Good afternoon, and welcome all to our analyst call for our first half 2026 financial results. In the first half of 2026, IDEAL Holdings delivered record revenue and profitability, giving us confidence that 2026 will be another record year.

Our statutory revenue increased by 27% to €275 million. Comparable EBITDA reached €28.8 million, up 10%.

Comparable net profit increased by 18% to €13.4 million. What is particularly important is that this performance reflects the consistent and sustainable growth across all our investments, despite the challenging macroeconomic environment.

At the same time, we're moving forward with a very significant transaction for IDEAL Holdings. We are investing €118 million to acquire Oak Hill's minority interest in our portfolio companies.

This reinforces our strong belief that our companies are delivering superb results now and we'll continue to do so in the future. The investment is targeted at businesses we know well and trust their potential, businesses with a successful business model that are cash flow generative and in market segments with dynamic future growth.

The terms of the transaction imply a valuation of approximately €6.7 per share for IDEAL Holdings and €3.3 per share for Attica Department Stores. This is not simply our view on what these companies are worth, but we are putting our capital behind that view, and which I believe is a strong signal of our confidence in their underlying value and future potential.

Overall, we believe this is a very strong start to the year, combining solid financial performance with a significant investment and reinforcing our commitment to continue creating meaningful value for our shareholders. Looking in more detail into our first half performance, what is particularly important is the quality and breadth of the growth we delivered.

Revenue growth was driven by strong performance across our portfolio, with Byte Group up 17%, Attica up 7%, Barba Stathis up 8% percent, and Distribution up 16%. More importantly, this growth translated into higher profitability.

Comparable EBITDA increased by 10% to €28.8 million, with particularly strong growth from Byte Group, where EBITDA increased by 22%, while Attica also delivered a further EBITDA growth. What is also important is that our strong profitability is supported by strong cash generation.

This allows us to continue rewarding our shareholders, while at the same time retaining the financial capacity to invest in future growth. During the first half, we returned €0.85 per share, or a total of €47.6 million to our shareholders, representing a 13.6% yield based on the average share price during the period.

At the same time, we ended the first half with a group cash position of approximately €138 million, which gives us significant financial flexibility and balance sheet strength. Finally, during the period, we successfully completed the €57.6 million secondary offering of Attica, our third significant capital market transaction following the €48 million share capital increase in 2027 25 and a €100 million bond issue in 2023.

This track record demonstrates our ability to successfully access the capital markets and provides us with an additional source of flexibility to support our future growth. Moving to the capital markets, as we mentioned before, in July, we successfully completed the €57.6 million public offering of Attica Department Stores.

What I think is particularly important here is the very strong investor demand. The offering was 3.9 times oversubscribed with total valid demand exceeding €212 12 million, which we believe demonstrates a strong interest in Attica and its growth prospects.

We offered 18 million shares at €3.2 per share, with a broad participation both from retail and institutional investors. For IDEAL, this transaction is also important for another reason.

It further demonstrates our capability to successfully bring our investments to the capital markets. This reflects the trust the investor community has on us, which empowers us to create more opportunities for value creation over time.

Following our previous capital market transactions, it further strengthens IDEAL IDEAL's track record and access to the capital markets. Over the last four years, we have returned a total of €93.4 million, or €1.83 per share to our shareholders.

This includes the additional €0.85 per share distributed this year, which amounted to seven €47.6 million. To put this into perspective, the €93.4 million is a return over the last four years represents approximately 28% of our current market capitalization.

The most important point is that these significant distributions have not come at the expense of our growth. Over the same period, IDEAL's adjusted market capitalization has grown from approximately €113 million to €469 million, an increase of more than four times.

Over the last four years, we have managed to return significant capital to our shareholders, while at the same time, more than quadrupling the adjusted market capitalization of the company. As we discussed earlier, the strong cash generation across our portfolio gives us confidence that we can continue rewarding our shareholders, while retaining our capacity to invest in future growth and value creation.

I now turn the floor over to the CEOs of our investment companies to discuss the performance of the future, starting with the CEO of Attica, Mr. Dimosthenis Boumis.

Hello. The key highlights for the first semester for Attica are as following: the revenue reached at €113.6 million.

This was a 7% increase compared to 2025. This accelerated actually the pace that we had back in 2000 first semester 2025.

Have to say here that we grew faster than the market and we increased our market share. The growth was driven mainly by a 4% increase in transactions and which actually came from an increase in our conversion rate, meaning that the customers that are visiting us, how many of them are actually buying.

Our comparable EBITDA was at €12.4 million, increased by 5% and while the gross margin remained at 11% flat EBITDA margin. Comparable earnings before tax at 9.1, increased by 8% and similarly the margin remained at 8%, while the net financial expenses decreased by 3%, given the lower interest rates that we had and the average debt was lower than the first semester of 2025.

Moving to the earnings after tax, they reached at €7.1 million, increased by 9% versus last year. Our net cash position at €3.6 million, after the distribution of dividend of €32.8 million of last year, that we did in the last 12 months.

It's important to mention that our scope of business, which is mainly fashion and beauty, is skewed towards the second semester of the year. The second half of the year is always much stronger than the first semester of the year.

We'll see increased revenue and profitability in the second half. Going into the graphs, we see here the 7% growth on revenue, the 5% increase in EBITDA, resulting at €12.4 million.

Whereas the IFRS 16 EBITDA was at €21.2 million versus €20.2 million last year. The comparable earnings after tax at €7.1 million, 9% higher than last year.

The last chart shows us the debt and cash. Last year, in December closed at €15.4 million cash, while our debt was €18.8 million.

The first semester of the year, we had the dividends distribution of €32.8 million and resulted end of June to have €28.6 million in debt and €32.2 million in cash. If we want to a little bit see the different categories, we see that the fashion business is represented the 78% of our turnover, whereas the beauty at 20%, and other categories like eyewear or home design that we recently launched represented the 2% of the business.

We managed in the first semester of this year to increase our productivity, we see that we have a €3,530 per square meter sales per square meter versus 3.3 last year. It's another very interesting note is about tax free.

Tax free, despite the fact that in the first three, four months due to the war in Iran, we had an impact and we had actually negative trend, we managed by mid-April till end of June to have a significant growth and resulting in the first semester to be plus 2%. They represent 10.5% of the total sales, quite similar with last year.

Another commercial development which is important is part of our elevation project is the continuous introduction of interesting contemporary designer brands. In the first semester of this year, we introduced more than 60 new premium brands as part of our elevation strategy.

The visits were pretty much the same, the number of visitors were 3.2 million, similarly with last year. Whereas our online business grew to 6.8 million versus 5.5 last year and 4 million back in the first semester of 2024.

We see that there is a continuous growth of the CAGR of is 27. is 27% and it's the main channel which actually is driving the growth in Attica.

The average receipt, again part of our elevated brand mix, it moved from €94.7 last year to €97.1 this year. Moving forward, with our outlook, the full year outlook is expect revenue and comparable EBITDA growth from 7 till 9% versus last year, whereas the earnings before tax for 8% plus 8% till 10% versus 2025.

We estimate actually net cash was at €14 million end of July versus the 3.2 that I mentioned back end of June, and we expect that our net cash position to be approximately around €25 to €30 million at the end of this year. We, going to the projects, we continue our IT projects, which actually we finalized the conversion of our front-end system, which will allow us to go to more personalized customer service.

We plan to implement by the end of the year the CRM and the loyalty scheme, as well as move to our in-house logistics to 3PL, this will allow us to be able to support the increased growth that we have in our orders and our demand in our e-shop. For us, the last couple of months, November and December, due to Black Friday and Christmas, are extremely important period for us.

It's represent more than 20% of the year. Obviously we plan our marketing commercial actions now in order to be ready in this peak period of the year.

Also we plan our operational capacity in order to keep a high level of service during this period. Finally, we are working and we develop artificial intelligence tools which will allow us in e-commerce to be ready in 2027 to be able to increase a lot, even more, the number of products that we present to our customers and the categories represent our customers.

With the contribution of this specific technology, we'll manage to even double and even more the number of products next year that we present to our customers. Finally, we have signed up three new stores at Riviera Galleria in Ellinikon.

The expected launch from the constructor is, Lamda Development, is next fall 2027. Similarly, we have agreed for another monobrand store at The Mall Athens in fall 2027, which actually both initiatives are in line with our growth plan that we presented back in May and June, which actually is that we plan to grow with also with smaller than department store formats like specialty stores, like monobrand stores.

This is from our side. Last but not least, in November, in two months, we'll launch the first Attica Beauty store at The Mall Athens, which will be part of a selective chain that we will develop in the next couple of years not only in Attica region, but also outside Attica region.

Thank you. Mr.

Panagiotis Vassiliadis, CEO of Byte Group, will present the results.

Good afternoon. Thank you for joining us.

The first half of 2026 reflects the clear acceleration in our performance, with strong growth across revenues, profitability, and earnings. Sales increased by 17% to €60.8 million, reversing the decline reported in the first half of last year.

This improvement was driven by a strong rebound in project activity across our IT companies, with particularly strong performance in our digital fast lane businesses, Cyber and Trust. Profitability grew even faster than revenue.

Comparable EBITDA increased by 22% to €10.3 million, while the EBITDA margin expanded to 15.4 from 14.8 last year and 10% in the first half of 2024. This continued margin expansion is a key point for us.

It reflects the successful shift in our business mix towards higher-value, higher-margin services, as well as ongoing operating efficiencies. We are also seeing early benefits from the deployment of agentic AI in our SOC operations, where increased automation is improving analyst productivity, enhancing service quality, and supporting further margin improvement.

At the same time, financial expenses declined by 36% year-on-year, supported by lower interest rates and lower average debt levels. This contributed to earning after tax of €7.2 million, which is an increase of 29% compared to last year.

Our balance sheet remains a significant strength. At the end of June, we reported a net cash position of 73 point €70.3 million, which gives us substantial financial flexibility.

Very important is that this strong cash position was maintained despite returning €18.4 million to our shareholders through dividends during the first half. Looking ahead, visibility remains very strong.

We have a strong backlog of €86 million, providing a solid foundation for the second half of the year. The takeaway for the first half is straightforward.

We are growing faster, converting that growth into higher margin and earnings, maintaining a very strong balance sheet, and entering the second half with very strong revenue visibility. Going to the graphs, you see the increase by 17% in the revenues.

The revenue per business unit, you see that System Integration increased by 11%, while Cybersecurity by 26%, and Trust Services by 51%. Comparable EBITDA, 22% reaching point €10.3 million.

EAT, as we said, 7.2 by 29% increase. The net cash is €70.3 million, despite the 18.4 dividends that we served within first half.

Some additional information. Business-to-government was 28%, while the business to private sector was 72%.

The top five market, following the government sector was leading with 28% is Technology, Media, and Telecommunications with 18%, Financial Services 16%, Energy and Utilities 14%, and wholesale, industrial at 11%. You see that the government sector is quite small.

That reflects also our small exposure to RRF, which is 22%, while 78% of our business is in non-RRF. International 11%, compared to domestic business, which is 89%.

System Integration continue leading the revenues with 69%, while Cybersecurity is 26%, and System Integration and Trust is 5%. Looking ahead, based on current backlog, pipeline, and strong project visibility, we expect full-year performance to remain solid.

For 2026, we expect revenues in the range of between €115 to €125 million, with an EBITDA between €17 million to €18 million, corresponding EBITDA margin of approximately 15%. We expect the growth trend to continue, supported mainly by the following key drivers: first, we continue deploying agentic AI within our SOC operations, together with an improved cybersecurity and SOC revenue mix, which should further enhance productivity, service quality, and margin.

Second, the rollout of eID and the EUDI wallet across EU member states creates an important structural growth opportunity for our Trust business and strengthens our positioning in the broader digital identity ecosystem. Third, we're placing increasing emphasis on higher-value System Integration projects and cross-selling opportunities.

The objective is to deepen customer relationship, increase customer lifetime value, and expand our recurring revenue base through higher-margin digital transformation services. Fourth, we see further upside from scale and activity efficiency across IDEAL Holdings' IT companies as we continue to leverage shared capabilities, expertise, and resources across our group.

In parallel, we are advancing a number of strategic initiatives that support our medium-term growth profile: further scale AI-powered cybersecurity not only in our SOC as mentioned before, but also to our managed security services through broader deployment of agentic AI. In our Trust Services, we are currently preparing the launch of a new eIDAS 2.0 e-preservation services, which were expect to roll out within the early 2027.

Finally, we are accelerating international business development, leveraging our proven capabilities and existing footprint to expand cybersecurity, Trust, and System Integration services across selected EMEA markets. Overall, we believe that we are entering the next phase of growth with strong visibility, attractive structural growth drivers, and a business mix that should continue to support both revenue growth and profitability.

Thank you. Mr.

Chamalelis, CEO of Barba Stathis, will present the financials of Barba Stathis.

Good afternoon also from my side. Half one was was a very strong quarter strong semester for Barba Stathis.

We've managed to increase our revenue by 8%, coming up nearly a bit shyer than €70 million. This on the back of a strong 6% in the same period last year.

What is very encouraging for us is the the fact that our growth is coming from volume, which is very important. At the same time, we're managing to grow our categories, which is a core strategy for us, considering that we hold on our frozen vegetables business above 50% of market share.

Growing the value of the categories is a core strategy. Very encouragingly, the categories have been up by 6% and we have contributed nearly 90% to this growth.

Overall, from a revenues, a very strong semester, improving also our mix, growing our net sales ahead of of of volume, which gives us confidence about the future. EBITDA was more challenged.

We have managed to increase it by by 1%. This is primarily driven by the very adverse external environment in the first half.

The challenge that we have faced was primarily in the cost of our raw materials, and especially on our salads business, given the the very bad weather conditions in January, February, and March. Also an overall increase in our promotional spending, because of limitations that we have had due to the regulations by the government and the authority that force us to to change our promotional model.

If we see the glass half full, all these one-off headwinds was nearly 14 points of EBITDA, which we have managed to offset by further accelerating the business and productivity choices, managing to close the semester with a plus one. Our financial expenses decreased up to by 8% versus a year ago.

This primarily reflects an improvement behind €2 million less debt, and also we have almost one point of improvement on on our interest rates. That helps us a bit there.

Earnings after earnings after tax is declining. This is primarily because in the base of 2025, we have reflected a tax exemption that we have been granted by a CapEx project that we have implemented.

We are expecting the equivalent amount of tax exemptions to be validated and granted in 2026. That will be that will be equalized.

As I said, we're growing very very strongly. Our market shares are up on all the categories that we compete and are up by a large extent.

We've managed to grow both volume and value share on our frozen vegetables and our fresh salads, which is is very important looking ahead. Our net debt position is €32.2 million, which is an improvement of €2 million versus December '25.

I will give a bit more perspective on this in the next slide. Our CapEx is at €4.8 million, compared to 2.1 that we have spent last year, reflecting our confidence on our growth strategy and investing behind productivity improvements and cost optimization projects.

On this chart, you see, graphically pretty much what we have discussed. On the on the debt maybe, you will see that the net debt has improved nearly €2 million, if we see the debt and the cash.

We have a €2 million improvement. Debt is flat, but we have a €2 million improvement coming, €1 million coming from an improvement on working capital.

We have managed to reduce inventory days and also to collect our money quicker. We have improved our receivables.

Also, the other million is coming from less CapEx versus a year ago. That helps us to improve our net debt position.

This chart basically suggests that our growth is broad-based. We are our flagship business, which is our frozen vegetables, nearly 70% of our portfolio, is a driver of the growth from a revenue point of view.

Encouragingly, and in line with our growth strategy, we are managing also to grow all the other pillars of our business: salads, our Halvatzis subsidiary, which is having a very good first half, and also our dough business. From a channel point of view, the the split remains broadly unchanged.

We still see opportunities in many parts of the business, primarily on exports and our B2B business, which we have plans in the second half to accelerate. If we if we have a quick look on the outlook for the balance to go in the year, we we we are very confident that we will continue growing our revenue in the second half of the year, mid to single digits, with strong plans that we have in place to have further volume growth and continue driving what we call our value-add business.

We're pushing a lot our premium businesses that are helping us to drive our mix. This gives us confidence on the revenue to continue in the same pace.

EBITDA in the second half is expected to grow much faster versus the first half. We are optimizing our promotional spending.

We have several supply chain supply-related projects landing that is that are going to give us savings. The combination of these activations gives us confidence that we're going to grow significantly EBITDA in the second half of the year, wrapping up our EBITDA growth for the year mid to high single digit, between 6 to 8% versus last year, which considering the environment, we believe is a strong performance.

In terms of the key projects and initiatives, we are about to implement a very big change on our frozen vegetables packaging. We are renewing our entire lineup with a new look and feel, claims.

We're making a very big change. Then in December, we're going to pretty much relaunch 360, our fresh salad business, with new sizes, new recipes, new claims.

We are expanding into new categories, it's a it's a really big innovation for us, which we believe are going to accelerate our business in 2027. From the key CapEx projects, we are almost implementing the finalization of our distribution center that we have opened up in Thessaloniki, that gives us 6,000 more than 6,000 pallet places that today we're using 3PL, it's helping us a lot on our supply costs.

We're working to deliver in 2027 a distribution center in Athens, that will help us a lot on our logistics and supply cost on our on our business in the northern in the south part of Greece, which is also very important project. Then, we're working on expanding our capacity on our fresh salads here in our plant in Thessaloniki, as we see the business booming and we have a very strong and robust performance.

Last, but definitely not least, we are in the process of finalizing our plans for building another factory for frozen vegetables in Larissa, as I said at the beginning, reflecting the confidence of the company on on the growth strategy that we have. This plant will essentially double our capacity on frozen vegetables, it will really help us and give us a very different level of confidence on on how we can drive certain channels of our business.

This is going to be a very significant part of our growth strategy. All in all, in a in a challenging first half, the key metrics that reflect the consumer confidence are very healthy.

We are increasing volume, we're increasing penetration, we're increasing frequency of usage, we are improving our mix. On we are driving and we have very strong market shares.

Our EBITDA is challenged because of one-off headwinds, which we have managed to a large extent to offset, and then we have confidence in the second half to continue accelerating with the plans that we have in place, wrapping up a strong year for Barba Stathis, another strong year on the back of six years of sequential growth. Thank you very much.

Thank you. Mr.

Lampros Papakonstantinou, Chairman of the Board, will explain the currently announced transaction.

Hello to everyone. Actually, I'm going to give you two I'm going to comment on two major issues.

One is the transaction we recently completed with Oak Hill. The second one is what is our outlook for 2026.

You have listened to what our CEOs, the CEOs of our company, have said. What I can say from my side before entering into any presentation is that this is a record year, which basically coming as a record year over a record year, because last year last year 2025 and the first half and the full year was a record year for all companies.

We continue to deliver better results. You will understand from what you will listen why we decided to invest on our companies by acquiring minorities versus acquiring other businesses.

As I had discussed and as I we had discussed with many of you, either analysts or journalists, that we're working on several transactions. I will explain, I will give you, of course, not names, but we'll give you what we have done the last 16 months on that and why we decided to invest on our own house.

What we have agreed. We have agreed with Oak Hill, that was a discussion taking place the last months, because we really decided that it was better to invest in our companies than acquire another company which was not so well known to us.

We acquired, as we say, the 25% interest they hold in the common vehicle we we hold in Cyprus. The valuation is at €475 million, which means that their stake was valued at €118.75 million.

This valuation is the sum of the three valuations that of the three companies: of Byte Group, of Attica, and Barba Stathis. Obviously, for Attica, it's very easy because it's a listed company, and the valuation is very easy.

You cannot value it below what is valued at the market, at the IPO price. Easily can one one can understand what was the agreed valuation on Attica.

The second is that for the that the rest two the other two companies, what we will say and we will explain is every valuation was done at the same multiples that they had initially invested. If they had invested, for example, at on our IT group nine times EBITDA, we acquired also at nine times EBITDA, it's a very fair deal for both sides.

As we say, the total consideration is €118 million. It's an honor to us that because at the initial phase they couldn't buy shares because they were considered under the US law as insiders.

Now, they decided that now that they are they are not an investor in Kimora, they can buy shares. Apart from cash, they asked that we give them 1 million shares of our own shares, of our own treasury shares at a value of €6 per share, which means that they hold approximately right now initially, they hold around 2% of the company.

We we we like it very much and we were we want to see them there as shareholders. Now, the question is how they're going to get that money.

This is the money we have on our cash. They get the cash we have.

We might raise some debt. It's not sure yet, and the reason we'll raise debt is because we would like to have a capital structure which is more convenient to us.

We might raise debt of up up to €50 million. Initially we will not, but we'll decide, because we have that cash either on the IDEAL Holdings balance sheet or on the Kimora Holdings Kimora Limited balance sheet, the cash is there.

The expected completion is going to be between the end of this semester, hopefully by the end of September or beginning of October, but this is only subject to some minor to to the steps that we have agreed and how they are implemented. Hopefully, it'd be completed before the end of October.

All these companies will fully consolidated as they were before on our P&L and our balance sheet. Now, the question is, someone could ask why you generate value and why you did that.

You remember that in June 26, June 25, apologies, we have done a share capital increase. There is a balance of €45 million, which we have on our books, which we have to invest.

At the latest EGM in June 26, you gave us the permission, the shareholders, to extend this period, or be able to, if if we couldn't find any interesting, I would say, I'm careful with my words, any interesting investment, we have the option and the capacity to repay debt. We believe that if you create more value not by repaying your debt with that with that cash from share capital increase, but you create value by investing that cash.

We had to invest it, and we have to invest that €45 million. The second, and here is, I think it's the most important, we believe this investment is preferred versus alternatives.

As I explained before, since February '25, we have looked and discussed 10 10, 1-0, potential investments: five investments on the food manufacturing sector, three investments on the IT sector, and two investments on the industrial in the industrial sector. These are discussions we held with various parties between February '25, I would say, and May '26.

In all cases, we ended up in demanding valuations from the other side. Or from valuations which, if we had to meet, then the question is whether we could achieve the target we have on our returns.

We look back into ourselves, and we decided that all those companies are companies we know very well. We know the management, we know the business plan, and asterisk here, and you will see that they deliver the business plan, and if this is the most important, and also actually, from what you will see, because it's the first time that we provide outlook for the whole year.

We believe that the end of the year is going to be higher, hopefully, but this is what we are committed from where we stand right now. These are businesses we know, we know the forecast, we know the strategy, we know everything.

Apart from that, as I discussed, we acquire at the same valuation multiples, which we consider a fair deal. You remember, I always talk about fair deals.

I don't talk about cheap or expensive, I talk about fair. Forget, and always don't forget that we look for returns which have to match either the IRR criteria of 15% or higher, or two times our cash.

Finally, by acquiring 100% again of Barba Stathis, 100% of Byte Group, and 70% of Attica, that gives us more flexibility on strategy and on exit options. I would don't want to comment more on that, but you can easily understand with those two words, what could mean in the future.

Last but not least, I would say, and allow me to use this word, we put our money where the mouth is. Basically, if you do the maths, it's it's an implied valuation of like buying Attica at the between 3.2 to 3.3, I would say close to €3.3 per share, and acquiring, quote/unquote, acquiring IDEAL Holdings shares at €6.7 per share.

We believe that this is a very strong statement from an insider, from someone like us that we know the businesses, the management, and the business plans. Nothing else to comment on that.

Happy to take any questions you might have. Last but not least, is that you will see you you probably you could read it as well from the press release, from the comments from Oak Hill, that they also here they buy shares and they also continue to commit a substantial amount of money.

We said €200 mil. I'm not going to say whether it's 100 or 200, because it depends on the opportunities we'll find to co-invest with us.

For us, it's a very preferred partner. Now, I will go to the next and last page, which is very important, and I'm very proud because it's the first time IDEAL Holdings is coming up, and we have we're brave enough to come up with our outlook for the full year.

You remember that when we publish our results, we publish the comparables. In revenue, you don't have comparables, because it's not under the I- the International Accounting Standards that we follow.

You cannot publish. That's why we call it like-for-like.

Our statutory we expect it to be 20% higher. What we call like-for-like, it means that all companies been treated for a year, Savvas, correct?

For the full year. I would say we expect revenue to grow between 8 to 10%.

We expect EBITDA to grow by 8 to 10% versus last year. Last year, we had an EBITDA of around €58 million, you can do the mathematics what that means.

We expect comparable earnings before tax to grow between 12 to 14%. We expect net profit, which last year was I think €26 million, to grow by 17 to 20%.

This is the outlook, this is what we believe, and this is the reason we continue to believe in our companies, and we invest further. That's the end from my side.

Happy to take any question for those things. Whatever is related with companies will be answered by the management of the companies.

If it's related with strategy or other things, will be either answered by Mr. Damianos Papakonstantinou or myself.

Thank you very much.

Good afternoon. I hope you can hear me.

Thank you for taking my question. I heard clearly the rationale behind the 25% buyout, and I have one one follow-up question.

What are you thinking actually to do with the corporate vehicle after the transaction? Are you going to keep it, have the 100% just below and keep the companies as is, or we could see a reversal again going back to how it was previously under IDEAL Holdings?

That was one one question that came out of my mind and on the transaction, because it was pretty clear what you said.

Okay. Natalia, hi.

It's Lampros. Actually, I will answer.

Savvas Chatziisaias is next to me. He will intervene if I say something not correct or something which is different.

The idea is pretty clear. This was generated just to facilitate the investment of Oak Hill.

Since on the corporate vehicle, there's no cash. There's at the end of the exercise, there will be nothing.

It's going to be no cash, no debt, no nothing. We're not going to keep that vehicle at all.

We'll either absorb it or we shut it down and transfer everything to IDEAL Holdings. Clear.

Correct, Savvas?

Yes, correct.

That sounds what I was thinking also. Great.

Also on the companies, thank you for providing the outlook. It was very very very clear.

I was wondering if you could give us an update on CapEx forecasts. I remember we had a CapEx forecast for 2026 around €30 million.

In IT, we were expecting a smaller amount, some €7-8 million in retail, and maybe the rest in Barba Stathis. Does this still stand where we are here, or have you made any updates there on the numbers?

Thank you, Natalia. Each company will take the question.

Michalis, can you please elaborate a bit on this?

Yes, of course. For Barba Stathis, we expect our CapEx investment this year to be around €15 million coming from €6 million last year.

A very substantial increase, which, as I said, reflects the confidence of the company and IDEAL on the growth strategy and the growth plan. Most of the dividends that these investments will come in 2027.

Already in the second half, as I said, some of the investments will mature from the first half. We have a pretty aggressive CapEx plan behind mainly supply, warehousing.

One of the big cost components of our business is that we have been using 3PL for external warehousing. Now, we are building our own capability and productivity.

We're improving lines. On Halvatzis, our important subsidiary, we have just invested on improving productivity.

As I said, brave investments behind confidence on the growth strategy.

Okay. I assume some CapEx will be in 2027 also, because there are many plans here.

Yes, we are still working, of course, the budget for next year,

but the

preliminary assumption is that we are going to keep a fairly high CapEx investment behind the projects that we have in the pipeline.

Thank you.

Thank you, Michalis. Demosthenes, can you also address the Yes.

Yes,

yes. This year will be a record year in terms of CapEx.

We invest close to €8 million, based on all the projects that I described to you earlier, plus the maintenance CapEx for us, it's essential to keep our premium aesthetics in 60,000 plus square meters that our stores are. Next year, we'll continue our maintenance CapEx at €7 million.

We estimate to have four €4-5 million for the four stores that I mentioned to you before, the three stores in Ellinikon and one in Athens Mall. As I mentioned earlier, we continue examining potential opportunities outside Attica region for Attica Beauty or monobrand stores, there are probably will be even more.

Definitely will be €10 million, but at minimum next year will be €10 million. The minimum that we know, it will be €10 million

€10 million. Great.

Mr. Panos Vassiliadis regarding Byte Group.

Yes. We have a CapEx of €1 million, mainly to invest for Trust Services and AI development in our SOC services.

This hasn't changed. I think this is the same as we were thinking.

Okay. Yes, the same.

Thank you. Thank you very much for taking my questions.

I will leave the floor to other questions also.

Thank you, Natalia.

Thank you.

Hi, thank you for taking my questions. For giving us some color on the Oak Hill transaction.

Most of our questions have already been answered. I have just one follow-up.

Based on your current full year '26 net profit outlook, could you give us any indication of what shareholders should expect in terms of dividends? Does the 40-50% payout ratio will remain in place?

Beyond the ordinary dividend, should we assume that the policy of returning part of your proceeds from future exits will remain in place?

Thank you for the question. The answer is pretty straightforward.

When at the end, you do the maths, you will see that we forecast, I would say, an earnings after tax above €30 million, 3-0. We have said that we're willing to distribute between 40 to 50%.

If you do that maths and you divide by the number of shares, I would say, assuming everything is as planned, a dividend of €0.25 to €0.30 per share is within that range. I would say, yes, the answer is, assuming everything is as planned, we continue and we are committed to basically keep our dividend policy.

At the same time, as promised, obviously, now that we hold 100% on our investments, in case we proceed with one exit or that way, we'll definitely return more to the shareholders, because don't forget as well, we as management are also shareholders, and we are interested as well on that.

That's clear. Thank you.

There's a question that we have received, a written one, which says whether Oak Hill, by selling the 25%, whether at the same time they exit. The truth is that as I explained before and it's something we explained, initially they haven't acquired IDEAL Holdings shares, because they're considered insiders.

Now that they are not, they acquired this 2%. There is another question, a written question as well.

Michalis, I think that Mr. Chamalelis has replied most of it, but the question says about more info about the CapEx per project for Barba Stathis.

Michalis, can you please elaborate a bit on this?

Yes. If I give some big numbers, the first storage, the warehousing that we are completing in quarter four here in Thessaloniki next to our plant, that gives us 6 6.3 thousand pallet places, this is an investment of approximately €5.5 million euros.

The next, which is the warehousing and distribution center, because we're going to be doing also picking there, it helps us. It's storage and also picking to improve our logistics in southern Greece, the project in Athens is costed out nearly to €3.5 million euros.

The expansion that we're going to do in our existing plant in our fresh salads, that would allow us to improve capacity by nearly 50% and also give us the opportunity to enter new categories that require some technical equipment adjustments, this is going to be an investment of nearly €6 million. Then the big project of the Larissa plant, which is essentially an existing old factory that we have that belongs to Froza, one of the companies that we have owned.

This is the land and the building there that we're going to be obviously completely refurbish and redesign, this is an investment that right now is costed out nearly €35 million euros. These are the big CapEx projects.

Also, of course, there are a lot of maintenance projects to the existing plants, but if I talk about the big ticket items, these are the ones.

Thank you, Michalis. Now, because from what we see we don't have any written questions or any oral questions, verbal, I would say that from our side, we are very proud for these results, because as I say is a record on a record, and we are very proud for the investments we have, for the management we have, and for the returns we have for our shareholders.

As you will see, by investing, we are committed to create more value for our shareholders, and this is our goal. Thank you very much, and always at your disposal.

Thank you very much.