Frontline plc.

Good day and thank you for standing by. Welcome to the fourth quarter 2025 Frontline PLC 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 1 1 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw a question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Mr. Lars Bastad, CEO. Please go ahead.

Thank you very much. Dear all, thank you for dialing in to Frontline's quarterly earnings call. In discussions with market actors in recent weeks, a recurring phrase has been heard. People basically saying, what a time to be alive. Frontline has been around through many cycles, but the tanking markets do actually evolve over time. We will argue that we've never been in a cycle like this, where indices and freight derivatives weigh so heavily in the freight pricing mechanism. This fuels almost violent moves as we proceed. For every $200,000 per day fixture done physically, there is an exponential number of contractual obligations that are triggered, giving this market a new dimension and very exciting dynamics. Before I give the word to Inger, I'll run through the TC numbers. So let's move to slide three in the deck. In the fourth quarter of 2025, Frontline achieved $74,200 per day on our VLC fleet, $53,800 per day on our SUSEMAX fleet, and $33,500 per day on our LR2 slash FRMAX fleet. So far in the first quarter of 26, 92% of our VLCC days are booked at $107,100 per day. 83% of our SUSEMAX days is booked at $76,700 per day, and 67% of our LR2 slash AfraMax days are booked at $62,400 per day. Again, all numbers in this table are on a load-to-discharge basis with the implications of balance days at the end of the quarter, this incurs. However, for the VLCCs, there's little mystery left with such a high percentage in the book. 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 um yeah we report profit of 228 million dollars or one dollar and two cents per share and adjusted profit of 230 million or one dollar and three cents per share in the fourth quarter of 2025. The adjusted profit in this quarter increased by $188 million compared with the previous quarter, and that was primarily due to an increase in our TCE earnings from $248 million in the previous quarter to $424.5 million in this quarter. And that, again, was a consequence of higher TCE rates. We also had some decrease in finance and ship operating expenses, and also some calculations in other income and expenses. Ship operating expenses, in particular, decreased 7.1 million from previous quarter, mainly due to an increase in supply rebates of 7.1 million. Let's then look at the balance sheet. That's slide five. The balance sheet movements this quarter are mainly related to ordinary items and also prepayment of debt under revolving reducing credit facilities. Frontline has a solid balance sheet and strong liquidity of $705 million in cash and cash equivalents. And that includes undrawn amounts of revolver capacity, marketable securities, and also minimum cash requirements in the bag as per December 21, 2025. We have no meaningful debt maturities until 2030. In January 2026, we sold eight of our oldest first-generation EcoVLCC for a total sales price of $831.5 million. And after commissions and repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $477 million. In parallel, we acquired nine latest-generation scrubber fitted EcoVLCC new buildings from affiliate of for an aggregate purchase price of $1,224,000,000. We will pay approximately 25% of the purchase price in the first quarter of 2026, and 75% is due upon delivery of each vessel. The company intends to finance this acquisition with cash and then 60% long-term debt financing. Let's then look at slide six. That's the fleet composition and cash break-even rates and OPEX. Our fleet consists of 41 businesses, 21 Zeus Maxx tankers, and 18 LRQ tankers, has an average age of 7.5 years, and consists of 100% ecovessels, where 57% are scrubber fitted. We estimate average cash break-even rates for the next 12 months of approximately $25,000 per day for VVC, $23,700 per day for SUSEMAC tankers, and $23,800 per day for LR2 tankers. That gives a fleet average estimate of about $24,300 per day. This number includes dry dock cost for five VCCs, two SUSEMAX tankers and eight LR2 tankers. And the fleet average estimate excluding dry dock cost is about $23,300 per day or $1,000 less. We record OPEX including dry dock in the fourth quarter of $9,600 per day for VCCs, $7,600 per day for ASUS MAX tankers, and $12,400 per day for LR2 tankers. This number includes dry dock of T VLCCs and T LR2 tankers. The Q425 fleet average objects excluding dry dock was $7,600 per day. Lastly, let's look at slide seven, cash generation. Following that we entered into one-year time chart of agreements, and we also had fleet renewal in the first quarter, the spot base for the next 12 months is about 24,400 days. Frontline has substantial cash generation potential with 27,700 burning states annually. As you can see from this slide, the cash generation potential basis currency, TCE rates, and TCE as of February 1st, is $2.8 billion, or $12.51 per share, which provides a cash flow yield of 34% basis the current share price. And a 30% increase from this current spot market will increase cash generation potential to $3.7 billion, or $16.84 per share. Likewise, a 30% decrease from current spot market will decrease the cash generation potential to $1.8 billion or $8.19 per share. With this, I leave the word to Lars again.