Good morning and welcome to Premier Energy's conference call where we will be presenting the consolidated results for the first half 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 earnings call, as indicated in the call invite, you have automatically and implicitly consented to being recorded. 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 call regarding future performance of Premier Energy and that the 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. Thank you for your attention.

We can begin the call. My name is Zuzanna Kurek and I'm Investor Relations Officer at Premier Energy, and I will be your moderator during today's call.

I am joined by Jose Garza, Chairman of the Board and CEO of Premier Energy, and Petr Stohr, Member of the Board and the Chief Financial Officer. Regarding the structure of the call, let me walk you through the setup.

First, Jose Garza will deliver the opening remarks, highlighting key financial and operational KPIs. Following that, Petr Stohr 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 participants are currently on mute.

If you wish to ask a question, kindly type it in the chat window, which will remain open throughout today's presentation. Since we already received a number of questions, for your information, I have pasted these questions into the chat so that you can make sure we do not double the questions.

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

Thank you, Zuzanna. Good morning, everyone, and thank you for joining Premier Energy's results call for the second quarter and first half of 2026.

Before I turn the call over to our CFO for a detailed review of the financial results, I would like to provide some context and commentary on the environment which we are operating, secondly, highlight the principle developments across the group, and lastly, explain how we see Premier Energy positioned for the remainder of the year. In the first half of 2026, which included a very good second quarter, it confirms our strategic direction which we have pursued for the recent years, building a vertically integrated energy platform capable of creating value across the entire energy chain from generation to distribution and supply.

Let me state that the Romanian energy sector continues to undergo a significant transformation. The end of the electricity price support scheme in July of last year restored an extremely competitive supply market.

This has been a positive step towards market normalization, but it has also resulted in more active customer switching and, in some cases, aggressive and irrational customer acquisition pricing. At Premier Energy, we remain disciplined in this environment.

Our objective is not to pursue volumes at any cost. It's to build a sustainable, customer-driven business, secondly, to price risk appropriately, and thirdly, to generate attractive returns over the long term.

Electricity markets remain volatile. The rapid expansion of renewable generation and prosumer capacity is changing the production profile of the system.

The market can and will continue to experience very low or negative prices. At other times, the limited flexible generation in the system and network constraints and difficult hydrological conditions, which will only worsen in the future, produce sharp pricing.

This creates challenges for generators, producers, suppliers, particularly in forecasting and balancing. However, it creates opportunities for companies like ourselves able to combine renewable generation, supply, storage, balancing capabilities, and network infrastructure.

This is precisely the direction in which we have been developing. Romania's need for additional investment in networks and system flexibility is becoming increasingly clear.

The energy transition cannot be achieved through renewable generation alone. It requires modern distribution networks, stronger interconnection, digitalization, and substantial energy storage capacity.

These trends reinforce our conviction in our diversified and vertically integrated business model. Against this background, Premier Energy delivered strong first half 2026 results.

Normalized revenue increased by 10% year-on-year to €871 million, while normalized EBITDA increased by 27%. Renewable generation was one of our strongest contributors.

Owned renewable electricity production increased by 40% 46% year-on-year to 334 GWh, while installed owned renewable capacity increased to 370 MW at the end of June, which is 85% higher than a year earlier. The electricity production segment recorded normalized revenue of €53 million, up 39%, and normalized EBITDA of €33 million, up 72%.

These results show the contribution of capital that we have deployed into acquired and developed generation assets. Our regulated distribution activities continue to provide stability.

Electricity distribution served approximately a million customers in Moldova. Our Romanian natural gas network continues to expand.

Across electricity and gas distribution, our regulated asset base reached approximately €280 million. Our supply business also performed extremely well in an increasingly competitive environment.

Although electricity supply volumes declined, mainly because of the disposal of Alive Capital and our continued discipline in customer acquisition, natural gas supply volumes, by contrast, increased by 27% to 4.3 TWh. The supply segment generated normalized revenue of €750 million, up 8%.

The improvement reflects a lower than anticipated impact from intraday electricity price volatility as well as our continued focus on procurement, cost control, and efficiency. This growth was complemented by the 158 MW wind portfolio acquired in Hungary in January, together with the newly commissioned assets in Romania and Moldova.

The Hungarian portfolio has performed better than expected and has meaningfully expanded and diversified our generation base. In May, we completed the transaction through which we consolidated our ownership in several renewable generation assets while disposing of our interest in Alive Capital.

This simplified our structure and increased our direct participation in renewable assets that are central to our strategy. We have also recently committed to procure an LNG cargo through Alexandroupoli terminal for the upcoming gas year.

We will begin receiving gas on 1st of October. This will further diversify our natural gas procurement sources and will enhance our profitability and will serve our growing customer base.

Our development pipeline continues to advance. During the first half, we invested approximately €20 million in renewable developments.

We also completed construction and testing works for the 137 MW of solar capacity. All three projects received energization notifications in June and began generating revenue and are undergoing final testing with Transelectrica.

We expect to receive production licenses in the early fall. In parallel, we commenced construction of our 200 MW/400 MWh battery energy storage near Iași with an estimated total development and construction cost of approximately €75 million.

It's expected to become one of the largest battery storage facilities in Eastern Romania. The most transformative development of the period was our agreement to acquire Evryo Group's power distribution network, including Distribuție Energie Oltenia.

DEO operates Romania's third largest electricity distribution network, covering approximately 80,000 kilometers and serving around a hundred 1.5 million customers. The transaction received shareholder approval and committed financing during the period.

Subject to the remaining customary regulatory clearances, we continue to expect closing in the second half of 2026. This acquisition represents a major step in Premier Energy's evolution and will add a large-scale regulated electricity distribution platform in Romania and will further strengthen the balance between our regulated and our market-facing activities.

This will also bring the group closer to a fully balanced platform, combining electricity generation, distribution, and supply alongside natural gas distribution and supply. It's also important to recognize that our balance sheet includes more than €100 million invested in assets which did not contribute revenue or profit during the first half.

As these projects become operational, they should further support growth in the earnings base. Looking toward the remainder of 2026, we continue to operate in an environment shaped by regulatory change, energy price volatility, fiscal uncertainty, grid constraints, and geopolitical risk.

We don't underestimate these challenges. However, our first half performance demonstrates that Premier Energy can grow and deliver in this environment.

Our diversification provides resilience and our renewable and storage pipeline provide future growth. Our planned expansion into Romanian electricity distribution will materially strengthen the group's earning profile.

Based on our current expectations, we continue to project approximately €1.5 billion of revenue and approximately €150 to €160 million of EBITDA for the full year. Our priorities for the second half are clear: complete the DEO acquisition, bring solar and battery assets into full operation, execute our storage and renewable development pipeline, and maintain discipline in supply and procurement, and continue to allocate capital carefully.

With this, I will now turn it over to my partner Petr, who will walk you through the second quarter and first half financial and operational results for further detail.

Thank you for that, Jose. Moving on to some of the more detailed financial aspects, you will see that our revenue, on an IFRS basis, increased by 4%, with the normalized revenue increasing by 10%.

Our EBITDA, on an IFRS basis, down 29%. Again, here we have the reversal of the tariff deviations.

Really, on a normalized basis, the EBITDA grew by 27%, we call it illustrative, because there's a lot of some assumptions in there, but with the normalized net profit increasing by 32%. If you recall, last year, €103 million of IFRS EBITDA, we were always explaining that it's really more of a 63 number because of the tariff deviation of overearning on the tariffs in 2025, which we are now sort of paring back.

We actually earned €6 million less than we should have in the first half of the year on a normalized EBITDA basis. Moving on just very quickly on those tariff deviations, again, €6 million impact, we under-earned by €6 million in 2026.

On the other hand, in 2025, and this is a full year number, we overearned by more than €42 million. The net result of all of that is that on June 30th, we had a situation where we had overearned by €29 million.

This, when you then look at the second quarter, you will see that we actually earned more than we should have, but here we're talking about the first half numbers. We went from a situation where at the end of the year we had overearned throughout the whole life of the regulatory period of, call it, 20 years, by €35 million, that is now down to €29 million, as we under-earned by €6 million.

A little bit about, and I know there are some additional questions on this, about the price volatility, not only on a sort of seasonal basis, or what's sort of going on right now in the markets, but also on a daily basis. You can see that there continues to be quite a bit of a difference in the prices for electricity throughout the day.

You can see that in the sort of noon to early afternoon hours, the prices are very small, and then in the evenings, they continue to be very much elevated. You see the difference being, okay, it was a little bit less this year than last year.

Although actually on a sort of relative basis, if you actually look at it on a RON or euro basis, it's a bigger difference. It just so happens that overall the prices were higher in the second quarter this year than last year, and some of that is driven by some of the things you're reading in the paper, some of the things you're seeing, the drought, the issues with the nuclear energy, that is reflected in here in the higher overall price in Romania in the second quarter of the year.

A little bit about our balance sheet, continues to be very strong. You can see, a bit of a decline in current assets as we've been able to, shrink the working capital need of the business.

Trade receivables came down, the receivable from the government came down a little bit, and, the the gas in storage came down from from the end of the year, while the, the the the the the assets of the business, the non-current assets continue to grow as we invest in, the renewable production plans, and this would include the, the acquisition in Hungary from December. And, the debt, though on a current basis, the short-term debt came down quite a bit.

Again, this is par- primarily driven by the decrease in working capital. Then you'll see an increase in the long-term debt, as the financing for for the Hungarian acquisition, was added in January of this year.

Then the equity, is a small decrease, but that's really driven by the Alive Capital transaction, where the minority interest, amount shrunk quite a bit. The act- the equity attributable to shareholders actually increased.

A little bit about the net debt analysis. We had a net debt position of €230 million.

If you adjust it for working capital, it gets to about €58 million. These levels, combined with the last 12 months' EBITDA that is around 164, €165 million, including full year impact of the Hungarian acquisition, it's about 1.4 times EBITDA on a net debt basis.

It's basically 0. 2, 0.3 on a working capital, net debt-adjusted basis.

Then you can see kind of what is making up some of that net debt. The government support scheme receivable, €97 million, actually sort of stayed stable during the second quarter, but there's been some payments done recently, it's coming down.

If you think about our net debt number, we are carrying a €97 million receivable from the government, and this kind of illustrates what that means. Then we have our investments into some of our larger projects.

This is the 26 MW solar, the 48 MW solar, which are the two out of the three current solar and battery parks which are in the final testing phase. Here, the investments have been made.

It's about €40 million if you look at those two together. Those assets, and there's been some questions, they are starting to generate revenue, smaller amounts now because it's still in the testing phase, but, hopefully pretty soon here, much larger amounts as those plants become fully operational.

Then we've also already invested €17 million in the battery construction and development. If you adjust for that, the net debt number, if we hadn't made those investments and we didn't have the receivable from the government, we'd have a net debt of €75 million, which basically our adjusted working capital net debt would be zero.

Then, finally, we also show you kind of the impact of the gas in storage that we currently or that we had as of June. The numbers are a little bit higher now as we are starting to enter the fall and winter season, but that was a 33, €34 million number.

Okay? A little bit about the segments.

Here on our production segment, very nice growth, the segment group is performing very well. Some of the growth is driven by the Hungarian acquisition.

We're now up to 370 MW of capacity that is fully operational, then we have 137, of which 74 is consolidated, those are the two solar and battery parks I just discussed, that's in final testing. Once we get that in, we will be over 500 MW, and then we have 180 ready to build, and then there's another pipeline behind that that's already being created.

One of the things about our pipeline is, we have it pretty strategically timed so that when the solar and battery parks were completed, and again now they're in the final testing phases, we start working on the battery, and pretty soon I think we'll probably start discussing some of our wind developments and get those constructed after the battery is constructed. Very nice, steady pipeline of some very good production assets.

Overall, revenue increased by almost 40% to €53 million, EBITDA from €19 million to €33 million. You can see the production increasing nicely, and then a little bit more again about the pipeline and the portfolio, including the batteries portfolio, which we have 446 MW under [unclear].

A bit about our distribution segment, very stable. You'll see revenues increased a bit, normalized EBITDA really kind of flat, let's say.

It came down a little bit, and that is really driven by the return decrease in Moldova, which went from almost 12% to an almost 10% return on the wrap there. That created a bit of a decline in the EBITDA there.

On the other hand, we do have a bigger regulated asset base value there. You can see that regulated asset base value in Moldova increased from $207 million to $216 million.

The distribution points in Moldova continue to, it's almost like every year, every quarter, it seems to increase by about 1%, 1 to 2%. Then on our gas distribution network, there's actually 4% increase in our own network, and then we did have the reallocation of the last resort distribution networks in the fourth quarter of last year.

Very stable, and this is the segment where once the DEO acquisition is completed, this is the segment that DEO will enter into, of course. A little bit about our supply business, we've got nice growth on the top line, a nice, almost 30% growth in EBITDA.

The electricity supplied, there's a decrease again driven by the primarily by the Alive transaction and the divestiture of it, and also by the fact that we are not chasing volumes. You can see on the gas side, we actually increased our supply quantities.

On the customer evolution, a bit of a decrease, because, again, Jose has mentioned this, we are not chasing volumes. We are very much being sustainable here in this business.

With that, I would like to open it up to questions. I know that we already have some, maybe we can already start going through those.

Thank you. Just as a reminder, if you have a question, please type it in the chat window.

For the benefit of those who will be watching the replay of this teleconference, I will read each individual question aloud first, and then Petr and Jose will be addressing those one by one. As Petr mentioned, we did receive a large number of questions.

I have already uploaded them in the chat so that you can see them, we avoid doubling the questions. I think we can jump right in and start with the first one.

Could you provide an updated expected timeline for the completion of the Evryo acquisition, including the remaining regulatory approvals, and the targeted structure of the long-term refinancing? What normalized net debt to EBITDA range should investors expect immediately following closing and by the end of 2027?

A very good question. Listen, the acquisition is going through the regulatory approvals.

We expect those to be received over the next several weeks, and then we will close shortly thereafter. We believe it will be a second half event.

Once the transaction closes, and we did put out a presentation on this, I think in late April, we believe we will have a long-term financing structure with long-term debt, whether that's a syndicated loan or a bond in place. We may actually even have that in place before the closing, if it's maybe a potential syndicated loan in place before the closing.

All along, keep in mind we do have a bridge loan facility, which is already in place, underwritten by J.P. Morgan and UniCredit.

It will be long-term debt, and it will take our leverage level on a working capital-adjusted basis from 0.2, 0.3 to about 2.5 times EBITDA, and on a net debt basis, if you look at that presentation, I think we were right around 3 times, maybe just slightly over 3 times EBITDA levels that we feel very comfortable with given the infrastructure strength of the business and the diversification of the cash flows of the business. Again, there's a presentation from late April, and there's really been no changes to that.

We kind of get into that 2.5 to 3 times leverage level once the transaction closes, and we will start consolidating this business as soon as closing happens.

Of the approximately €100 million invested in assets that did not contribute to results for the first half of 2026, what EBITDA contribution do you expect in the second half of 2026 and for the full year 2027? Please separate the contribution from the 137 MW solar portfolio, the Hungarian wind assets, and the BESS project.

We won't go through the contribution in the second half of 2026, but I can state that on a full year operating run rate, we would expect this €100 million of assets to contribute approximately 20 to €25 million of EBITDA to the business. Yeah.

Thank you. Could you provide formal guidance for normalized EBITDA, net profit, and growth CapEx for 2026 and 2027, both excluding Evryo and including Evryo?

What are the key assumptions underlying this guidance?

Listen, I think we've provided formal guidance on the EBITDA of 150 to 160. I think the 150 is a very conservative number.

In fact, I wouldn't be surprised if we hit 160 and probably go above 160. Keeping things in line for 2026, now just to be clear, that guidance excludes the Evryo acquisition.

Again, whenever we acquire Evryo, we will start consolidating those results, and if we have an acquisition at the end of September, then we will pick up a quarter. The fourth quarter would include the entirety of the Evryo business for that quarter.

That would obviously change the numbers and increase them quite a bit. Keeping that aside, but including the Alive Capital transaction, we, again, feel very good about that €150 to €160 million guidance, with some conservatism in there on the lower side of things, just given where we are in the environment and some of the volatility that's in place.

Perfect. Electricity supply volumes declined in the first half of 2026, including on a like-for-like basis.

How do you see customer retention, competitive pricing pressures, and the EBITDA margin of the supply business evolving in the second half of 2026 and in 2027?

I think we've seen a pullback from some of our competitors who were pricing extremely competitive in the earlier part of the year. These competitors are somehow short electricity, and now they are having to purchase large quantities of electricity at current market pricing.

We do not expect a continuation of the aggressive customer acquisition policy at or below market pricing to continue in the future. We view that as a positive going forward.

We expect our customer supply evolution to more or less be stable and possibly even increase in the near future.

Could you explain why 2026 normalized EBITDA guidance moved from approximately €160 million to €150 to €160 million, and what drives the lower end of the new range? I believe you already addressed it.

It's just being very conservative. It really been a volatile world in prices.

Now there's, in our business, there's plusses and minuses with it. We actually benefited some of them, but we're just being very conservative there, and there's also FX in play, although we've normalized for some of it, but just being conservative.

What proportion of Romanian electricity supply volumes for Q3 and Q4 is already hedged and covered by bilateral contracts, including with Nuclearelectrica, and at what average acquisition price? How much remains exposed to spot prices, and do you expect second half unit margins to come under pressure?

What we can tell you is we have about 80 to 85% of our needs, of our total electricity needs, already contracted. None of it is with Nuclearelectrica.

In fact, we have spoken to some of our suppliers, the ones we have contracts with, and they also do not have exposure to Nuclearelectrica. The Nuclearelectrica issue is, on a direct basis, is not really an issue with us.

We're actually at 100% of our baseload. Our baseload, we've been at 100% since last fall.

This goes back to our prudent and risk management. We don't really see that.

Where we are open is for some volume in the evenings, and that is obviously priced into our prices, and right now I would say the evening prices were a little bit lower than our expectations earlier in the year throughout the spring. In the summer, it has been higher than we had been expecting, but it's a relatively small amount of the quantity, and there's just no product in the market for us to buy that evening electricity on some sort of a evening price.

There's just no product for us to purchase there. If we were to buy additional baseload capacity, we would then be selling electricity during the day, which at times is at very low prices.

I think we are actually, what I would say is we have purchased what we wanted to purchase, and so we are at 100% of what we can realistically purchase for the second half of the year.

When do you expect the 137 MW solar portfolio to become fully commercially operational, and what second half of 2026 EBITDA contribution is included in guidance?

It's a good question. The portfolio is undergoing the final testing.

These things take a few months. You then need to actually get sort of certified by ANRE.

I think it's probably still a couple months away, and then, while the assets are already generating some revenue through the testing period, it is significantly lower than what will it be once it becomes fully operational, and our guidance does not include any material numbers from these plants in the second half of the year.

From which month do you expect DEO to be consolidated, and should we assume any contribution in 2026?

I would expect some contribution in 2026, but it's very hard to know exactly when we will get the remaining regulatory approval, but we do expect to get the last regulatory approval in 2026. There will be some contribution.

Thank you. How much in Evryo-related due diligence, legal, advisory, and other transaction expenses do you expect to recognize in the second half?

Where will these costs be recognized in the P&L, and are they included in the €150-160 million normalized EBITDA guidance?

I think it's too early to say exactly all of the transaction expenses, and there will also be some financing expenses. We will recognize some of those when the transaction closes.

Those are not included in the 150 to 160. I think we're keeping out of this, because on the one hand, we'll have some one-time expenses, on the other hand, we will start consolidating the business.

There will be some, it's a little bit hard to know exactly how much, because there's also another component here, which are the financing costs, and there are some. There's some current debt that's in place now that we are refinancing, and so there may be some refinancing, some smaller financing costs.

We will provide all of these expense items once we close on the transaction, and we provide it either in the third quarter or the fourth quarter, depending on when the transaction closes. The one thing you should know is the financing we're putting in place is very competitive.

It is with the largest banks here in the region, and it will actually be at a lower cost and a lower interest rate than the current financing, which is in place at the DEO entity level. It is all being done very efficiently.

On all of these costs, we will come back to whenever the transaction closes, and they will be very much one-time expenses that will be associated with this.

Should we expect Romanian gas supply unit margins in the second half to remain broadly in line with the first half, or come under pressure from higher procurement prices? Are higher costs largely passed through or covered by existing procurement arrangements?

Let me answer that. We would expect our margin, most of our gas business is regulated.

The margin is regulated, and we would expect the margin to be stable to increasing in the second half, as we have, let's say, a larger portfolio of non-regulated non-household gas in our portfolio. Additionally, the import of LNG, I think, will add to that margin, and, without giving too much, we would conservatively believe that that would add at least €5 to €6 million of margin to our EBITDA that is currently not in our projections.

When do you expect the 200 MW/400 MWh BESS project to be commissioned and begin commercial operations?

We're very happy to say that the project is under construction. It's on its construction timetable, and as per the construction timetable, it will start to be energized or tested in January, with full operational starting February 2027.

Could the LNG guarantee facility, terminal commitments, or other related arrangements generate any P&L or working capital impact in the fourth quarter of 2026?

Listen, the LNG is part of our diversification of gas procurement, I'm glad that people are mentioning it, because I think we're one of the first private companies in the region to have this arrangement in place. This is something that, even if you go back to our IPO prospectus, we signed the ability to actually procure this gas from the new LNG terminal in Alexandroupoli, Greece, back in 2020, way before any of the energy crisis of 2021, 2022, and way before kind of the current issues maybe that you could say that we're having on the energy side.

There should be a little bit of an uptick from that in the performance. We hope to capture some decent margin there, and from a working capital perspective, the way this is set up is we will actually start receiving gas from the terminal starting on the 1st of October, and then we will get that on a daily basis throughout the whole gas year in the terminal, from October 1st to September 30th next year, while delivering the shipment in April.

From a working capital perspective, some of the revenue we will generate from this gas before we deliver the cargo will be in restricted cash, and I don't know if we're going to count that as net debt or not, but so there could be some improvements in the working capital amount, but overall, I would just say that this is a positive. It's a meaningful amount of our procurement of gas in the next gas year will be from this LNG.

There will be some small improvements, but I think overall the numbers, I think we still stand by the guidance we've given, and you will not see a huge, meaningfully impact in the overall numbers.

Since we are already in September and Romanian spot prices have been elevated in the third quarter of 2026, what price capture are you seeing so far in the renewable portfolio? At the same time, are high spot prices creating pressure on supply margins through higher procurement costs?

How should we think about the net EBITDA impact of these two opposing effects in the third quarter of 2026?

Very, very good question. Again, I would come back and say we, because of our risk management policies, and as we've discussed with you, we live in a volatile world, the world's been volatile really since 2020, we have a lot of our electricity procured, we have a big chunk of our gas already procured, the high prices that are currently in the market are not, they're having an impact, but it's not a significant impact.

Yes, a lot of our renewable production plants are already generating, they're sort of helping our supply business. It's not like we don't have much merchant, we have a little bit.

We do benefit in some of our production from these higher prices, but overall they're just helping to keep supply margins. We do have some of our production in the Alive Capital business still, and that will move over to our Premier Energy Furnizare business.

Going forward, especially starting in 2027, the majority, and really all of our production plants, will be providing electricity to our supply business. That is not the case yet, some of it is still providing electricity to the Alive business, but that helps to create an environment where the current volatility doesn't impact us as much.

Net-net, yes, we are probably going to see a little bit of an improvement in the production, but not much, because again, a lot of that is already contracted to the supply business. On the supply side, yeah, we are seeing some pressure on the margin.

I would just say there's a good chance the electricity margins will be lower in the second half of the year than they were last year, because of this, and because we are having to purchase electricity in the evening at higher prices, but it is not a draconian type of a situation for us. You may see some small decrease in the margin there, yes.

I wouldn't say it's pressured, I would just say it's a slight decrease.

Thank you. We have one last question.

If you have any other questions for our management team, please type them right now. Otherwise, we will conclude this teleconference after we address the final question that we have right now.

The question is, do you intend to have a credit rating in case you will issue bonds?

If we were to issue bonds, and I think at some point we will, but I don't think that's going to be, it will for sure not be this year. In the future, whenever we do issue bonds, we will most likely get a credit rating, because I think usually credit ratings are associated with the bond offering.

Yes, but it's not something that is imminent at the moment.

Thank you, and I see we have answered all of your questions so far. Thank you for sending them in, and we can conclude our call.

We look forward to reconnecting at the end of November with all of you after we publish our results for the third quarter of 2026 on November 24th. As usual, if you have any questions, please feel free to contact our Investor Relations team at [email protected].

Thank you all, and we wish you a great day ahead.