Good morning, and welcome to Grenergy's first-half 2026 results presentation. I am Rubén Gómez, Head of Investor Relations.

The presentation is going to be led by David Ruiz, our Chairman and CEO; Daniel Lozano, our Chief of Strategy and Capital Markets; and María Rodríguez, Director of the Sustainability Department. They are going to take you through our business, financial, and sustainability review.

At the end of the presentation, as always, there will be a Q&A session for sell-side analysts. Please, David, the floor is yours.

Thank you, Rubén, and I'm very sorry for the delay. I will try to compress my part so we leave more time for the Q&A.

Moving to slide, the second slide, financial highlights. I think it's been a pretty strong set of results for first half with all the metrics growing double-digit.

I think it's been our best half year to date. The capex was close to €300 million, expected to decrease significantly in the second half.

I think we will be getting and receiving most of the batteries and storage for our large Teno, Tamango, Planchon, Monte Aguila projects, our first hybrid and standalone projects in Spain. Net debt/EBITDA is reduced to 4.6 times compared to 8.1 in the previous quarter, mainly due to Gabriela closing, as with both, which has both effects in EBITDA and debt deconsolidation.

Moving to the business highlights. I really want to emphasize here the fact that Grenergy, we consider Grenergy is a very predictable company.

I believe we are executing in all fronts, what we call our three pillars: project finance, M&A, energy, and basically based on what we outlined in the business plan we presented in May, last May. Energy management, what we show here, we will get into more detail in the presentation what we achieved in the first half 2026.

Some of these new PPAs already announced in Q1 2026, but plenty of new things happened in the second quarter, mainly our largest 1 TWh night PPA closed in Chile for Elena, but also very remarkable hybrid PPA 350 for Algarrobal, phase 5 of Oasis de Atacama. These two PPAs are some of the largest we've ever closed.

Our first hybrid PPA in the US, and many new tolling agreements for GR, for Greenbox under negotiation. Moving to financing, well, new financing closed for Oviedo over €100 million in Spain.

It's a very remarkable deal, the first of this type in Spain. Business as usual in Chile.

I think we're closing one large deal every quarter, and this time we closed the project financing for Monte Aguila in Central Oasis. I think it's very impressive what we, what our team, financing team, is achieving.

We're basically closing one large deal in Chile every quarter. In M&A, very active on the buy-side.

We'll get into more detail. There's plenty of new stuff in 20, in this quarter.

We acquired the rights to build nearly 300 MW in a hybrid plant in, it's called Andrea, in Andalucia, and 100 MW more to our portfolio of Greenbox in Spain. On the sell-side, as we have concluded the closing of Gabriela, and we are expecting to deliver also our Colombian assets very soon.

Operational highlights, I think outstanding execution with 1.5 GW and close to 8 GWh built in in just 18 months. We are rapidly progressing in Greenbox with 10 GWh of pipeline, either under construction, backlog, or advanced stage.

Later we'll see in detail how quickly we are advancing in Spain, Romania, and Poland. We are advancing in our greenfield in the six markets where we are, and we are looking for opportunities in the secondary market as well in some of these markets.

Great news in sustainability and our new impact strategy, and I think I'll leave this to later, it will be explained by, by María. Just very quickly, our platform overview.

Main message here: the pipeline has reduced, has contracted from, from the previous 12 GW to now 11 GW of solar, and from 72 GWh of, putting together the hybrid and the standalone storage, to 63. This is, well, following our review.

We are applying a more selective approach, we want to prioritize those projects that are completely investable, bankable, highest quality, and especially with the right executing timing. We have stressed many times how important is the time-to-market.

In many cases, we prefer sourcing opportunities to the secondary market where we have greater certainty of delivery. We are demonstrating this with the recently acquired 1 GW in Spain and Chile.

Rapid progress anyway in, in BESS. Our portfolio considering plants in operation and under construction has jumped from 2.2 to 2.3, and especially from 4.5 GWh in BESS to 8.5.

That's considering the commissioning of Elena, which, as is the largest asset to, to date, yeah. Moving to, well, I think I will jump this.

I can get in more detail in the in the Q&A. It's very clear we have transitioned from a pure standalone PV developer to develop nearly exclusively hybrid projects in all the jurisdictions, right?

I think it's a very remarkable transformation in just a couple of years. Moving to Oasis platforms, moving to Chile, I think we're very proud of what we're achieving in Chile.

Our greenfield projects are progressing at very good pace. We have strengthened our platforms through the acquisition of new projects, as you know.

We continue to close increasingly important PPAs, secure new financing, new financing deals every quarter, and we are rotating assets whenever necessary. All in all, the conditions are excellent.

The new administration in Chile is very supportive whenever we need it. They're helping accelerating permits, fast-tracking concessions when we need it.

We had the honor of inaugurating Elena, which is our most significant project to date and the most important project we have undertaken in the country in the presence of the President of the, of Kast, the President of the Republic, and several ministers, right. As specific milestones to Oasis de Atacama, we close, well, we achieved effective transfer of Gabriela, as we mentioned.

We have secured PPAs to all phases except phase 8 on Oasis de Atacama. That's very remarkable.

As I mentioned earlier, we closed, I think it's very advanced, the financial close of Algarrobal, which we hope to announce in the next couple of weeks. We will initiate the mandate for financing Elena, the second phase of of Elena.

Moving to Central Oasis, I think most important news here, it's, well, we add, we add two new projects, Pelequen and and Parral. This is something we announced in a previous presentation.

We have closed new PPAs for Monte Aguila and and Teno, Tamango, Planchon, and in this case using GR Power as offtake. We have announced the, in the first quarter, the finance of Teno, Tamango, Planchon, second quarter of Monte, Monte Aguila.

We are now working in a new financial close for for Pelequen, which is phase 5, which is also already contracted. Construction, Teno, Tamango, Planchon, we expect to be in full operation as now hybrid plants before the year, at the end of the year.

The batteries are already on-site. Monte Aguila is advancing very well, and batteries will arrive in in December.

Moving to Iberian Oasis, you know in May we announced a target of 1 GW. We expect this platform will grow even further, and so far we have already secured, you know we have Escuderos project already under construction.

That was an existing project, and last quarter we announced the purchase of a greenfield project called named Indalo for 100. Now we're announcing a new project of nearly 300, which we have purchased also in in Almeria with excellent conditions with COD in 2028.

We have close to slightly more than 400 MW under advanced negotiations, might announce these deals as early as November next, in the next presentation. There we will be in our in the target we announced in May of 1 GW.

Again, we believe, we consider there is a great opportunity here to even grow even further in this in this platform. Important milestones: well, we have mandated Escuderos with three banks, and we might announce the financial close for Escuderos also very soon, I think even before our next update in November.

We are now thinking in, we are advancing in PPAs for the new projects we are buying. We expect a large mandate for the financial of the remainder of the platforms, might be our largest mandate to date, close to 800 MW in hybrid projects in Spain with COD in 2028.

In construction, Escuderos batteries are expected to arrive Spain in January, and we are expecting connection in Q2 next year. Quick update on Greenbox.

It's becoming one of the largest standalone BESS platforms in Europe, right, which, we currently have close to 30 GWh in under development. We are advancing very fast with 10 GWh already under construction or an advanced stage, either backlog or advanced development.

Fresh news here: projects in Poland and Romania have been advanced to backlog, as we will see later in more detail, meaning that we might start construction as early as beginning of next next year in our first projects in Europe outside outside Spain. It will be a very important milestone for for us.

Moving to Oviedo, it's first project, sorry, standalone project in Spain, the first one we obtained project finance before summer, and has a financial tolling, and batteries are expected to arrive before the year, and expected to be in operation in Q1 next year. Again, we believe this will be the first one of many projects for Greenbox in in Spain.

Romania and Poland, I think it's good news because for the first time we're moving projects to backlog in Europe outside Spain, again, it's a very important milestone for the company. We're getting ready for it.

The first project in Romania would be a project of 204 MW, 4 hours, slightly bigger than than Oviedo, just to give you perspective. Our first projects in Poland, there will be many more coming up.

The key message here is is now that the execution now is not visible just in Spain, but also in Romania and Poland. Every quarter, we will keep adding new countries and we will be updating our execution milestones.

Just to conclude this part of presentation, our three pillars: energy management, record volumes signed in the last 18 months, as you can see on the slide, 2.1 TWh contracted, 4.2 GWh of capacity with different varieties of of offtakes, 24/7, purely solar, hybrid night PPAs, tolling agreements, auctions. I think they're great, it's great news that that we are securing different alternatives of offtake in the different jurisdictions where we operate.

We do not stop here. We are currently negotiating close to an additional 3 TWh and more than 5 GWh in most of the markets where we operate.

Financing, I think I have already stressed how proud we are of of the, this is, this slide, we are showing just what we have achieved in the first half of the year, more than $600 million US in finance raised from top international banks. I think Algarrobal will be our next deal coming up in the next weeks, and we'll add more than $400 million extra US dollar.

Altogether, we will have closed more than $1 billion in project finance just for Oasis platforms in Chile only in one year. In Spain, again, Oviedo was the first financing for a standalone asset in the in the country, and we believe it's a very important milestone and the first of of many.

Corporate finance, we have also, as in the first quarter we issued €170 million green bond, and we have renewed our green notes program with a maximum cap of of €200 million, and also a revolving facility leaded by BBVA of a maximum amount of €105 million. Finally, to conclude, M&A on the sell-side: Gabriela, I think Daniel will give you more more info.

Finally, the ratio has been 1.7 instead of the 1.8 we announced. I think we will talk about the late commissioning of some large plants done in Chile.

It's taking us slightly longer than expected the commissioning of large systemic PV and BESS, and I think this is also due with the interactions we have with the TSO in the market. We are improving, but we have lost 2-3 months on average in Gabriela and and Elena compared to our expectations.

Colombian assets expected to be delivered before the year, and the asset rotation target has been achieved around 30%. Remember, we announced €800 million in proceeds between 2026 and 2028.

Buy-side, very active. We have acquired recently in the year, in the first half of the year, 1 GW: 300 MW in Chile, 700 MW in Spain, and that's including new project for Greenbox and new projects for Iberian Oasis, new hybrid hybrid projects.

The key message here, we will continue, we are continuing to be very active on both the buy-side and the sell-side opportunities. I hand it over to Daniel.

Thank you.

Thank you, David. I hope you can hear me.

You cannot see me here. I don't know what's happening with the Zoom, but, okay, let's move to financial review.

In key operating and financial data in slide 21, it's worth mentioning that, well, there are some very nice KPIs in operating data. In the last 12 months, we have added 4.1 GWh of gross capacity in storage, and we have still 5 GWh under construction that compares, for instance, with 200 MW in total capacity installed in Spain.

You will see total production moving up as more projects are connected. Elena should add a lot of production, especially in Q4.

Realized price also are moving up because also, as we are selling at night, that means higher prices. Then financial data, maybe I explain it in next slides.

In slide 22, revenue and EBITDA both were nicely impacted by the capital gain of the Gabriela deal we closed and impacted in Q2, at least €120 million of capital gain impacted in that quarter, even though there will be more capital gains up to $150 million in the next periods. That boosted revenue and EBITDA 55% year-on-year.

Energy EBITDA and revenues moving up. As I said, Elena will be a important contributor in Q4.

Retail division, that is GR Power, as more contracts are coming online, this revenue should continue to increase, and you see that revenue increased to €43.9 million and EBITDA to €1.5 million. Then, next slide, capex.

The total capex has been €275 million, mainly concentrated in Central Oasis. We are working in the connection of the hybrid asset Teno, Tamango, Planchon, Monte Aguila, many of them that will be connected in Q4.

Capex is expected to increase significantly in the second semester '26, at least that will add another €600 million to this figure before the year-end. It's not capex, but it's related, there is a small impairment of €10 million that you can see in depreciation in the P&L.

As we are checking our pipeline and projects from time to time to see if the permits are going through, the returns are what we are expecting, and, well, is not really material, but there was an impact of €10 million. Of course, we are building a huge pipeline, as David explained, and the net profit of that pipeline that we are expecting to come in coming years should more than offset, of course, to provide a huge net profit to offset these small depreciations.

Then moving to cash flow, slide 24, very solid cash position at the end of the period, €272.7 million, starting from a beginning-of-the-year cash position of 305.4. Even though we have invested huge €275 million, cash position remains solid.

As you can see in the net working capital, there is an impact of €110 million, mainly for the proceeds of the Gabriela deal that has already impacted in Q3. Also worth mentioning that the bond and commercial paper, mainly that green bond that we issued in Q1 of €170 million in the local fixed income market, well, partially we are using it to reduce short-term financial debt, like confirming letter of credit, to extend the maturity of our liabilities.

Then moving to next slide, leverage. Total leverage stay at 4.6 times.

If you are considering the effect on Gabriela deal that has occurred in Q3 or the other asset like Colombia that will affect within the future, the pro forma leverage will remain at 3.8 times, and the corporate leverage will be even below 1 times. It's one of the reasons, and especially because of the proceeds we have received, that as, well, we have a very nice market update in May, we have continued to deliver strong execution across all the business, as David explained, in PPA, in M&A, in financing.

However, we don't believe our share price fully reflect the company fundamentals. We have included in the business plan we presented in May €100 million for share buyback, and that's why we are launching a €50 million share buyback, taking the opportunity to create value for shareholders while demonstrating our confidence in the business.

I think I'm going to leave the floor to María for sustainability and the impact strategy we are now having. Thank you.

Thank you, Daniel, and good morning to everyone. You may remember how in our last presentation in May, we shared that we're evolving our sustainability strategy into a more impact-driven approach.

Today, we wanted to show you how we are already turning that strategy into action. We've recently launched two flagship initiatives that I'd like to share with you today, as they reflect our commitment to creating lasting value for both people and nature.

On the social side, we've established a partnership with Chile Ministry of Energy, formalized through an MOU that we very recently signed, to launch the pilot phase of Luz Antofagasta, which is an electrification project for vulnerable off-grid households in the region. The pilot will include both a region-wide diagnostic and technical assessment alongside an initial 20-household pilot, and will provide in this way the foundation for future scale-up.

On the environmental side, we are supporting the restoration of native forest in Nonguen National Park following the 2026 wildfires. This restoration is taking place within a globally recognized key biodiversity area on top of being a protected area, being a national park, and includes the planting of 12 native species, five of them endemic to Chile, and supported by a three-year biodiversity monitoring program to measure long-term outcomes.

It will also help restore potential habitat for threatened fauna species and other native species of conservation importance. These initiatives mark just the first steps in delivering our renewed impact strategy, but this is only the beginning.

Behind the scenes, we are developing other initiatives that will continue to strengthen our relationship with local communities and further increase our positive impact for people and nature. Thank you very much.

Thank you very much, María. We are now moving to the Q&A session.

Please, if you have any question, raise your hands, and, as always, we kindly ask for asking just one question per participant. First question comes from UBS, Anna Webb.

Please go ahead.

Yes, hi. Hopefully, you can hear me okay.

Had a few troubles connecting. One question from me on the Iberian Oasis, which seems to be moving pretty quickly.

I wanted to understand, it seems the strategy here is to buy the ready-to-build projects, which obviously makes sense given the dynamics in Spain. Just wondering how that affects your capex, how the market is for those projects, whether there's a lot of availability and you're able to get those very cheaply, or how that affects the capex guidance you've given for solar and BESS projects, and how that might affect your outlook for the IRRs.

I think you gave some guidance around the double-digit IRRs. I guess that's taking into account having to buy these ready-to-build projects, but just trying to understand the market there and if that has any impact on your expected costs.

Thank you.

Thank you, Anna. I think everything's in line with what we announced in May of our capex of €3.7 billion, and I think roughly 45% of that amount will go to Europe in two main growth divisions, right: Greenbox on one side, hybrid plants on the other.

I don't want to say we're purchasing these projects for nothing, but the value per megawatt, it's close to zero because, in many ways, we're talking about projects owned by developers. They have some commitments with bonds.

In some cases, they have invested in substations, but for the drastic change in conditions for PV projects, they don't want to keep going on. The trade-off here is being we are normally just buying the projects, changing the bonds, and in some cases, under some conditions and CPs, we are paying them back part of the capex they already made.

It's a great opportunity for us. It's a good way, also a good opportunity for them because they're exiting in some cases even the country.

For us, when we buy the projects, we immediately start the permitting for the hybridization, which takes 8 to 9 8, 9 months now. Once this is concluded, which might happen in Q2 next year, we might be ready to execute the projects, and those projects mostly need to be connected at the end of 2028.

If there is an upgrade in the IRR, I think we're getting the projects for a very low capex, but even lower than we initially expected. It's a good opportunity.

There are not many projects available because some projects are available, but with CODs in 2030, which is too late for us at this point, or some projects they have no demand, it means you can hybridize the projects, but you cannot charge the batteries from the grid. We cannot operate in many markets and the numbers don't work that well.

There are not many projects. We're trying to get as many as we can.

I think we're very close of achieving our gigawatt target. If we can find something else and we can increase that target, that might be an opportunity, but we will keep you updated.

Thank you. Next question from Henry Tarr, Berenberg.

Please go ahead.

Hi there, and thanks for taking my questions. The first one was just on the asset rotation program.

Gabriela is obviously complete now. What's sort of left in that program?

Does the acquisitions that you're making sort of increase the need to sell on the other side? I guess that's the first question.

Then the second, could you talk a little bit more about the tolling agreements or potential tolling agreements that you're looking for for BESS? How is that market?

I guess we haven't seen that many of those agreements signed. How are you looking to sort of structure them?

Is it a fixed price or a spread or yeah, any sort of incremental comment around that would be great. Thank you.

Thank you, Henry. Quick answers to all your two questions, yeah.

On asset rotations, everything's according to plan. When we announced 1 GW target for Spain, we knew we only had 200 MW, which was Escuderos, and we also have another plant, but that's harder to hybridize.

We had to find 800 extra projects from other developers, and not any project is eligible. We need to find projects that actually have demand so we can charge the batteries from the grid, right?

That's even more challenging. We are halfway there, yeah, and but nothing changes, right?

We don't need to do some extra rotation. It's everything according to plan.

As I answered Anna before, we are even getting those projects for lower capex than we initially expected. The Gabriela in Colombia, we are 30% in the target of €800 million.

We keep exploring asset rotations in several jurisdictions, and, well, whenever there is something new, we will let you know. Tolling agreements, every tolling agreement is different from each other, right?

Far, the two agreements we've closed in Spain, one was for our Oviedo plant, and the other one was for Escuderos. They're pretty similar.

They're day-ahead. We are hedging the day-ahead through a financial product for 12 years, right?

It's just the day-ahead. The rest of the products, if we operate in frequency regulation, secondary, or third markets, or tension market, the new tension market, or technical restrictions, there's so many markets, that's an upside for us.

We operate and we optimize, that's why we are getting all the capabilities for energy management and for optimizing our fleet of batteries. We are securing the main product, which is the day-ahead, for 12 years, right?

Other tolling agreements we are negotiating in markets like Germany, and the MACSE in Italy, or in Poland to complement, or the UK to complement the capacity payments we already have, they will be more complete, comprising other markets, not just the day-ahead, might be give the offtaker the rest of the market. That's basically it, but the main message here is that every tolling agreement or every offtake agreement for a battery in each market is slightly different, right?

It's not they follow different patterns market-by-market.

Okay. Next question from Nacho Doménech, JB Capital.

Please go ahead. Nacho, you have to say that you want to unmute.

We are muting you. If not, we also have another question in the meantime with Mediobanca, Beatrice.

Yes, can you hear me?

Yes, perfect.

Thank you. Thank you so much for taking my question.

It is regarding the new announced share buyback. I was interested in knowing from you how would you prioritize the buyback within your overall capital allocation?

You have done buybacks in the past, but the timing is somewhat different this time given the share price and your sizable growth investment plan. Would be interested to have your view on this and how would you rank the priority for the potential use of the shares between the carp reductions, cancellations, and incentive plans you have mentioned?

Thank you. Thank you very much for your question, Beatrice.

First to put this share buyback in perspective. On one hand, it was included in our goals for we announced in May this year.

We were considering 100 up to maximum €100 million in shareholder remuneration, if we were about to complete this program with a maximum of €50 million, I don't think we will reach this figure, a maximum of 500, half a million shares, and €50 million, that's gives you a maximum of 1. I think it's 1.7%, 1.8% of our total shares.

It's not really material if you are looking at the amount of asset rotations we're doing. What trigger this now, it was, well, in one hand, we believe that there is an upside on the share price compared to a bigger upside, yeah, compared to a few months ago, and we believe it's a good moment for the company.

Also, we materialize the transfer of Gabriela, we had some extra, I think we reckon $150 million, $160 million US coming in. We are also advancing in other asset rotations, we believe it's the right timing.

We have limitations. We cannot execute that because it's based on a percentage of your traded volume, it will be executed.

We need to inform the CNMV every week. It's not that different from previous share buybacks we have executed.

I think it's our fourth program, the three ones we executed before were executed successfully, and I think it's just business as usual for us. We've been doing this every year.

Thank you very much. Now let's try again, Nacho Doménech.

Now if it works, we have unmuted you.

Hi, yes. Apologies for the connection issues.

Thank you for the presentation. David, I had a question on GR Data, okay, if you could provide an update versus what you already presented, no, in the May investor update, and more specifically, if we nail it down to Spain, okay, and with all the noise around the royal decree, what's your view, okay, on this and if you see any opportunity given the platform, no, that you are building in Spain in relation, no, to the whole data center opportunity, and more specifically on what this royal decree proposal, no, is bringing.

Thank you very much.

Thank you, Nacho. This presentation, we have not dedicated a lot of time to talk about GR Data and also GR Power.

Both are a very important growth areas for us. GR Data, we're working on finding the right match, the right partner for some of our projects.

We are having very interesting conversations. We have even mandated a large US bank to help us with all the process, we are in all the process.

As we have two very different products. On one side, we have the colocation campuses around Santiago.

They have different, normally different partnership. Hyperscalers could work with us in both, but many colocation players will be only interested in the cloud campuses we are developing in Santiago.

Whatever there are some news, I can only say now that we are advancing well. We are not far from ready-to-build of the first phase of south Santiago, and that's very important.

As it was Chile Day on Monday, and again, you can see very strong messages of support from the government, from the current administration in Chile. This is great news.

I was in a panel also with the head of Amazon Web Services for Latin America on Monday, and I think most hyperscalers, they also identified that there is a window of opportunity for AI training in northern Chile, right? The size of the opportunity is massive, and it's something that we need to work a lot with the government because it's really a flagship project for the market.

I'm talking now about Atacama Data. About Spain, I don't have really a lot of comments.

I'm sure other companies can give you plenty. I find that an excess of regulation that the government is now proposing is not really good for the development of the industry in Spain.

This is what we see from the last draft outlined by the government.

Thank you very much. Gracias.

Okay. Henry from Berenberg wants another question.

Henry, please go ahead. Thanks.

Thanks for giving me another question. I just wanted to talk about the PPAs and what you're seeing there, both in Chile, I guess you've still got a couple of those projects, later phases for Atacama to sign, and then also in the Iberian Oasis for these new projects.

What's the, don't have to give a price necessarily, but what's the demand like for PPAs currently as you're going through the negotiations?

Thank you. By the way, I think your previous questions, I didn't reply you well.

I take the opportunity again on the structure of the tolling agreements, so far what we've closed are fixed, fixed prices, right? There is also the alternative of closing a floor and then do a revenue sharing with the offtaker for the rest of the market or for one particular market.

Once again, the structures are very different from each other. Regarding the situation in for PPAs, I think, well, Chile is more mature.

I'm showing now the Oasis Atacama, but we're very happy. We have nearly contracted everything we need for our 2028 plan.

The only plan we have not contracted, Antofagasta, it's a plan that we are expecting in the next plan, in 2029, to complete. Very happy, yeah.

In Chile, we have now our own offtake in-house, which is GR Power. We're still selling to large incumbents and large mining companies directly from the projects, but also we are closing PPAs successfully from our GR Power.

GR Power might be investment grade soon also, because we might issue bonds for the first time to we might include Pelequen plant within GR Power, and that will be a game changer. I think it's considered bankable by the banks, by the offtakers, but it will be the culmination of our transition from being just a developer of plants to being an integrated utility having retail on one side and generation on the other.

That give us a lot of opportunities to approach every single client, whether it's a mining, data center, through GR Power, and then GR Power can be the offtake to the plants. That's the future goal.

We expect we might replicate this in Spain one day, okay? We want to make sure we first have the right fleet of projects.

In Spain, so far, in this stage, we are closing with investment-grade counterparts, and I think the market is pretty liquid now. We have announced already two tolling agreements.

We might include the PPAs, pure solar PPAs, situation is a lot more challenging, but if you talk about flexibility, if you offer flexibility with Greenbox, or if you offer night PPAs, I think the opportunities are big, and we have several tenders open now, and we have more than 8-9 interested offtakers, think will give good news. This is Spain.

I think similar situation for batteries in Europe.

That's great. Thank you so much.

Now, cheers.

Okay. With this, there are no more questions for another analyst.

Thank you very much for attending, and see you in November with our nine-month results.

Thank you. Okay.

Thank you very much.

Have a great day. Bye.

Thank you. Bye.