Frontline plc.

Good day and thank you for standing by. Welcome to the Q2 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 star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your 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 your speaker today, Mr. Lars Barstad, CEO. Please go ahead.

Thank you very much. Dear all, thank you for dialing into Frontline's quarterly earnings call. Frontline is reporting its best Our long-term strategy of growing voyage days and VLCC exposure during the slim years post-covid has come to fruition and our shareholders are now reaping the benefits. There are lots of moving parts in this market and no playbook. The key takeaway though is that the prevailing situation will have long-term implications. The current environment puts our lean organization to the test, and we are extremely thankful for the hard work the Frontline Global team is putting in, in keeping the propellers turning in this ocean of profits. Before I give the word to Inger, I'll run through our TCE numbers on slide 3 in the deck. In the second quarter of 2026, Frontline achieved $152,700 per day on our VLCC fleet, $111,400 per day on our SUSEMAX fleet, and $92,400 per day on our LR2 slash AFRAMAX fleet. So far in the second quarter of 2026, 86% of our VOCC days are booked at $156,900 per day. 79% of our SUSEMAX days are booked at $117,400 per day. And the LR2s are catching up, having booked 70% of the days at $81,000 per day. Again, all numbers in this table are on a low-to-discharge basis, with the implications of ballast days at the end of the quarter this has. I'll now let Inger take you through the financial highlights.

Thanks, Lars, and good morning and good afternoon, ladies and gentlemen. Then let's turn to slide four and look at the profit statement. We report profit of 659.2 million or $2.96 per share and adjusted profit of 580.2 million or $2.61 per share in the second quarter of 2026. As Lars mentioned, this is the best quarterly profit and adjusted profit ever recorded by the company. The adjusted profit in the second quarter increased by 235.3 million compared with the previous quarter, primarily due to an increase in our TCE earnings. Ship operating expenses decreased by 4.3 million from previous quarter, and that was mainly due to sales of eight wheel to seas in the first quarter and two susmax tankers in the second quarter. and an increase in supplier rebates which is partially offset by an increase in general running costs. Administrative expenses decreased by 2.4 million from previous quarter. This excludes the synthetic optional revaluation gain of 5.3 million in the second quarter and the synthetic optional revaluation loss of 5.8 million in the first quarter. Adjusted interest expense decreased by 4.8 million from previous quarter due to lower debt and decrease in interest rates. Lastly depreciation decreased by 4.7 million from previous quarter due to sales of vessels. Let's then look at the balance sheet on slide 5. Frontline has a solid balance sheet and a very strong liquidity of 1.2 billion in cash and cash equivalents including and drawn amounts of revolver capacity of 901 million, marketable securities and minimum cash requirements bank as per June the 30th. We have no meaningful debt maturities until 2030. Remaining new building commitments as per end june was 601.1 million and relates to the acquisition of the nine new buildings from affiliates of cmn the company has secured new building financing of up to 737 million assets out in the press release then let's turn to slide six In the second and third quarter of 2026, we reduced our financing costs through a combination of margin reductions on existing facilities for the remaining tenors and a full refinancing of selected facilities, reducing the weighted average interest rate margin by approximately 52 basis points from 178 basis points at the end of the first quarter over 2026 to 126 basis points upon completion of the process in the third quarter of 2026. The reduction was driven by amendments but with 24 basis points, refinancings with 21 basis points and new building financing and asset sales with seven basis points. We have no death maturities until 2028 and no meaningful maturities until 2030, supported by increased tenor across the portfolio as shown in the maturity chart. Then we can look at slide 7, feed composition, cash break-even rates and OPEX. Upon delivery of the remaining VLCC new buildings and sale of two VLCCs, our fleet consists of 40 VLCCs, 19 SUSEMAX tankers and 18 AFRAMAX slash LR2 tankers. Has an average age of 6.6 years and consists of 100% ecovessels where 69% are scrubber fitted. We estimate that average cash break-even rates for the next 12 months of approximately $23,800 per day for the wild disease, $25,700 per day for the Zeus Maxx tankers, and $22,200 per day for LR2 tankers, with a fleet average estimate of about $23,900 per day. This includes dry-dry cost for seven wild disease, seven Zeus Maxx tankers, and eight LR2 tankers. The fleet average estimate excluding dry dock cost is about $22,300 per day or $1,600 per day less. We recorded OPEX including dry dock in the second quarter of $9,200 per day for VLCC, $9,000 per day for SUSEMAX tankers and $13,300 per day for LR2 tankers. This includes dry dock of one VLCC and three LR2 tankers. And the Q2 26 fleet average OPEX excluding dry dock was $8,700 per day. Then lastly, let us look at slide eight and the cash generation. Frontline has a substantial cash generation potential with about 27,800 earning days annually. and as you can see from this slide the cash generation potential basis current fleet tc rates and average spot market rates as of august 28 is 2.3 billion dollars or approximately 10 dollars and 35 cents per share providing a cash flow yield of 24 basis current share price a 30 percent increase of these rates will increase the cash generation potential to $3.1 billion or $30.91 per share. And a 30% decrease of these rates will decrease the cash generation potential to $1.5 billion or $6.80 per share. With this, I leave the word to Lars again.