Maybe it is time to get some questions then, and let's see if we have any questions.

There is a question in the Q&A section from Mr. Paraschos.

Okay. What is the question?

It's about the investment program. Do you want me to read it?

Yes, please.

Good evening. 2.8 billion investment program, timetable and financing in total, loans, subsidies, etc.

Two, based on the new pricing status and the assumption that the investment program will be implemented according to the timetable, could you provide us with some forecasts? Three, timetable for the merger with the peripheral companies.

Any chance that EYDAP will be burdened with losses? Could you provide us with some estimates when the merger procedure is completed only for the merger?

Okay. Yes.

There are some others, do you want me to

read them all? Go ahead.

Is that Mr. Paraschos's, those are the three points of the question?

The three issues?

No, it's more. The other says, customers have gone up by 70 million, I assume.

He wants to comment on that. 68 million conventional assets, what are they?

Page 54, pending judicial affairs increased to 185 million versus 158 million, comment.

Yeah. Okay.

I will take the merger question of the 43 smaller utilities, and then Mr. Stamou can take some of the rest of the financials.

I'll make some comments also on the investments. Regarding the merger, as I mentioned earlier, let me tell you what the plan for the merger is.

We are in the process of hiring a partner, an accounting firm, to help us understand what assets are there and what the value of these assets are. We're going to do evaluation of these companies and of their assets.

Of course, there are some of these companies that owe us money. In Eastern Attica especially, we have been supplying water to some of these municipalities and they owe us money.

As we take hold of their assets, we are going to net out the amounts that they owe us, okay? There's going to be a benefit here because we will recover the money that we are owed, and you see that in our financial results.

That will take care of that issue. We'll have the valuation, and we expect that to happen in about a year from now.

The law actually says that we should take over these companies in about a year. I think there may be some flexibility to have our financials straight.

Maybe it would make sense to get control of these companies as of January 1st, 2027, but 2028, I'm sorry. The law says middle to end or third quarter of 2027.

We'll see if we'll do that then or maybe delay it a little bit. The idea here is that any money that we'll pay will probably This is a discussion that we're having with the regulator right now.

will go into our RAB because those are going to be assets that we are going to pay for and they're going to go to our RAB. If they go to our RAB, they're going to get the weighted average cost of capital, we are going to make money out of that.

Then obviously any costs that we have to run these companies, those are going to be also costs that we're going to recover through the tariffs. The same thing applies for any depreciations that we have on the assets that are going to be added to the regulatory asset base.

De facto, this cannot lead to losses, okay? De facto, this leads to revenue growth.

The only issue is when do we invest the money and when do we get that money back. It is an issue of timing rather than an issue of this creating losses.

Actually, I would say it is quite the opposite. This is one reason because the valuation exercise has not happened yet.

This is one reason why it is difficult to complete right now the analysis of the optimal capital structure, because we need to understand and estimate what is the capital that we're going to provide to get access to these assets. Just to make the bridge to the investments, we have an annual investment plan for the following 10 years.

We have given the plan, as to the regulator because the regulator came up with a tariff based on that investment plan, and we need to make every effort to accelerate the plan to ensure that we are compliant with what we told the regulator about two years ago in terms of what that annual plan is. Mr.

Stamou, you want to answer the other questions?

Yes, thank you Harry. Regarding customers have gone up 17 million.

Yes, no comment, it was expected. This follows in reality the increase in our billing.

The important here is the maturity of the receivables, no need to comment anything further on that. It is completely expected, has not big maturity in order to be impaired, the receivables comes with the increase on revenues.

Regarding 68 million in conventional assets, I think you are referring to the provisions, the cutoff that are linked with the revenues referring from 1st January to end of June. Again, it is exactly related to the revenues in the respective period.

As I saw, there is another additional question, the fifth one, regarding the pending judicial affairs that increased from 185 to 158 million. This again, this is linked with the progression in some of those cases of our investment plan regarding what needs to be provisioned, explored almost continuously.

No further need, that's why we have seen also the respective impact, positive impact in our results. Of course, it's being followed on a continuous basis in case from that one we see any risk will be provisioned accordingly.

I think there is no anything else that I see here. There are other questions that...

Mr. Sachinis, there is a question from Mr.

Roumantzis. Can you elaborate on the increase of the 10-year investment plan to 2.8?

Yeah.

You are on mute. Harry, you're on mute.

Okay.

Mr. Stamou, do you have the information to be a little bit more detailed on that?

2. 2.8 billion just for avoid of any misunderstanding exceeds the 10-year investment plan in reality from 2.5 billion that we were referring in prior period.

The increase of 300 million is linked primarily with Psyttalia because at least it would be at that range and not only. The 2.8 billion is referring to the period even beyond 2035 in order to cover all current investment needs that we have in our hands.

Basically, this is all the known projects that we know about today. If they finish beyond the 10-year period, that's okay, but these are the projects that we know today.

That does not mean that based on how the company evolves and the needs within the Attica area evolve, there may be more projects that we're going to work on. Obviously with the expansion, we believe that within the next year we'll have a much better understanding of what additional investments need to happen there.

If there's something that I can say here, the investment plan will grow rather than go lower, obviously. The important thing here is to execute on it.

We are focusing on executing on it, and especially executing on it at the rate that we have told the regulator. It's not going to be easy, but that's where exercises like the PMO services that we want to layer on top of what we are already doing are going to be important for that.

There's some questions from Mr. Jonathan Day.

The first one is, please can you shed some light on the headwinds related to investment in the first half and what is changing to support execution in the second half of the year? Can you talk about the opportunities and challenges of moving into irrigation, agriculture as part of the expansion?

How much of your bad debts are represented by municipalities you expect to integrate? That's from Mr.

Day.

What was the last one, please?

How much of your bad debts are represented by the municipalities you expect to integrate?

Yeah. Obviously the bad debts, we don't know what is there at the municipalities, but we're not going to be paying for the bad debts.

We don't see that any bad debts are going to actually have a negative impact on these transactions. Irrigation and agriculture, this is indeed an interesting area.

I will tell you what my view and my plan is. I want this to be a model solution for agriculture in Greece.

I think it is going to be the first time that a company with the know-how of EYDAP in terms of providing water comes to play. We have already had discussions with European players and other significant players in agriculture and irrigation around the world, and we're continuing to do that.

We're going to be hiring a head of our irrigation services and reuse services, and we're going to work together with the other stakeholders. It is important to work together with the people who use these resources.

In Greece, about 80% of the water goes to agriculture and only 20% goes to potable water. Actually, a lot of the water that is destined for Athens already goes to agriculture, we have an incentive there to figure out how to be more efficient in how irrigation happens.

We're putting a plan together. The key thing is going to be what are the tariffs going to be for agriculture.

Agriculture, water use and water base are also within the domain of the regulator. This is a discussion with the regulator how the overall allowed revenue that we will have for those areas, how that revenue is going to be recovered through tariffs, to whom.

This is a discussion and analysis that goes through the regulator. Fact is that we're somehow going to get through the tariffs going to cover our allowed revenue, but details are yet to be by the law.

In terms of projects, there have been some projects that have delayed for a variety of reasons because of contract delays and so on. Some of these contractors have actually start accelerating these projects.

We're trying to see how we can push further to ensure that we are as close as possible to what we have told the regulator by the end of the year, and it's that. Also another thing is our internal process and on how...

Κύριε Σαχίνη, χάνεστε. Hello?

Hello? Χάνεστε.

Εντάξει, νομίζω τώρα ήρθε λίγο. Ήτανε λίγο το σήμα σας, έπεφτε.

Can you hear me? Ναι, αλλά με λίγα παράσιτα.

I don't know why... Μήπως είναι τα ακουστικά σας, τα Bluetooth; Μάλλον έχει...

Can you hear me? Για μιλήστε λίγο, κύριε Σαχίνη.

[unclear] can you hear me? Όχι, κάτι είναι με τη σύνδεσή σας, δεν σας ακούμε καλά.

Όχι, αν μπορεί ο κύριος Στάμου να συνεχίσει, [unclear].

Mr. Stamou, do you want to continue until Mr.

Sachinis gets in the...

Okay. Which question needs to be replied, Elena?

Should we go to the next one or...

Yes, there is a question from Mr., excuse my French, Lemaitre?

Okay. How quickly we expect annual investment run rate to ramp up from here?

Yes, we expect not only expect, we are working on that to be more specific to to ramp up from from this stage. We are at 75% on average project execution and investment plan execution.

On project plans, we are currently 81% compared to 86% and maybe more last year. In the first semester, we faced some delays from due to archaeological services, due to some contracts delays that we know we have in our hands that those has been already signed and will be accelerated.

Especially in just to give you an indication, in in in some functions like water services, we are beyond 140% of execution, meaning that there are specific fields that we need to focus. We are already working on that and we strongly believe that execution will accelerate in the second semester.

Bottlenecks, if we see any bottlenecks, the answer is definitely yes. When you have such especially this year as well that our investment needs needs to be accelerated and is significantly higher compared to the prior year, always there are bottlenecks.

All the company is working in the direction to overcome promptly whenever problem exists. Of course, this is not always the case, but we are trying to coordinate the things, especially with external third parties in order all the projects to have the minimum delays in case happen.

Regarding regarding the update on dividend distribution, this is a good question. We we reflect the share the share price increase from the respective period last year up to today, 85%.

Even through the share price, we we try to to provide value to to the shareholders. At the same time, of course, we are exploring the optimal capital structure.

We are running internal exercises what the the capital structure needs to be, taking into consideration also the dividend distribution, because at the same time we are working in order to to implement and deliver the investment plan, to create value through the share price and at the same time to deliver even increased value through dividend distribution. We are not in a position to say what the amount what will be or what the level will be, but in any case, I want to assure you that we are exploring all all the possible ways in order to increase value for our shareholders, including that one.

Mr. Sachinis, do you want to intervene?

No, let's go ahead with the other questions.

Okay. Mr.

Stamou, there's another question from Mr. Paraschos about RAB.

Do you see it?

Yes, I see it. I read it.

RAB equals to fixed assets minus subsidies minus loans, correct. In reality, RAB includes fixed assets without any subsidies.

Any potential loans affects the expected return through the weighted average cost of capital, but in reality, needs to change drastically in order that to affect significantly what we expect as a return. RAB, yes, is fixed assets minus subsidies.

There's another question from Mr. Hatzidakis.

Do you have an estimate of the size of assets that potentially will be acquired from EYDAP? Any estimate of how this is going to affect the size of RAB?

Good question and to speak the truth, we have presented and included also in the presentation that this is also a matter of attention from our side. The answer is we do not have an estimate up to now, and based on the plan, we should not at this time frame.

What we know is that 43 operators will be consolidated to EYDAP, with the potentiality that to be increased by even more. Now, we have until end of July, based on the time frame, to consolidate all those ones.

The size of the assets that will be incorporated and consolidated from EYDAP, I think will be available to us in the next time frame and definitely not earlier by the end of the year.

Do you have any other questions? You can raise your hand.

I think...

Do you hear an echo? Όχι, σε εμένα δεν παρατηρείται.

I think there are no other questions. Hello?

Okay. If there are no other questions, I want to thank you for joining us today for these results, and we will see you again in about six months from now, maybe a little bit earlier actually.

Thank you very much for your attention and all your very useful questions.

Thank you,

and good...