Good morning to everyone. Before I handle the word to my colleagues who will give you more business insight, I will very generally comment on the first 6 months of 2026.

As you most probably already studied in our presentation, you see that first 6 months are basically according to our expectation. We are very glad that we are keeping the growing pattern of our profitability, and we are managing the enormous impact on raw materials.

Also, it's visible from our presentation that revenues in the main season in July and August were very strong, again according to our expectations. Far, we are very confident with 2026, and I hope that we will continue in this trend also in Q3 and Q4.

Now, I'm handling my word to my colleagues. Thank you.

Dear Kofola lovers, here is Daniel speaking. Let me comment first half year in Kofola ČeskoSlovensko soft drink division.

Very positive development on sales level in all formats and both countries, more than 5% compared to last year. Our June reported second best monthly sales in our history.

We successfully launched all innovation leading with Nulka, no sugar Kofola, and Rajec 3-to-1 functional water. We were safe on cost side till April.

Unfortunately, Iran crisis impact from May is still reality. Full year effect less than 100 million Czech crowns.

We are ready to deliver target profitability due to higher sales and flexibility on cost side. July, August sales were 12% above last year.

That is unbelievable story. Top season performance was excellent not only due to sunny weather, but positive consumer sentiment help us too.

We successfully closed BHMW acquisition in last days. Now, we focus on integration and healing waters portfolio development.

Thank you for your attention, and take a break in your favorite garden restaurant. Daniel.

Hello, everyone. This is Marián Šefčovič, CEO of Adriatic speaking.

In Q2, the Adriatic consumers environment stabilized as decelerating inflation transition growth drivers from pricing to a unit volume expansion and favorable mix. This top line momentum was further supported by early-season tourism inflows across Slovenia and Croatia, which expanded the addressable market and accelerate overall volume consumption.

In the second quarter 2026, sales revenue increased in Slovenia by 4% and in Croatia by 3%, while export markets are in line compared to the same period last year. HoReCa channel revenue surged plus 5% year on year, outperforming retail plus 3%, shifting product mix toward higher-margin single-serve packaging and driving overall profitability.

In second quarter, we successfully organized the 44th Three Hearts Marathon, which once again brought together numerous runners and sports enthusiastic in Radenci. After almost 20 years, the record for the 42-kilometer marathon course was broken.

Another major success was achieved by Radenska Naturelle, our still natural mineral water, which won the prestigious Grand Gold Award at the Monde Selection world quality evaluation, the highest recognition in the water and non-alcoholic beverage category. Additionally, the Studena brand won six gold awards at the international Dani Komunikacija festival, confirming its authentic in marketing communications.

To mark the 60th anniversary of the legendary Ora brand, we designed new packaging and a new label. We also expanded the Radenska Adriatic portfolio with two brands from the Kofola portfolio: Bočeta and Corposa.

Thank you, Marián.

Dear investors and analysts, this is Martin Rosypal, Finance Director of the Beer segment. I'd like to walk you through our operational results for the second quarter of 2026.

Q2 traditionally represents roughly 30% of our annual revenue, about same as Q3. Compared to the second quarter of last year, total gross revenue remained essentially flat both in value and volume terms.

In our domestic market here in the Czech Republic, gross revenue grew by almost 3% year over year, maintaining the solid momentum from Q1. In terms of packaging mix, cans once again delivered the strongest performance.

In exports, while results improve compared to Q1, we still saw a year-over-year decline of roughly 10% in the second quarter. However, this positive recovery momentum continued to gather pace throughout July and August.

On the commercial side, we are still steadily advancing the modernization and rebranding of our pub network. We successfully secured several prime new locations, effectively expanding our market footprint and bringing our brands closer to customers.

Alongside these on-trade activities, we sustained strong marketing support for our portfolio, rolling out active campaigns across television, digital platforms, and outdoor media. During Q1, we focused heavily on preparing for the crucial summer season and, for example, expanding the distribution and availability of our summer specials, specifically our Šerák lager and wheat beer.

With the peak holiday period now behind us, early Q3 results look very promising and give us confidence in supporting our full-year performance. I look forward to sharing more details on this during our next call.

Thank you for your time and support. I wish you a successful rest of the day.

Good morning, can you hear me now?

Yes, we can. Good morning, Peter.

Sorry again technical problems. I would like to ask about the latest acquisition of the mineral waters producer in Czechia.

If you can share some financials, what revenues, EBITDA the company should have? When do you start to consolidate it?

If you can confirm the purchase price of 440 million Czech crowns which was in Czech media and in the court decision justification? What synergies with this new brands you expect?

Also the acquisition in Slovakia, the acquisition of transportation company, if you can share a little bit about the price paid and the maybe cost savings for you or the benefits? Thirdly, you have repeated in the presentation the dividend policy to pay out 300 million crowns annually.

I know that's repeated policy, but still, does that mean that you will come back with the dividends from 21 crowns back to 13, 14 crowns, or is that a kind of floor for you? Thank you.

Hey, thank you for your question. I will start with the dividend policy.

This 300 is kind of floor, I would say. The truth is that we did not update the the latest dividend policy, but my expectation is that in case that we continue in the profitability with EBITDA above 1.8, 1.9 billions of Czech crowns, also the dividend has no reason to decrease compared to prior years.

We will keep it, we will keep it rather on the higher level. The discussion regarding some at least mid-term dividend policy, we did not publish the the new version, that's true, and that's something which we should do definitely in the close close future.

Regarding the latest acquisition, yes, I can confirm that the price was 440 millions of Czech crowns, as as it was announced. For us, it's important acquisition in in the segment of functional healing mineral waters.

Mineral waters, that's segment which is growing a lot not only in Czech Republic, but also in other countries in in in Europe. That's definitely something we would like to participate participate in.

Generally, we took over the company on Tuesday on 1st of September. Currently you can see already already the changes in the business register, justice.cz justice.cz.

We will consolidate the results of this entity starting from 1st of September. Some impact will be already visible in in the last quarter last quarter definitely.

In regards of the financial numbers of of this mineral water, basically this mineral water is coming through some kind of reorganization. In our opinion, the EBITDA based on current sales performance in past 12 months should be somewhere around, let's say, 40 millions of Czech crowns, which is bringing us to multiple of approximately 11 times.

Given the fact that this is kind of very strategic strategic asset, because basically there are no other functional healing waters on the market, we believe this multiple is okay and this acquisition will be successful for us. In terms of in terms of integration to our structure, this company will became a part of the Czechoslovak non-alcoholic beverages cluster, Daniel Buryš will take care about this and his team will take care about this acquisition.

Basically, our plan is obviously to make out of this company kind of production another production plant in Kofola Group. Definitely the sales the or the sales functions, administrative functions, and so on will be provided from Kofola CZ, there should be synergies on this level.

Also, sales through the pharma channel, we should help ourselves with our colleagues from Leros, which are very strong in the pharma pharma sales channel with with the herbal teas. In general, this is this is the approach which we are currently taking.

The acquisition itself was quite a new for us because it was first time when we participate or or in Czech Republic in this kind of like insolvency proceeding. Quite an intensive work for for our lawyers, but as I said, we are very glad and we are looking forward to have these brands in our portfolio.

With regards to Slovakia transportation company, this transportation company was working with us very closely for a lot of years basically. Also, the basically the base of this company was basically in our production plant in Rajecká Lesná, and Kofola was the main the or the main the the most significant most significant customer of this company.

Because of some like generation exchange, basically we agreed with the previous owner that we took over this company and integrated to our structure. Basically, our transportation company in Czech Republic is in charge of managing this company, and basically nothing is changing nothing is changing.

We do not expect any synergies basically from this acquisition. We basically take over the company to secure the logistic way in Slovakia by ourselves by ourselves.

That's maybe answers to all of your questions, or do you have some more?

I have, but maybe other participants also have some questions. Thank you.

If there are no other questions, I will continue with my questions. How should I perceive the confirmed EBITDA target for this year in the light of the very strong July and August sales?

Did you increase the estimated cost impact from the Middle East conflict on your company if you have some numbers to provide us? Last time, you talked about 200 million crowns cost impact.

Second, the beer exports in the second quarter, they dropped again, while there was already a low base from the last year. If you can provide some comment to that?

Third, the UGO chain was growing very nicely in the second quarter. I see some new openings.

If you have further openings in the pipeline for this year and if you have some mid-term targets for this segment? Thank you.

Let's start with the Middle East crisis. Basically, the estimations, let's say, 3 months ago were that the group impact should be, let's say, slightly below 200 millions of Czech crowns.

Majority of this impact is in Czechoslovak business as Czechoslovak business is the biggest one. At the moment, it didn't change a lot, to be honest.

Still, the impact in our calculation is somewhere in between 150-200 millions of Czech crowns on the group level, also included Adriatic region, breweries, and so on. We are keeping the EBITDA target.

What we did typically in the last year, that after the second quarter, we make it a bit more narrow, the interval. This year, I didn't narrow it just because of the Middle East crisis, because still the situation is very unclear and basically everything can happen.

We are keeping it like it is, but in case that nothing big change till the year-end, I would assume that definitely we will be rather in the upper part of the interval. I'm quite positive mainly because the main season was really very successful, and we are very satisfied with the main season.

It also seems that beginning of September is with a relatively good weather, which is always a good sign, because typically if the end of August or the last holiday weekend is nice, then typically the seasonal sales are continuing also in September, which seems that is case of this year. Also September looks very very promising for us, and if September will be also very strong compared to last year, then basically we expect a result on the really in the upper part of the published interval.

In terms of beer, yeah, basically beer started losing the export sales in the beginning of 2025. Basically, gradually the beer segment lost the export sales to Eastern market basically in the first half of 2025.

There was still some export, even low export, but there was still some in the second quarter of 2025, but now in 2026, there is none. That's why we see still the decrease in export volumes.

We are working very hard on bringing our beer to Slovakia market, where we are strong in distribution. However, Slovak beer market is completely different compared to Czech one, also per capita consumption is significantly lower, and so on.

It's not that obvious just to put the beer on the market, and we should be very careful with the pricing and other things. That's the fact about the export in breweries now.

In breweries now, guys are working very hard on improvement in some other countries, but the most important for us would be gaining the market share and volumes on the Czech market, which is crucial for the breweries still. That's something we should work on very intensively.

With regards to UGO chain, yeah, we are growing very nicely. Some new openings are coming also till the year-end.

This week we opened the shopping mall Stromovka in Prague, and I think that one or two should continue till the year-end. There should be very nice and big outlet in Eden in Prague as well.

We expect that the growth definitely will continue. With this respect, head of the UGO, Marek Farník, is basically responsible for the HoReCa segment in general in Kofola Group, also the latest acquisition of Coffeespot will be managed by him.

I really believe that this HoReCa segment is very promising for us for the next years. With respect to UGO, yeah, we think that still there is some space to grow in Czech Republic, definitely not tens of new outlets, but some we can add also in 2027.

After 2027, we should go basically to some foreign markets, because there will be no more space for growth in Czech Republic. The number of quality shopping mall outlets is quite limited, we are talking much more about the expansion abroad.

Thank you.

Hello, good morning. Can you hear me?

Good morning.

Good morning. Did you start to increase prices of your production portfolio in the second quarter, or will you increase prices from the third quarter?

Thank you.

Far, generally, in the biggest Czechoslovak segment, we are keeping the prices. Maybe we are even decreasing the prices in some segments.

Where we increased the prices are some products in Adriatic region. Otherwise, there was not increase in prices in 2026.

Thank you.

Thank you. One additional question regarding the increased outlook for leverage for the end of '26.

Is there any issue with debt covenants, or how does this look like with this topic? Thank you.

No, basically there is no issue. The increased leverage is the function of our basically acquisition activities.

We have no issue with our financing banks. We have a very good cooperation.

Now we are even discussing some changes in the financing structure, but still we are keeping the relationship and there is no issue with covenants or whatsoever. The appetite of the bank is still very big to finance our M&A activities, they are satisfied.

Thank you.