Frontline plc.

Good day and thank you for standing by. Welcome to the third quarter 2025 Frontline Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star, one, one on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw a question, please press star, one, and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Lars Barstad, CEO. Please go ahead, sir.

Thank you very much. Dear all, thank you for dialing in to Frontline's quarterly earnings call. It's noticeable how everyone at Frontline and in the general tanker industry, for that sake, walks with an energetic spring in their steps these days. We have previously argued that this market owes us money, and we have finally started to correct I'll try not to jinx it by using caps lock on absolutely everything, but it is a mild understatement that we are positively excited by the development in this market that started to materialize during the third quarter of the year. Before I give the word to Inger, I'll run through our TC numbers on slide three of the deck. In the third quarter of 2025, Frontline achieved $34,300 per day, on our VLCC fleet, $35,100 per day on our SUSEMAC fleet, and $31,400 per day on our LR2-FRMAC fleet. So far in the third quarter of 25, we have looked 75% of our VLCC days at $83,300 per day. 75% of our SUSE max days at $60,600 per day, and 51% of our LR2 slash AFRA max days at $42,200 per day. Again, all numbers in this table are on a low to discharge basis with the implication of ballast days at the end of the quarter, this incurs. This means that although we continue to fix extraordinary freight rates every day, we are dependent on the cargo being loaded before New Year's Eve to account for that income in Q4. I'll now let Inger take you through the financial highlights.

Thanks, Lars, and good morning and good afternoon, ladies and gentlemen. Let's then turn to slide four, profit statement, and we can look at some highlights. We report profit of 40.3 million or 18 cents per share, and adjusted profit of 42.5 million, or 19 cents per share in the third quarter. The adjusted profit in the third quarter decreased by 37.8 million compared with the previous quarter, and that was primarily due to a decrease in our time charter earnings from 283 million in the previous quarter to 248 million in the third quarter. That was a result of lower TCE rates, in addition to fluctuations in other income expenses. With respect to ship operating expenses, they increased 3.1 million from previous quarter, and that was due to a decrease in supplier rebates of 2.5 million, and cost of 1.1 million due to change of ship management for seven LR2 tankers. This was partially offset by a decrease in general running costs of The administrative expenses, excluding the synthetic option revaluation loss of $5.7 million this quarter and $1.7 million the previous quarter, decreased by $0.2 million from previous quarter. Let's then look at the balance sheets on slide five. The balance sheet movements this quarter are mainly related to ordinary items, the sale of one two-stacks tanker, and also the prepayment of debt and revolving reducing credit facilities. Stuntline has a solid balance sheet and strong liquidity of $819 million in cash and cash equivalents. including undrawn amounts of revoked capacity, multiple securities, and minimum cash requirements bank as of September 30th, 2035. We have no meaningful debt maturities until 2030, and no new building commitments. Let's then look at slide 16. That is the fleet composition, cash flow, even rates, and effects. Our fleet consists of 41 VCCs, 21 SMAC tankers, and 18 LSU tankers. It has an average age of seven years and consists of 100% ecovessels, where 56% are scrim refitted. We converted seven existing credit facilities with aggregate outstanding term loan balances of 405.5 million and under the evolving credit capacity of 87.8 million into the evolving reducing credit facilities of up to 493.4 million in September 2025. We subsequently prepaid a total of 374.2 million in September, October, and November 25, leading to a reduction in free average cash break-even rates of approximately $1,300 per day for the next 12 months. We estimate average cash break-even rates for the next 12 months of approximately $26,000 per day for yield receipts, $23,300 per day for juice tax hikers, and $23,600 per day for LIQ tankers, with a fleet average estimate of about $24,700 per day. This includes dry-dry cost for 14 VLCs, 2 SUSEVAX tankers, and 10 LIQ tankers. The fleet average estimate excluding dry-dry cost is about $23,100 or $1,600 per day less. We recorded OPEX, including dry dock, in the third quarter of $9,000 per day for VCCs, $8,100 per day for SUSEP tankers, and $9,100 per day for electric tankers. This includes dry dock of one VCC and finalization of dry dock for one SUSEP tanker, which entered dry dock in the second quarter. The Q325 average OPEX excluding dry dock was $8,500 per day. Then, lastly, let's look at slide 7 and cash generation. Frontline has a substantial cash generation potential with 30,000 earnings days annually. As you can see from the slide, the cash generation potential basis currency and TCE rates for TG3C For VCC, TD20 for SysTac tankers, an average of TD25 and TC1 for AfraMax LR2 tankers from the Baltic Exchange as of November 18, 2025, is $1.8 billion, or $8.15 per share, providing a cash flow yield of 33% basis current share price. A 30% increase from current spot market will increase the cash generation potential to $2.6 billion, or $11.53 per share. With this, I leave the word to Lars again.