Frontline plc.

and thank you for standing by. Welcome to the Q1 2026 Frontline PLC Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press power 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press power 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Mr. Lars Barset, CEO. Please go ahead.

Thank you. Dear all, I thank you for dialing into Frontline's quarterly earnings call. Unprecedented times springs to mind as we report in Q126, well into the first half of the year. I've been in this industry for more than 20 years, and I did not imagine us in a situation for this duration where the straight-to-formers has been effectively closed. With the opaque and volatile political narrative these days, the frontline team focus on the real, cash-generating business to be done, not speculating too far into the future. We have put the most profitable quarter since 2004 behind us, and are well into a potentially even more rewarding one. I'll get back to how we analyze the situation between the call, And before I give the word to Inger, I'll run through our TCN numbers on slide three in the deck. In the first quarter of 2026, Frontline achieved $103,500 per day on our B2C fleet, $72,400 per day on our SUSEMAC fleet, and $50,700 per day on our LR2 slash AFROMAC fleet. So far in the second quarter of 2026, 82% of our VLCC days are booked at $181,700. 79% of our SUSE max days are booked at $131,300 per day. And 68% of our LA2 slash AFRA max days are booked at $125,000 per day. Six digits across the board. All numbers in this table are on the lowest due to discharge basis with implications of balance base at the end of the quarter. And now let Inger take you through the financial highlights.

Thanks, Lars, and good morning and good afternoon, ladies and gentlemen. We can then turn to slide four and look at the profit statement highlights. We report a profit of $559 million or $2.51 per share and adjusted profit of $344.9 million or $1.55 per share in the first quarter of 2026. The adjusted profit in the first quarter increased by $114.5 million compared with the previous quarter and that was primarily due to an increase in our time charter earnings of 112 million dollars from 424.5 million in the previous quarter to 536.5 million in this quarter. Ship operating expenses increased by 5.9 million from previous quarter and that was mainly due to a decrease in supply rebates of 5.4 million dollars in the quarter administrative expenses excluding the synthetic option revaluation loss of 5.8 million in the first quarter and gain of 0.5 million in the fourth quarter of 25 increased by 8.5 million from the previous quarter and that was primarily due to synthetic option exercises in the first quarter of Then, the adjusted interest expense decreased by 9.8 million from previous quarter and that was due to lower debt and decrease in interest rates and margins. Also, depreciation decreased by 6.2 million from previous quarter due to sales of indices in the period. Income tax expense decreased by 0.6 million from the previous quarter. Let's then look at the balance sheet on slide five. Frontline has a solid balance sheet and strong liquidity of 945 million in cash and cash equivalents, including undrawn amounts of revolver capacity of $473 million, multiple securities and minimum cash requirements, as for the 31st of March 2026. We have no meaningful debt maturities until 2030. Remaining new building commitments at the end of the first quarter was $925 million, which relates to the acquisition of the nine new buildings from affiliates of Heman. The company has secured new building financing of up to $737 million, as set out in the facility. Let's then look at slide 6. Fleet composition, partially given weight and offset. Our fleet consists of 33 field-assist, 21 suspect tankers, and 18 LRQ tankers, has an average age of 7.5 years, and consists of 100% eco-vessels, where over 64% are scrubber fitted. We estimate average cash break-even rates for the next 12 months of approximately $24,300 per day for businesses, $24,300 per day for suspect bankers, and $2,300 per day for the LR2 bankers. That gives a fleet average estimate of about $24,100 per day. This number includes dry dock costs for six wheel to seas, three sewage tankers, and eight energy tankers. The complete average estimate excluding dry dock costs is about $23,000 per day, or $1,100 per day less. The recorded uptakes included dry dock in the first quarter of $11,300 per day for wheel to seas, $9,100 per day for suicide tankers, and $10,900 per day for LRQ tankers. This includes dry dock of four VCCs and three LRQ tankers. And the Q1 26 fleet average uptake excluding dry dock was $8,900 per day. Then let's look at slide 7 and cash generation. Following that, we have been entering into one-year time-sharp agreements, and we have a fleet renewal in the first quarter and also in the second quarter. Spot days for the next 12 months is about 23,700 days. Frontline has substantial cash generation potential with 27,900 earnings days annually. As you can see from this slide, the cash generation potential basis current fleet TCE rates and TCE as of May 22nd, 2026, is $1.5 billion, or approximately $7 per share. That provides a cash flow yield of 18% based on the current share price. If we look at a 30% increase from current spot markets, that will increase the cash generation potential to about $2.1 billion, or $9.51 per share. An equal 30% decrease from current spot markets would decrease the cash generation potential to about $1 billion, or $4.41 per share. With this, I leave the floor to Lasse again.