Good morning, and welcome to Premier Energy's conference call where we will be presenting the consolidated results for the first three months of 2026. Before we begin, please note that this call is being recorded and that the recording will be made available on our website later today.

By joining this video conference, as indicated in the call invite, you have automatically and implicitly consented to this recording. If you do not wish to be recorded, please leave the call.

I would like to mention that we might be making forward-looking statements today during this teleconference regarding the future performance of Premier Energy and that actual results may differ materially. We encourage you to review the disclaimer that we have included in the presentation, which you can see right now on the screen.

This disclaimer applies equally to all statements made in today's call. My name is Zuzana Korycánek, and I'm investor relations officer at Premier Energy, and I will be your moderator during today's teleconference.

I am joined in this call by Jose Garza, Chairman of the Board of Directors and CEO, and Peter Stohr, member of the Board of Directors and CFO of Premier Energy. Regarding the structure of the call, let me walk you through the setup.

Firstly, Jose will deliver the opening remarks, highlighting key financial and operational KPIs. Following that, Peter will present a detailed overview of our financial results.

Once the presentation concludes, we will move into the Q&A session. Please be aware that all the participants are currently on mute.

If you wish to ask a question, kindly type it in the chat window, which will remain open throughout the management's presentation. I will be moderating the Q&A session, and for the benefit of those watching the replay of this conference, I will read each question aloud before it is addressed.

Your questions today will be answered by Jose Garza and Peter Stohr. Thank you for your patience, and I would like to now kick off this call and invite Jose Garza to share the opening remarks.

Thank you very much, Zuzana. Good morning, everyone, and thank you for joining Premier Energy Group's first quarter 2026 earnings call.

The first quarter of 2026 marked another important period for both Premier Energy and the broader regional energy sector. Across Romania and the wider CEE market, the industry continues to undergo a profound structural transformation driven by decarbonization, electrification, energy security concerns, and increasing renewable penetration.

In Romania specifically, the energy market continues to reflect two parallel trends. On the one side, we're seeing sustained investment momentum in renewables, particularly solar and battery storage.

On the other side, the rapid growth of intermittent renewable capacity is contributing to higher intraday volatility in electricity pricing, especially during the evening peak and demand periods where flexibility solutions and storage capacity remains insufficient at a national level. While volatility remains elevated, we observed some normalization during the quarter compared to the extreme pricing conditions experienced in 2025.

Midday pricing was generally lower due to increased solar generation, while evening peak prices, although still elevated, are less severe than in the past two years. These dynamics continue to reinforce the importance of flexible generation, balancing capabilities, storage infrastructure, and a vertically integrated business model, all areas where Premier Energy are focused on.

At the same time, Romania remains one of the most attractive renewable markets in the region due to strong long-term electricity demand and gas fundamentals, supportive European decarbonization policies, grid modernization initiatives both on the gas side as well as on the electricity side, and increasing industrial demand for green power and green power solutions. We also continue seeing a growing strategic emphasis across Europe on energy independence and infrastructure resilience.

Since the recent energy crisis triggered by the disruption of Russian gas flows and now the Middle East, regulators and governments across the region have accelerated efforts to diversify energy sources. This has materially improved the long-term outlook for renewable energy, storage, and regulated infrastructure across our markets.

Next slide, please. Against this backdrop, during the first quarter 2026, Premier Energy delivered strong financial and operational performance.

We've had 12% normalized revenue growth to over €536 million. We've had 23% normalized EBITDA growth in the first quarter to €52.2 million.

Our own renewable electricity production increased by over 57% year on year, and an 88% growth in own renewable capacity to 375 megawatts, primarily driven by the successful acquisition of the 158-megawatt operational wind portfolio in Hungary and the continued expansion of our renewable generation platform. We also continue to advance our development pipeline.

During the quarter, our 137-megawatt solar portfolio with co-located battery has moved into final testing and commissioning stages. We anticipate these being operational within the next month.

We've also started the construction of our 200-megawatt, 400-megawatt-hour battery energy storage project near Iași, one of the largest battery storage projects in eastern Romania. Importantly, these investments are not only growth projects, they're also strategic infrastructure assets that directly address the increasing need for flexibility and balancing capacity in Romania.

In distribution, our regulatory asset base grew by over 5% to over €300 million and continues to provide resilient cash flow visibility. We also remain encouraged by the long-term regulatory framework in both Romania and Moldova, despite periodic normalization effects within the Moldovan supply sector.

From a strategic perspective, the group announced its most important acquisition ever, with the acquisition of Evryo Group distribution from Macquarie, representing a transformational step for Premier Energy. Once completed, this transaction will significantly strengthen our position in Romania's regulated electricity infrastructure market and further enhance our vertically integrated operating model.

Next slide. Looking forward, we remain focused on four key priorities.

Firstly, the continued expansion of our renewable generation and storage platform across Romania and the broader CEE region. Here we have on the map a nice picture with all the renewable assets that we have in Romania.

Secondly, our second priority is strengthening our regulated infrastructure footprint. Thirdly, maintaining a disciplined capital allocation and balance sheet management.

Fourthly, positioning Premier Energy as a leading regional platform supporting the energy transition and delivering sustainable, profitable long-term shareholder value. Furthermore, PE management remains strongly focused on our perpetual M&A initiatives, identifying, analyzing, and documenting new investment opportunities.

Premier Energy is well positioned for these structural trends through our diversified platform spanning renewable generation, gas generation, electricity and gas distribution, supply, and development activities across Romania, Moldova, and now Hungary. With that, I hand it over to Peter Stohr, our CFO, who will walk you through the quarter's financial performance in greater detail.

Thank you, Jose. In terms of the high numbers, the revenue on an IFRS basis increased by 7%.

On a normalized basis, it increased by 12%. The normalized EBITDA increased by 23%.

The normalized net profit, kind of call it on an illustrative basis because it includes a number of normalizations, but it would have been about 16% higher. Now, the IFRS EBITDA would have been 25% lower, the net profit about a half, but again, we need to keep in mind, if you recall from last year, we were always overearning last year on the tariff deviations, and we ended the year of 2025 having a €35 million overearning balance, and that overearning balance has shrunk by €18 million to €17 million of an overearning balance at the end of March.

Really, if you look at the year-end numbers, for example, we reported €134 million of normalized EBITDA for 2025, the IFRS number was €176 million. Here we're seeing the balancing of the tariff deviations.

If we go to the next slide, we speak about those deviations a little bit more in detail. You'll see the 17.7 number for Q1 as an adjustment.

You'll also see a negative number in Moldova because it was a loss, because we had made too much money last year. This year was a loss, but we adjusted with the tariff deviation impact.

You'll see down at the bottom, the end-of-period balance of either overearning or underearning, and again, we're now at a €17 million number. A little bit about the intraday price volatility, just to give you a little bit of a market context.

It was not as bad as the first quarter of 2025. You'll see that the price, and this includes March, this would include one month of the Iran conflict already.

You would see that the price was lower throughout all of the periods. If we just focus on March, the average price for March, this is the question we get a lot, what's going on with the Iran conflict, how is that impacting prices.

We can tell you that in March, the average price was exactly the same as March 2025. Now what was different is the price during the day was actually lower, and it was a bit higher in the evening.

Now here we look at the whole three-month period, and you'll see that the price was actually lower even in the evenings on average, which, in January, February, we had a lower price there in the evening. Still, a more than a doubling of the average price between the day price and the evening price.

A little bit about the balance sheet. Fixed assets grew as a result of the wind park acquisition in Hungary.

Also, we continue to invest in the distribution networks. We also continue to invest in the developments, which is about €5 million during the first quarter.

Current assets actually declined a bit, primarily due to the natural gas and inventory, which came down due to seasonal factors. The government support scheme came down a little bit.

Then, we also used some of the cash to fund the Hungarian acquisition. The equity was more or less flat.

The first-quarter net profit was partially offset by FX translation reserves due to the weakening of the leu, as well as there's a decrease in the noncontrolling interest is because we now account for the Alive transaction as held for sale. If you then look at the equity attributable to shareholders, that actually increased 5%.

Liabilities rose a bit. The net debt, we'll get into some more details there, but €260 million as of March, including the Hungarian acquisition, but working capital adjusted around €33 million, and we still have about a €103 million of a receivable from the government support scheme.

Later on, I will tell you that we received €3 million out of this 103 since the end of the quarter and until today. Also one of the things to keep in mind on the balance sheet is we have over €90 million of investments that have been invested into the developments, into the distribution networks that have not yet been recognized in RAB.

For a growing company like ours, there's always going to be a bit of an investment in the developments that you don't see reflected yet in the P&L. A little bit on the net debt analysis, just so you can fully appreciate some of the numbers.

€103 million of the government support scheme included in the numbers. If you pro forma for that, takes our net debt down to €157 million.

We then have gas in storage. That number came down from I think the 70s, it actually really peaked at the end of September, then we used some of it in the fourth quarter, we used a lot of it in the first quarter during the winter season to heat people's homes and businesses, so that came down to €24 million.

Then we have debt in developments. I mentioned the €90 million number.

If you actually look at our segment reporting, you'll see over €100 million that's been invested in the developments as such as the asset value of all those developments. There's €24 million of debt there.

You can sort of do a pro forma there, and you'll get to a net debt number of around €100 million and basically almost a zero working capital adjusted net debt number. That just kind of puts the net debt numbers into perspective a little bit.

A little bit on the production segment. Quite a bit of growth here, driven in part by the Hungarian acquisition.

That drove about €5 million of this EBITDA growth. The remainder was sort of organic, higher capturing of prices, us doing a better job on the cost side.

If you would have seen on a like-for-like basis, the growth in production was 2%. Overall, the growth was 57%, but again, that was driven primarily by the Hungarian acquisition.

€17 million of EBITDA versus €9 million last year, and you can see the portfolio of renewables. We actually in our directors' report, we go all the way back to year-end '21 where we had zero.

We've gone from a little over four years ago, we had zero production assets, and now we're up to 375 megawatts. We've got 137 megawatts, these are our solar plants with the battery systems that are now undergoing the final testing period, we hope a month from now or with Q2 reporting, you'll see hopefully those in operation, or they're in operation in a few weeks actually, and then we've got another 179 megawatts in development.

Again, a nice, growing portfolio. A little bit about the distribution segment.

Top-line growth, a little bit of growth on the distribution points. We do have a decline on the gas distribution points because of the two last resort concessions that were reassessed in the fourth quarter, but if you take those out, we actually had 13% growth in the volume of gas that was distributed through the network.

You would have seen a 5% growth here on the distribution points. The EBITDA slight decline primarily due to the return in Moldova, where we used to have an 11.8% return in the first quarter of '25, and now we have a 9.73% decline.

There's also a little bit of FX in there, but was slightly offset by the higher RAB value. The supply segment, very nice growth here in terms of the top line, flattish on the electricity supplied, and then, a little bit of growth on the gas supplied.

The normalized EBITDA, nice growth. Some of this was driven by our focus on cost efficiencies, also there was a lower than expected day-ahead market price.

The balancing costs were, while still elevated versus say, a number of years like 2019, 2020, but I think that's the new market real is the fact that there is going to be intraday market price volatility, but we price that into the prices. Also, we're doing a good job of sort of keeping costs down, and you'd see nice growth here on the EBITDA side.

There are some players in the market that are aggressively acquiring customers, pricing things below wholesale market, fixed-load prices, long term, that is not sustainable, and that has led to a decline in the number of customers. Here in this segment, once the Alive transaction closes, there will be a decline in revenue.

If we look at the first quarter numbers, the revenue that the Alive business generated was around €56 million, however, there would be no material impact to EBITDA. As we go forward and as that transaction closes, which it may close in the next few days, we will be reporting a decline in EBITDA, but we'll pro forma it so that you can see what it is like without the Alive business, and again, there was no real impact for EBITDA of the Alive business in the first quarter.

Perfect. Thank you very much, Peter.

This concludes the first part of our call. We will be opening the floor for questions.

If you have a question, please type it in the chat window, and we'll address them in order that they are received. Great.

Thank you all for your questions, and we will now begin the Q&A session. Can you please detail on the green loan provided by ČSOB in Czech Republic?

The loan is big in size. I would be interested to know how you managed to identify it and how you are able to use the proceeds for Romania.

Are there more opportunities like this provided by European banks?

A very good question. ČSOB is a major bank in the Czech Republic.

I personally have done transactions with them over the past couple of decades. They're very commercial, and yes, they have a focus on financing green energy.

The loan itself is up to €100 million. It will fund 100% of the battery development, which I think we mentioned all in all will be about a €75 million investment.

March, about €4 million of that has already been spent as of March, but then now the construction is starting, you're going to see a lot of money flowing into that development, and they're also covering some additional renewable generation assets that we have built, including ones that we have built in the past, for example, the solar parks. It gives us a bit of wiggle room to fund also additional potential renewable developments.

It has a very attractive interest rate, and it has very attractive terms. It's called green, and it is very important for it to be green.

It is green. The proceeds are meant to provide for funding of renewable generation assets.

We are seeing some of the banks willing to provide loans to renewable generation assets. Unfortunately, there's a ton of banks that are willing to finance renewable projects, but they want PPAs.

They want a long-term, steady price, but that is not to be found in the market, we are seeing more and more banks, given our strength and given our track record, the banks are willing to finance us without a PPA in place.

Thank you. The next question: How much EBITDA do you expect to earn from the new 137-megawatt solar production plants?

It's a very good question. I think we need to keep in mind that part of this, I think 46 megawatts, is going to be accounted for under the equity method, but the piece that will be consolidated, I think that there's a follow-on question to it that the 137 megawatts should produce 190 megawatts per year.

That's a good assumption. If you assume a capture price of €60 and a margin of 80%, we arrive at €9 million.

I think that that is correct. Again, and I think we report this, for example, in the directors' report, there's three projects, two of them— one of them we own 100%, the other one we own 90% after the Alive transaction, and the other one we own 20%.

The 20% will be accounted for under the equity method, you won't see that in our consolidated EBITDA, but the other pieces you will. I think the assumptions you're making here are correct, and the €9 million number for the whole is probably not a bad assumption, with the idea that on a consolidated basis, the piece we're looking at is probably a €6 million increase to EBITDA on a consolidated basis once it is fully operational, including with the battery storage.

The battery storage will mean that we actually have some upside to this, because I think the capture price could be higher because of the storage capability.

Thank you. The next question: What was the realized acquisition price in Moldova in Q1 2026 for both supply and distribution activities?

It's a good question. Keep in mind that there is a different tariff price for distribution, there's a different tariff price for supply, and even on the supply, there's multiple prices.

I don't have the average price that was sold at, because I think there's a follow-on question to this, and maybe we'll start with the follow-on question. It says, 'Energocom reported an average acquisition price of around €133 per megawatt.

This would have implied a significantly lower tariff deviation. What explains the difference?'

Listen, the average purchase price for our supply business in the first quarter was actually €140 per megawatt. Not sure where the 133— could be just Energocom piece, there's also some of the procurement of price comes from the CHPs, the gas and power plants in Moldova.

There's also renewable piece. What we can tell you is for our supply business, it was around €140 per megawatt compared to the tariff which was in place during the first quarter, which was €123 per megawatt.

Then on the distribution side, the procurement price was actually €144 per megawatt in the first quarter. Now those tariffs, there's a new tariff that were enacted, and they actually assume an average energy procurement price for the rest of 2026 of 131.

This is a new tariff that was enacted as of April 1st. I think the 133 may be just one piece of the overall purchase price, because the number that we have officially for the business is €140 for the supply business and €144 for the distribution business.

Thank you, Peter. On the next question from the set on the Moldova distribution side, what specifically drove the reversal of the tariff deviation Q1 2026?

The biggest one there is on the supply side. Our tariff assumed €123 per megawatt price on average during the first quarter, and the actual purchase price was 140.

It's that delta of 18 that drove the majority of the underperformance here.

Perfect. The next question: Please detail the €2.6 million corporate-level expense recorded in Q1 2026.

Out of this 2.6 million, it's a good question, we do have about a million euros related to the Hungarian acquisition. That's a one-time event.

It includes some M&A fees, it includes some due diligence fees associated with that acquisition, so that takes it down from let's call it 2.6 to €1.6 million. Then audit fees are included in that number, all of our other operating expenses, but also in hindsight, we've had some due diligence expenses related to the DEO acquisition in this number as well.

It's not a big number, we're talking a few hundred thousand euros in the big scheme of things, but we do have some of those numbers in there, and we'll back those out in its entirety once the DEO transaction closes.

Other operating expenses increased by around €3 million year on year. Please detail the main components.

Why don't we come back to you? I have to kind of go into the details of it on some of these, I apologize, but let me come back to you.

We're talking a €3 million increase on the expense line and 500 million of revenue, I need to kind of go and look at some of the details there.

Great. The next question: Services and material expenses increased from €16 to €27 million year on year.

What were main drivers?

I think some of the material expenses would be services, yeah, I think both of these, in the services, you would see, for example, the M&A fee here, because those were services. Some of this is related to the acquisitions.

Some of it is just we've got a growing business, right? The top line grew even on an IFRS basis by 7%, and so you have expenses that are increasing as well.

Listen, maybe we can take this offline or I'm happy to go into the details, but just off the top of my head, it would be very hard to go into the details.

What drove the effective tax rate to around 19% in Q1 2026 despite additional contribution from Hungary? Listen,

I think the 19%— yeah, this is also one I'll have to spend a little bit more time on. There's deferred tax and other things that are being included.

It does seem a little bit high, but most likely you have under IFRS, we will have a negative number from Moldova on a net income basis, but then you have a positive number for the other businesses, when you consolidated, it actually looks like your effective tax rate may be 19% in Q1, but that's probably driven by normal tax rate everywhere, but you have a negative number that's decreasing the pretax profit on a consolidated basis, but all of our businesses pay taxes at the jurisdictional country level, so that's probably what's driving that. In Hungary, I can tell you the tax rate is 9%.

There is a special tax on energy, which is based on the statutory net income number, which is around 30%, but you have some additional expenses you can take for that.

Why was there virtually no noncontrolling interest recorded in Q1 2026 despite the consolidation of the Hungarian operations?

I think the primary reason, it's a very good question, I think it touches a little bit what I was just saying in Moldova, because the Moldovan business had negative net income for the quarter because of the tariff deviations that we've been discussing, and so we have a 7% minority stake there, so that would have been a negative number. The Alive business had a negative net income number on a consolidated basis, those two factors would have offset the two months of net income that would have been generated by the Hungarian minority interest holder.

You also have some leverage against that stake. We also funded the investment into Hungary technically through a shareholder loan from both us and our minority partner that has a 10% interest rate, I think that also ate a little bit into the Hungarian net profit that you'd see on an IFRS net income basis attributable to the minority shareholders.

I think you've got some things that are offsetting in Hungary, predominantly the minority interest in Moldova, and also 49% interest in Alive, which was negative on a net income number from a consolidated perspective.

Thank you. The next question: Can you comment on Romanian power distribution recently acquired?

Did you get the favorable treatment like other players in this regulatory period in terms of network losses, volumes, and prices recognized?

The short answer is yes, but as we haven't yet fully taken over the business, we don't wish to give any detailed answer at this time.

Thank you, Jose. Please share the expected EBITDA and net profit guidance for 2026.

We don't typically do guidance, but I think in terms of an EBITDA number, including the Hungarian acquisition and excluding DEO, I think we feel comfortable with sort of a €160 million of EBITDA number for the year, and we'll provide some more guidance in the first half of the year. Obviously, that number will be much higher once we acquire the DEO business, but it's a little bit unclear when that transaction will be closed.

Is that a summer event? Is that a fall event?

We will start consolidating that business from the date of closing. Next,

we have a recommendation: Please consider sharing the revised segment reporting retroactively for 2024 and 2025 as this would materially improve comparability and forecasting visibility following the reporting changes introduced in Q3 2025.

Something to consider. We we— there's a reason we went to this new segment reporting, and and last year we started, for example, the first quarter, we had a subsegment reporting which actually includes the new segments that we're doing.

We'll we'll consider it, but I think we and everything, we've gotten very positive feedback on the way that we're reporting it now, much more clearer on, production, distribution, supply. They all have different financial characteristics.

I think it's easier to track this way, and, it's also the way that most integrated energy companies in Western Europe and really sort of the Western world, the the way they report. Hopefully, now we have a year-over-year, nice year-over-year comparison, and you can see the developments a little better this way, also see the different margin aspects and and capex aspects.

Could the management provide an indication regarding the group's FX sensitivity, particularly for the Moldovan leu and euro exposures on EBITDA?

Certainly. Off the top of my head, not an easy one to do, and I know we do something for year end.

Under IFRS, you don't typically do those for quarter, but maybe we'll take a look and do something for the first half of the year. The Moldovan leu has been actually relatively stable versus the euro and dollar, and then, obviously, the Romanian leu has devalued a little bit.

You can see that in our numbers. It is actually important point to point out is we had 23% normalized EBITDA growth despite a weakening of the leu, right?

Because we're reporting in euros, it's a euro-to-euro number, I think if you were to look at it in terms of local currency, that growth would be a bit higher.

Thank you. The next question is: After integrating all the acquisitions and developments, what market capitalization do you see for the company?

Where do you see that number in 2030?

We wish we had a crystal ball, I wouldn't venture to give any sort of target market capitalization. However, I will say that the management team is targeting over the next three- to five-year period at least annual growth of 20% in EBITDA, someone can do their own math on that, but we are targeting 20% plus annual growth, and we believe that that is sustainable and achievable.

Thank you very much. The next question: Do you expect consolidated net profit for 2026 to be lower than 2025 due to Moldova, as in Q1 2026?

Yes, and I think the plan with the tariffs is that we end the year in Moldova with a zero tariff deviation. Now we've gone from 35 to 17, this is 17, and it may be that actually in the summertime, you probably won't see much of a tariff deviation because electricity procurement prices do come down typically in the summer, of course, you can have some external factors impact that, and then they'll pick up again in the wintertime, but, yeah, we do expect the IFRS number to be lower than the normalized number this year.

Keeping in mind, last year was just the opposite, right? The IFRS number was significantly higher than the normalized number, and that's why we always focus on the normalized numbers.

What was the realized EBITDA margin on Hungarian production operations in Q1 2026, and what was the realized margin on the cogeneration operations in Q1 2026?

I can tell you that the Hungarian business is sort of a 75% to 80% margin business, just like most of our other wind parks and actually renewable plants, and regarding the cogeneration plant, that is about a 25%, 25-ish EBITDA margin business.

Thank you. We will now move to the next set of questions.

Actually, there is a question for clarification: The €160 million guidance, is it normalized EBITDA?

Yes.

Perfect, thank you. The next question: What is the impact from Alive on dispatching and other services provided?

There's no impact. Basically, we're taking over, or internalizing, a lot of it, with the exception of I think one or two services where we will continue to use Alive for the foreseeable future, there's no business interruption from any of the services that Alive was providing to us.

I would say our relationship with Alive is still very good, and they can provide a number of other services if we need to.

The next question: Do you have more visibility regarding the expected financing structure for the €750 million Distribuție Energie Oltenia transaction? In particular, do you share the expected split between— could you share the expected split between bond financing and syndicated loans, as well as the anticipated principal repayment profile?

It's a very good question. We do not have any when not in a position to say what the split will be between bonds and syndicated loan.

It could be 100% bond, it could be 100% syndicated loan, we will see. There's subtle differences in the two, and so we will just see what's best for the company.

What I can tell you is, in any case, it shouldn't really matter much, okay, because it's at the end of the day, it's still going to be a loan, but the fact of the matter is a bond typically has no amortization, regarding principal repayments, a bond would have no amortizations, it would just be payable in whatever, three, five, seven years, whatever the terms of the bond is. In terms of a syndicated loan, syndicated loans typically do have some amortization, but in this particular case, given the strength of these infrastructure assets and you're lending against distribution businesses, the level of amortization could be quite limited.

I'm not saying it's going to be zero, but it could be close to that. I think, in any case, I wouldn't anticipate too much in terms of principal repayment profile on this particular financing.

Now, of course, we look at it on a wholesome basis, we have a number of loans in the capital structure now that have, or most of our loans, especially the ones that are financing the renewable production businesses, they have an amortization profile. In some cases, it's actually monthly amortization, we've had amortization payments due on Friday, because it's the end of the month now, but in this particular case, the amortizations will be very limited: in a bond, zero; in a syndicated loan, maybe zero or maybe something close to that.

Whatever the loan structure is, it will have minimal principal repayments. Now the other loans in the capital structure remain, you'll still have, in a static world, a reduction in the debt based on the repayments that are in place, and then of course, you can always make prepayments on a voluntary basis.

Thank you. Now we have a set of three questions we got on email.

Can you give us any update on the Evryo acquisition? When can we expect closing?

Given the €700 million transaction value and full debt financing structure, should we expect any need for equity issuance or other forms of equity support to maintain balance sheet strength?

We we don't know when the transaction will close. We have applied for the regulatory approvals, and then we will see.

Is that a summer, is it an early fall? It's anyone's guess.

We are putting, as as many of you should know, or and as many of you should join us for the Annual General Meeting on the 10th of June, we will be approving the transaction from a shareholder perspective, there'll just, shareholder vote, and we will also be approving the financing for the transaction, and, we will certainly be in a position to to fund it with the with the debt. We feel very comfortable financing this acquisition with debt.

It takes us to— and, we presented this a couple weeks ago, 2.5 times leverage on a working capital adjusted basis, sort of three times on a total leverage basis. This is very much in line with what you'd see for some of our peers, whether you want to look at E.ON, whether you want to look at PPC, you want to look at some of the production businesses, I think they all sort of have these kinds of leverage levels.

We feel comfortable with that, and we're not anticipating an equity raise, but certainly as we continue to grow, an equity raise is something that might be considered in the future.

Particularly if other large, meaningful size opportunities present themselves, and there are others that might come to fruition, if those present themselves, then we would consider an equity offering.

Thank you. The next question: Given the aggressive competitor pricing following market liberalization, how are you seeing churn evolve in Romanian retail market, and do you expect this pressure to persist or stabilize?

Listen, we think it's unsustainable what some of the competitors are doing. It has gotten better over the last few months, so that pressure has eased.

I think people are realizing you still have a business, you're still supposed to make a little bit of margin, a little bit of profit, and not have a money-losing division. We're seeing there be less sort of erratic

and

irrational actions by some of our peers.

Thank you. By when do you expect the government receivable to be fully repaid?

Certainly we expect it to be paid in 2026. We would hope sometime in the third quarter, and latest fourth quarter 2026.

Thank you. The last question: Can you repeat the EBITDA economics of the 90 megawatt in Hungary to be consolidated, production and margin?

Sorry, I missed the figures.

It's okay. No, it's actually 158-megawatt wind park.

It, and I think we disclosed it, generated about €25 million of EBITDA in 2025. I think I was being sort of very conservative in some of our numbers.

When we show our leverage level, I assumed a €23 million last 12 months EBITDA. The business historically didn't really do as good of a job on accruals, I'm being extremely conservative.

I think the LTM is probably still 24, €25 million on the EBITDA, but I was being conservative in that number, and you see that in the directors' report when we get to the leverage level on a pro forma basis. It's about a 20-plus EBITDA margin business.

We consolidate it fully. We do have a 49% minority partner in that business, and that will be, when you look at our net income, you will see that part of the net income in the future, and again, this was a question earlier, the Moldovan business kind of nets it out, but you will see a piece that's attributable to the minority shareholder there.

Those are the production levels, and again, the margin is probably sort of a high 70s. I think in 2025, it was actually right around 80% EBITDA margin, so that takes the revenue into the high 20s, with the EBITDA of 25 last year.

Now the business did benefit from some feed-in tariff prices that were in place, which the business now is off of that system, the average prices come down a little bit, but we still expect EBITDA to be well into the 20s, and the revenue probably sort of a higher 20s number and the EBITDA low 20s number.

Thank you very much, Peter. Thank you, Jose.

This concludes our Q&A. We have answered all of your questions.

Thank you for being so active today. We look forward to connecting with you again at the beginning of September after we publish the results for the first half of 2026, and as Peter mentioned during the call, we look forward to meeting you for our General Meeting of Shareholders, which we're going to host on 10th of June in Bucharest.

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