading European partner within space for defense. And that rounds off the 2 strategic frontiers under sea and space. Thank you.

Thank you, Camilla. We're now about to start the Q&A session of today's program. So -- and I would like to welcome all of the speakers back on to the stage.

To kick off the Q&A session, I will begin with an opening question. We will then turn to questions from the audience present here today, followed by questions submitted by participants joining us through the webcast. So thank you. And let's begin. Eirik, how ambitious would you consider these ambitions to be?

Well, I think I consider it to be a high ambition. But also I would like to mention that it's achievable and realistic in the way we have established this ambition. If we look at how we have come to these numbers, well, we have the order backlog. And then we also have different sources how we can look at what the revenue will look like, and we look at budgets in different countries. We are in direct contact with customers, governments to see what the future looks like. So putting this together, that's where we have the NOK 100 billion and NOK 150 billion numbers as ambition. If I could have a couple of comments on the margin. I think we mentioned above 16%. I think we look at this as a not a ceiling, it's more a floor. This will vary over quarters. That is what we have experienced earlier as well. But I think when we do scaling of our production, for instance, we can take out cost and be more efficient. So scaling and producing more of the same is good when it comes to margins. So that's clear. At the same time, we heard several times today mentioning that deliver on our commitments is the most important thing we can do. If you have a happy customer, they will order more. So we have to be successful in investing and do the ramp-up. At the same time, to stay relevant in the future, we have to do investments. We have to do -- develop new features or new things. So this is a balancing act we are doing. And that's why we have put up this ambition level when it comes to the margin level. And I think maybe, Martin, you could explain a little bit how this contributes to the margin, the way we look at it.

Yes. So I think you said it well. If we were to compare it with an EBITDA level, our depreciation and amortization is at least for the last 12 months, around the 4 percentage level.

Very good. Thank you. And so Renate Tegdal will walk around with a microphone and please introduce who you are and who you represent before asking the question. So we have a question on the first row here.

Fabian Jørgensen from Pareto Securities. On the margin again, I think for the last 3 quarters, the EBITDA margins have been above 20%. And you talked about scale a lot on the Q1 report. And now basically, the low end at least target implies no scale. And if you would then assume that you have now roughly NOK 8 billion, NOK 8.5 billion, something like that in personnel costs, this would imply that you would either hire 30,000 more people by 2033, alternatively that your contribution margin, which is roughly 60% now is coming significantly down. So what do you base the low end on? It seems very low to me.

Well, I think Martin could go. We are not planning to have 30,000...

New employees...

Immediately.

Yes. So if you look at our historical margin levels, as I showed in one of the slides, it has close to doubled over the last 10 years. And it is now very high if you also compare it with the industry in general. So I think the -- what we have delivered, so 15.8% is what we have on the last 12 months basis is a good improvement, and it has increased a lot. When it comes to the future, I think Eirik covered it quite well. It is very much dependent on what type of contracts we have, the production level, are we producing what we have produced before? Are we doing newer things? How much are we investing? What type of investments are we doing in R&D and also customer financed projects.

All right. Just one more. On the full spectrum air defense, there's a significant undersupply of antiballistic missiles in the market. We know that Norway now has moved up their investment decision on the long-range air defense to 2027, which opens up for the full-spectrum air defense. And we also know that Ukraine and you guys and some others are jointly developing a new potential product on antiballistic capabilities. With the bottleneck mainly being on the missile side, to my understanding in interceptor production, how will you get around that issue even when you can produce the system?

So I think to -- you're absolutely correct that the pressure point on long-range ATBM, air defense and full-spectrum air defense is actually on the interceptor side on the missile side. So we are working actively with the current suppliers. Of course, we are partnering with some of the key suppliers on this. They are working very actively to increase their production levels and production rates. But of course, we're also then working alternatively with others to also develop new capabilities and new missiles that can come quickly into the market. So this is a development process that we are putting forward, and we're working with multiples. So we're not just single on one path forward. We actually have multiple paths already underway.

Hans Erik Jacobsen, Arctic Securities. You announced the acquisition of Zone 5 today, although it has been planned for a long time. I just wonder, have you included that in your revenue guidance going forward? And regardless of that, could you give us some guidance on what kind of revenues you are looking for in '29 and '33, respectively? Also on Vanguard, is that project included in the revenue guidance?

Maybe.

I can start. So first of all, on the Zone 5 acquisition, we have -- I mean, I think Øyvind covered it very well, a strong belief in the company and what it can add our capabilities for Kongsberg. We -- when we also talk about our ambition levels of 2029 and 2033, we said that this includes type of bolt-on acquisitions that fits very well with what we are doing. So the Zone 5 as an example, is another way of realizing our strategic ambition. I mean, we could do it ourselves or we could buy that capacity. So as such, yes, Zone 5 is included in 2029 and 2033 ambition. When it comes to Vanguard, maybe you want to. Yes, comment on that.

I think -- well, let's take a few steps back on Vanguard with the standardized vessel program in Norway, we start there. First of all, I think it's very good that Norway has started the program and it is part of the long-term plan. How it's phased into the operational settings, we still are awaiting how that will be laid out. So -- but we, as Kongsberg together with SALT, we won the design contract, which is very good. That puts us in a very good position for developing the design that can be utilized. And also just mentioned that we see a very good interest from international customers as well related to this standardized vessel program. At the same time, as we do the design, the customer or the Norwegian government, they are in the planning phase how to procure the system or systems. Our expectations or what we think is that this will be done in batches. So that, yes, we do have numbers in our '29 and '33 forecast or ambitions.

Lorenzo from Bank of America. So I have 3 questions. First, on Air Defense. So how do you think NASAMS compete against the SAMP/T and the Patriots? How replaceable do you think are Patriots in Europe at the moment? And Also, this concept of full spectrum air defense. This has been something also that the likes of Leonardo and Thales are trying to do, for example, Thales' SkyView, how does it compare to their offering? Then on missiles, you mentioned some critical components in the supply chain. What would those be exactly? Finally, could you give a bit more color on the orders or growth opportunity for HUGINS?

Sure. So let's start with the air defense. I'm going to try to remember all your questions. Initially, your first question is about whether or how NASAMS compare to SAMP/T or Patriot. So NASAMS is what we typically call today is a medium-range air defense system. So it operates in between a short-range air defense systems and a long-range air defense system. So Patriot and SAMP/T are long-range air defense systems and or ATBM systems. So it's when NASAMS grows into the full spectrum air defense that it will actually then also be a system on the level of Patriot and SAMP/T against the ATBM threats. If you look at the other way, so if you look at the lesser targets, so like drones or something like that, of course, using or NASAMS compares very well because it's a much, much cheaper effector than what you have in the bigger systems. And I will also say the advantage with NASAMS compared to most other systems is its capability to take down cruise missiles. It's a very, very different scenario, and it's something that NASAMS is really, really optimized to handle where we typically get a missile with very, very short reaction times, flying close to the ground, which is a very specialized defense capability. Next question was -- I'm trying to remember all the questions.

But maybe I could just add that what Kjetil described earlier today is that NASAMS is adaptable to different effectors and radars. So we have already integrated the lower end with the counter UAS. and SHORAD systems with different missiles. That is -- so everything is then controlled from NASAMS, both for medium, short range and counter UAS. So the last step is to add the anti-TBM capacity. And that's where we think we have a proven system that has done similar things before and that we can easily in these terms, add that type of capability into the NASAMS system.

I think maybe...

So on the full spectrum air defense comparison against Thales SkyView, for example, or Leonardo Michelangelo?

Yes. So on full spectrum actually more compared to the actual systems like SAMP/T, which is a full -- or that's the high-end piece of it. And then I think from the SkyView of what they're doing, where they're also working to collaborate the same. I think we believe that, again, NASAMS is very, very good and it's the best in its class. And I think we have an ability to do a very, very good long-range ATBM solution with NASAMS. And I think part of our benefits are combat proven, effectiveness is proven, low manning, low operational cost, all this we will also then bring into this full spectrum of defense that some of the other systems might be more struggling with.

And maybe add that we have a customer base of 18 countries. They all want that type of capacity.

Okay. Then I had asked about some raw material -- critical materials for -- in the missile supply chain that you had mentioned.

Yes. So I think in general, I mean, I want to be careful to go into the detailed supply chain issues of missile vendors. But I think in general, it is a mismatch with the current capacity to produce new missiles. So it takes some time to scale that up. There's a lot of scale-up efforts ongoing, both in Europe, the U.S. and other countries. But in general, there -- the need that we have seen for interceptors is outpacing the current production capacity.

But did you relate -- the question was related to what I said about critical components? Yes. Okay. Yes. Well, in principle, all the components in the missile is critical as you don't carry more than you need to do. Anyway, the thing we see as critical is where we have single source suppliers. We try to build as much resilience as we can with multiple sources. But of course, there will always be some critical components where we have sole source. Typically, it's engines, it's explosives and also, it might be some electronic components. However, I think we have a really good dialogue with our suppliers. We are sharing our forecast with them. So they are also able to build ahead and plan for their investments to meet our required volumes so we can fill the factories with parts. So this is a kind of continuous dialogue we have with our single-source suppliers.

Would it be possible to have more color on the opportunity, some numbers maybe?

Well, I think we -- the HUGIN has been sold both in the civilian market and in defense market for many, many years. We have seen a growth over recent years to a larger portion of that being within defense. And as mentioned, I think we will continue to grow our sale of HUGIN, both in the civilian market and in the defense market, but we do expect a significant growth in the defense market. And we have, as I showed, a broad range of vehicles covering the full spectrum of the HUGIN family, as we call it today, from the smaller more shallow water purpose-built as well to the more long-range deep water vehicles. And as mentioned, we are also developing new vehicles with new functionality. So we see a significant growth going forward in that domain.

Magnus Rasmussen, SEB. Just one question on long-range air defense or including that in full range. Can you elaborate a bit on sort of where are you in terms of how soon can you deliver an order or have something ready for customers that could potentially be a contract? Are we talking in a couple of years or in 5 years? And also to what extent are you dependent on what the Norwegian government decides to do? Is this a project that we can see also if they decide to not procure it or procure it from someone else?

Yes, I think I can start. But I think in general, of course, we are always seeking to work together with Norway as one of our prime partners. But in general, the solution as such doesn't entirely depend on that. It can still be very viable with other partners and close customers that we have. I think from a time line perspective, it is basically driven by at the point where orders come in. And in general, I think we have very, very good control of supply chains and so on on this. We know what we need to do. There is no development as such needed. It's integration only so we can do that in parallel while systems are actually being produced. So it shouldn't be any different time line from ordering one of the other systems mentioned here today or getting it based on our NASAMS and Full Spectrum Air Defense solutions, which should be the same time line. So we will be able to deliver just as quickly as we can procure any similar or competing system.

Okay. We have a question from the web. And the first one is from Christophe Menard in Deutsche Bank. What is the pipeline of opportunity that you have based these targets on?

It's what we have based our ambition is what I referred to that we have what we -- what's visible today is what we have in the order backlog. But we also have a pipeline of opportunities that we are creating constantly. But this is a dialogue where we talk to other customers and countries how they look into the future in order for us to complement to see what potentially could be put into order backlog going forward. So I think that's kind of the way we work to put up the ambition for revenue in 2029 and also in 2033.

And then for investment grade, what is the maximum net debt to EBITDA needed for Kongsberg to remain investment grade?

Yes. So today, it's the Nordic credit rating that has an A- rating for us. And they have stated that the net debt to EBITDA in the range of 2.5 to 3x over the longer term should be a viable criteria. But of course, this is also dependent on the use of proceeds and why you need that type of leverage.

Thank you. And what is the share of revenue from Ukraine? And how does this -- how do you see this changing to 2029 and 2030?

Say that around 3% to 5% of our revenue is for Ukraine. So it's important to note that what we are delivering if it's air defense systems, these are batteries, so to say, that you put out in Ukraine and you're using, of course, interceptors, et cetera. Those interceptors are not coming from us. So we are not as vulnerable or dependent on what ammunition, et cetera, like some of the other defense players.

It's more driven by the area that you protect more than the consumption. The last question from Christophe Menard in Deutsche Bank is, can you provide an indication of what percentage points you aim to gain through efficiency and scale impact by 2029? Any color on how much these factors can contribute to margin improvement is helpful.

Yes. No, I think we'll go back to what we said earlier when it comes to how our margins will develop. It is a combination of scale effects and project mix, et cetera. So we will not communicate any specific targets when it comes to each of those components.

One more from...

Okay. Sindre Soerbye from Arctic Asset Management. Just on the space side, if you look beyond KSAT, which has grown tremendously for a number of years, how should we think about growth? Will it be kind of growing from a small revenue base in a very defined niche related to, let's say, based on sovereign security and small sets covering the northern areas? Or are you going, let's say, more head on to the established players? Because I mean, you got a lot of companies based in France, Italy, Spain, kind of merging their activities and surely, the Germans want their own industry to get a lot of their spending and you're teaming up with Germans. So would it be more of an alliance joint venture model? Or would it be kind of a Kongsberg-based model?

No, it's a good question. And we see in the sort of new space or the LEO space domain, space for defense, the market is huge, and there's a lot of capabilities that are required. And we see that partnering with other large players as well and positioning for that is a very good way forward. So as we announced last year, we are planning on establishing a joint venture in Germany and building up capacity in Germany. And we can both supply on a stand-alone basis, but also partnering wherever that is fit for purpose. It will often the whole value chain is large, and we have capabilities in all parts of that value chain. But together, we're much stronger and better positioned for many of these large programs.

Yes. Just a follow-up. Would you have kind of -- I guess you're not going head on to compete with Starlink, but would you have some kind of total addressable market for Kongsberg?

Well, it's -- the market is developing significantly, both in small sats and the smaller satellites are becoming bigger because the payload is also becoming bigger. And as mentioned, although it's highly uncertain how this market is developing and how the budgets are put forward, there are still many countries that has announced significant spending, both in Canada, in Japan, in Germany, in EU, ESA as well. So I think we're well positioned for those programs. As I said, we can deliver on a stand-alone basis, but very often also partnering will be very reasonable in this setting.

To give you some more flavor, as I see it is that Europe needs sovereign capabilities, and that is based on -- especially on the constellation level. And we definitely, as Kongsberg will contribute on the platform side and also downloading data in addition to a lot of other things we can do. But I think what we see in general in Europe is that we -- harmonization of and consolidation will take place in the shape of more joint ventures or more alliances. So this is a good match for Kongsberg. We are used to work with, and you saw the list that I think Martin presented. We are used to work with tens of companies around the world. So this is what we like to do. We like to establish, call it, partnerships that really delivers in a good manner to the different countries, these sovereign capacities.

My final question is, would it make sense conceptually to think about growth percentage-wise more or less equal across the 3 different business areas?

Yes. So I can comment on that. So when we have -- as we've been through, we will kind of look at the backlog, the pipeline and also the strategic ambitions. And when we look at all the 3 divisions, actually, there is a very strong connection between them. So for us, it doesn't really make sense to say that one division will grow more than the other because we don't know exactly where these orders will be placed. So that is the main reason why we are not commenting on divisional specific targets.

Fabian Jørgensen from Pareto again. On the standardized vessels, can you give some flavor on what could be the content of the vessels and how many holes you see as the base case now? I would assume NSM, 3SM combat systems, remote weapon stations and HUGIN. And Norway has commented, of course, Norway, Canada, U.K. maybe, Latvia and Lithuania. Anything beyond that you see as a potential?

I can maybe talk a little bit about the content of the vessel. So the whole sort of core of the system is that you have a very modular flexible design. So you have a base vessel with certain capabilities designed to host other crewed or uncrewed systems. And then you have toolboxes on top of that. So if you look at one thing, one is, as I said, HUGIN in multiple roles, but one of the key one is mine countermeasures to use HUGIN to find mines and you have other tools on board to actually pacify or take out the mines. You have naval strike missiles. We have air defense capabilities. We have a lot of communication, space communications. Manned-unmanned teaming, but the list of toolboxes is actually almost endless. So there is a lot of capability, and it will continue to evolve. That's the whole point that you can keep the main platform, but you can evolve with new capabilities as the threats and the needs change over time.

Yes. But I think you're right that NSM could be part of Vanguard as an example because it depends on -- we call them support vessels. And it depends on what role they want to take. So this will vary depending on how Norway decides to kind of implement their functions.

So a large vessel for the Norwegian Navy might be more heavily armed than the same for the Norwegian Coast Guard, for example. in normal operations.

And it's difficult to comment on the countries you are mentioning. You know about Norway and Canada, obviously, what has been public is that U.K. is looking at the same thing. And also Lithuania has been out publicly and stated that they are looking into standardized vessel programs.

Can you say if -- you said that the pipeline or people looking at this is expanding almost every day now, which then would imply that there's more countries on your list that you're engaging with.

Yes. So I think this is a platform that will contribute to the harmonizing of a type of platform in the world actually. So I think this thinking of having a quite civilian type of platform, adding military equipment that is tailored is quite unique and find a good place in the way we look at the market potential.

Then we have a question from Andreas Nygard in Nordea. In your 2033 target, have you included products that are currently not communicated to the market? Or is it based on the portfolio you present today?

I think we -- well, we base it on -- a lot is based on what we saw on the -- was it 7--6 of this portfolio bubbles. And so I think majority is based on that.

And then one final quick question. Can you please provide an update where you...

Maybe I could we also have what we didn't state there, there's a lot of other things. We have seen the divisions, and they are quite diversified in the sense that Get has submarine combat systems for submarine. So that is one example that also are part of that. So we could add on this, which is not part of this map we showed. So -- but that's not.

And the list of technologies is long. So the ability to combine them is also there. One final short question is, can you please provide an update on where we stand on Sonatech and also the Thales JV integration?

I think we -- what we can say about Sonatech is that we are awaiting a response from the government in U.S. So that's about what we can state about that. So hopefully, we get a message quite soon, but we don't know yet. And when it comes to the joint venture between Thales and our communication business is now in -- going to be confirmed by EU going forward.

Very good. Thank you. That concludes today's Q&A, and I will hand it over to Eirik for some final remarks.

So just a few closing remarks. So I'd like to summarize what we have covered today, and I'm not going to repeat everything because I think it's been a thorough walk-through here. But as we started with, the world has changed significantly since our last Capital Markets Day in 2024, and Kongsberg has changed with it. So throughout the day, we have shown how our divisions are positioned in markets with strong demand and how our technology is relevant for the challenges our customers are facing. We have also shown how we are building industrial capacity and strengthening our position in important markets. And also, our financial ambitions reflect the opportunities we see ahead. But they also reflect the confidence we have in our people, our technology and our ability to deliver. So I'd like to thank my team for their presentations today. And I'd also like to thank everyone who has asked questions in this Q&A session. I also like to thank everybody taking part in this program. So to everyone here in Kongsberg and to those following us online, thank you for joining Kongsberg's Capital Markets Day. And for those of you here in Kongsberg, Lunch will be served just outside. And before you leave, I encourage you to visit our stand. It's around the corner outside there, where you can look at a lot of equipment we have asked questions to learn more about what we have stated today about some of the equipment. So I hope you get a good time there. So thank you, and let's talk more in the break and lunch and take it from there. Thank you.